OPEN APP
Home / Markets / Stock Markets /  Stock markets likely to consolidate; telcos, Eicher Motors, Axis Bank in focus

Stock markets likely to consolidate; telcos, Eicher Motors, Axis Bank in focus

On Monday, the BSE Sensex ended at 60,967.05, up 145.43 points or 0.24%. The Nifty closed at 18,125.40, up 10.50 or 0.06%.Premium
On Monday, the BSE Sensex ended at 60,967.05, up 145.43 points or 0.24%. The Nifty closed at 18,125.40, up 10.50 or 0.06%.

  • Among key companies, Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Ambuja Cement, Cipla, Torrent Pharma, Canara Bank, Dr Lal Pathlabs, Nippon Life India Asset Management and Central Bank of India will announce their September quarter results today

Listen to this article

MUMBAI: Indian stock markets will likely consolidate on Tuesday while trends in SGX Nifty indicate a flat opening for Indian benchmark indices. On Monday, the BSE Sensex ended at 60,967.05, up 145.43 points or 0.24%. The Nifty closed at 18,125.40, up 10.50 or 0.06%

Most Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.

Equities rose in Japan and China and fluctuated in Hong Kong. Traders digested reports of a video call between Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen on economic issues.

US futures advanced, with Nasdaq 100 contracts outperforming. The tech-heavy gauge led US gains overnight amid a Tesla Inc. rally to a $1 trillion market value. Facebook Inc. was higher in late trading on strong user growth and a pledge to buy back as much as $50 billion more in stock.

The 10-year U.S. Treasury yield edged up and the dollar was steady. The debate over price pressures continues, with former Treasury Secretary Lawrence Summers saying officials are unlikely to deal with “inflation reality" successfully until they fully recognize it.

Back home, telecom operators, including Reliance Jio, Bharti Airtel and Vodafone Idea, have asked the Department of Telecom to extend the 5G trial period by six months. In May, the government allocated spectrum to the telecos in the 700 Mhz band, 3.3-3.6 Gigahertz (Ghz) band and 24.25-28.5 Ghz band for trials for six months. “All telecom companies have asked for extension of 5G trials by another 6 months," a senior government official told PTI.

Eicher Motor shareholders have approved a proposal to re-appoint Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year. The members also cleared the proposal to increase Lal's remuneration.

Among key companies, Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Ambuja Cement, Cipla, Torrent Pharma, Canara Bank, Dr Lal Pathlabs, Nippon Life India Asset Management and Central Bank of India will release September quarter results today.

Meanwhile, a relatively solid earnings season is helping to counter concerns that elevated inflation and tightening monetary policy will slow the economic recovery from the pandemic. Some 81% of S&P 500 members have reported better-than-expected earnings so far. Traders are also monitoring escalating Covid-19 cases in China and other parts of the world.

In China, Modern Land China Co. became the latest builder to miss a payment on a dollar bond, in a further sign of stress in the nation’s indebted real estate sector.

Meanwhile, U.S. Democrats stepped closer to an agreement on Biden’s multi-trillion dollar economic agenda. That could allow the House this week to pass a $550 billion infrastructure bill. Crude oil was little changed around $84 a barrel as investors weighed the outlook for US stockpiles and prospects for talks that may eventually help to revive an Iranian nuclear accord, allowing a pickup in crude exports. Gold held above $1,800 an ounce.

(Bloomberg contributed to the story)

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout