OPEN APP
Home / Markets / Stock Markets /  Markets likely to consolidate; Tata Motors, Maruti, NMDC in focus

MUMBAI: Markets are likely to be in consolidation phase on Tuesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,880, up 395.33 points or 0.75%. The Nifty was at 15,834.35, up 112.15 points or 0.71%.

Most Asian share markets opened a fraction higher on Tuesday, ahead of a key decision by Australia's central bank on its quantitative easing programme and despite ongoing concerns over the future regulation of China's powerful technology sector.

US markets were closed on Monday to mark the Independence Day holiday, leaving the Asian region without a strong lead to start trading on Tuesday.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05%.

In Hong Kong, the Hang Seng Index was down 0.7% while China's CSI300 was off by nearly 0.3%.

Japan's Nikkei was up 0.45% while the S&P ASX200 stood 0.21% higher. In South Korea, the Kospi 200 Index rose 0.5% in early trade.

Chinese technology stocks remain under the microscope on Tuesday after the Cyberspace Administration of China (CAC) ordered an investigation into Didi Global Holdings just days after it listed on the New York Stock Exchange.

Globally, the publication of the US Federal Reserve's Federal Open Markets Committee minutes for June on Wednesday is highly anticipated by investors for guidance on whether ongoing emergency stimulus measures could start to be tapered.

Tata Motors on Monday said it plans to increase prices of its passenger vehicle range due to increase in input costs. The auto major did not share details on the time frame of the intended price hike but noted that would happen "shortly".

The country''s largest carmaker Maruti Suzuki India (MSI) on Monday said its total production last month rose to 1,65,576 units as various states eased covid related restrictions.The company had produced a total of 40,924 units in May this year, Maruti Suzuki India (MSI) said in a regulatory filing.

Government is set to sell 7.49% stake in NMDC Ltd through an offer for sale (OFS) which could help it garner around 3800 crore for its disinvestment kitty.

“Offer for Sale in NMDC opens tomorrow for non-retail investors. Retail investors can bid on Wednesday. Govt. would divest 4% equity with a 3.49% Green Shoe option," Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey tweeted on Monday.

Major European markets were in positive territory overnight despite a jump in the Brent crude price to above $77 a barrel, the highest level since October 2018.

The spike came after OPEC+ ministers called of discussions on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed.

There has been no date set for the next meeting of ministers of Opec+ countries - the Organization of the Petroleum Exporting Countries (Opec) and allied producers including Russia - but sources told Reuters new discussions could begin in the next few days.

Elevated oil prices are adding to concerns that a higher global inflation rate could derail the post-coronavirus pandemic recovery under way in some major world economies.

(Reuters contributed to the story)

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout