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Indian stocks are likely to be under pressure on Tuesday tracking weak global cues, while trends in SGX Nifty also suggest a weak opening for the benchmark equity indices.

The Sensex hit 48000-mark for first time ever on Monday. The BSE Sensex ended at 48,176.80,up 307.82 points or 0.64%. The Nifty closed at 14,132.90, up 114.40 points or 0.82%.

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Asian shares edged lower in early deals amid uncertainty about Senate runoffs in Georgia, which could have a big impact on incoming US President Joe Biden's economic policies.

In early trade, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.12%, pulling back from a record high hit in the previous session. Australian stocks fell 0.16%. Japanese shares lost 0.47% after a media report that the government will curb business hours in Tokyo and surrounding cities from Thursday.

In the United States, control of the Senate is at stake with Tuesday's dual runoff elections in Georgia.A Democratic victory in both races could tip control of the Senate away from Republicans, but both contests are very tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts after the US presidential election last year.

Mortgage firm HDFC Ltd on Monday said its disbursements in the individual loan category have grown by 26% during the third quarter ended December 2020. The individual loan business continued to see improvements during the December quarter, HDFC Ltd said in a regulatory filing.

Sun Pharma on Monday said it has initiated Phase 2 clinical trial for a product being developed to treat patients with moderate to severe plaque psoriasis.

Reliance Industries Ltd (RIL) denied that it plans to enter the contract-farming business or buy agricultural land, seeking to distance itself from the controversial farm laws that have seen angry farmers burn Jio sim cards and vandalize its telecom towers.

The insurance regulator may conduct a “fit and proper" test on the Indian fund used by US-based Oaktree Capital to hold a 51% stake in Dewan Housing Finance Corp. Ltd’s (DHFL’s) life insurance business if its offer to acquire the bankrupt home financier is accepted, according to a Mint report.

Increased risk aversion helped support the dollar against most currencies, but moves were subdued at the start of the year.

US crude futures fell 0.46% to $47.40 a barrel. Major oil producers will meet later on Tuesday to decide on output levels for February after talks broke down the previous day.

Gold was slightly lower. Spot gold fell 0.12% to $1,939.26 per ounce.

(Reuters contributed to the story)

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