Home >Markets >Stock Markets >Markets likely to stay volatile; DHFL, SpiceJet in focus

MUMBAI: Markets are likely to be stay volatile on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 50,651.90, up 111.42 points or 0.22%. The Nifty closed at 15,197.70, up 22.40 points or 0.15%.

Asian shares climbed in early trade on Tuesday, tracking a Wall Street rally overnight, while the dollar held near a fourth-month low as investors tempered fears about inflation-driven rate hikes.

In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.81% at a two-week high, after US stocks ended the previous session with mild gains.

The US national activity index reading of 0.24 against expectations above 1, along with dovish comments from Federal Reserve speakers, helped support the view that policy will remain on hold for some time.

Still, after global service sector surveys showed strong growth last Friday, all eyes will be on the release of US. personal consumption data on Thursday, the Fed's preferred inflation measure.

Overnight, Wall Street closed higher, spurred by gains in tech stocks.

Among key stocks Alkem Laboratories, Bayer Cropsciences, Emami, Thermax, Bajaj Electricals and AstraZeneca Pharma India will announce their March quarter results today.

Health insurer Star Health and Allied Insurance Co Ltd, owned by a consortium of investors including Rakesh Jhunjhunwala and Westbridge Capital, is planning a public share sale to raise at least 2,000 crore, according to a Mint report.

Lenders to bankrupt Dewan Housing Finance Ltd (DHFL) and RBI appointed administrator have filed applications challenging the Mumbai bench of the National Company Law Tribunal (NCLT) that asked them to evaluate a competition offer by Kapil Wadhawan, the company’s erstwhile promoter.

The crew of a chartered flight, operated by no-frills airline SpiceJet Ltd, was de-rostered by civil aviation regulator, the Directorate General of Civil Aviation (DGCA), after passengers aboard the flight violated social distancing norms following mid-air wedding celebrations.

Treasury yields, which fell on Monday after a few Fed officials affirmed their support to keep monetary policy accommodative for some time, were little changed. The yield on benchmark 10-year Treasury notes was at 1.6046%, near a two-week low.

By early Tuesday, the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, edged down to 89.779, just above a four-month low. The European single currency was up 0.1% on the day at $1.2222, having gained 1.7% in a month.

US crude ticked up 0.02% to $66.06 a barrel. Brent crude rose to $68.54 per barrel.

Gold was slightly lower. Spot gold was traded at $1,876.66 per ounce.

(Reuters contributed to the story)

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