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Business News/ Markets / Stock Markets/  Stock markets likely to be steady; telecom, banking stocks, RIL in focus
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Stock markets likely to be steady; telecom, banking stocks, RIL in focus

Reliance Industries has invested ₹1,00,000 in cash in 10,000 equity shares in the newly formed Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary

The Sensex ended at 52,372.69, down 13.50 points or 0.03%, while the Nifty closed at 15,692.60, up 2.80 points or 0.02% on Monday. (Photo: Mint)Premium
The Sensex ended at 52,372.69, down 13.50 points or 0.03%, while the Nifty closed at 15,692.60, up 2.80 points or 0.02% on Monday. (Photo: Mint)

MUMBAI: Indian stock markets are likely to be steady on Tuesday while trends in SGX Nifty suggest a stable opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,372.69, down 13.50 points or 0.03%, while the Nifty closed at 15,692.60, up 2.80 points or 0.02%.

Asian shares climbed in early trade on Tuesday after Wall Street hit record highs overnight, as investors await the second-quarter earnings season and a batch of economic data, including key U.S. inflation figures later in the day.

Investors are bracing for an eventful week which will include the start of the U.S. earnings season, inflation data from several countries and a testimony by Federal Reserve Chair Jerome Powell. The testimony will be scrutinised for any clues on the timing of potential U.S. tapering.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, tracking a Wall Street rally overnight. The index is down 3.1% so far this month.

Back home, India's largest telecom operator Reliance Jio continued to lead the market in mobile subscriber additions as it gained 4.7 million users in April even as troubled Vodafone Idea lost 1.8 million customers during the same period, as per latest TRAI data. Bharti Airtel added just 0.51 million mobile subscribers in April.

The National Asset Reconstruction Co. Ltd (NARCL), or the so-called bad bank, has been registered in Mumbai with a paid-up capital of 74.6 crore, according to filings with the Registrar of Companies (RoC). The bad bank will be headed by Padmakumar Madhavan Nair, a stressed assets expert from State Bank of India (SBI), as the managing director.

Reliance Industries has invested 1,00,000 in cash in 10,000 equity shares in the newly formed Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary, the company said.

US inflation data on Tuesday will also be in particular focus as investors try to gauge whether recent price pressures in the world's largest economy persist.

Concerns that climbing cases of the Delta variant around the world could derail a global economic recovery have fuelled appetite for safe-haven US Treasuries. The benchmark US 10-year bond yield fell last week to a five-month low of 1.25%.

While markets have since stabilised, yields are not far off 4-1/2 month lows at 1.3695%.

In currency markets, the dollar index , which tracks the greenback against a basket of major currencies, was last down at 92.214, after touching a three-month top of 92.844 last week.

US crude ticked up 0.3% to $74.32 a barrel. Brent crude rose to $75.37 per barrel.

Gold was slightly higher. Spot gold was traded at $1807.35 per ounce.

(Reuters contributed to the story)

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Published: 13 Jul 2021, 08:19 AM IST
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