Domestic stocks look set to open on a higher note, tracking overnight gains in US stocks. Asian markets are trading positive ahead of the two-day Fed policy review scheduled for later in the day. Back home, all eyes are set on Glenmark Life Sciences’ IPO that opens today.
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Q1 earnings today
Dr Reddy’s Laboratories, IndusInd Bank, InterGlobe Aviation, Canara Bank, Torrent Pharmaceuticals, Dalmia Bharat, Dixon Technologies (India), The Ramco Cements, Sanofi India, UCO Bank, TTK Prestige, KPR Mills, Lux Industries and IIFL Finance are among the company that will announce quarterly earnings today.
Two-day US Fed meet to begin today
As the policy-setting Federal Open Market Committee (FOMC) begins its two-day policy meeting Tuesday, markets and traders will be watching for hints of when it will begin tapering its massive monthly debt purchases. The bond buying program aimed to ease lending conditions during the crisis, but has come under scrutiny recently as inflation has soared to record levels as businesses reopen and consumers spend the savings built up during the worst months of the pandemic.
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SGX Nifty signals a positive start
Nifty futures on Singapore Exchange traded 50 points, or 0.32 per cent, higher at 15,871.50, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty resistance at 15,900
Nifty50 on Monday witnessed selling pressure near the 15,900 level, as the index ended up forming an indecisive Spinning Top candle as well as an ‘Inside Bar’ on the daily chart. The broader range for the NSE barometer stayed at 15,600-900, a breakout of which will decide the market direction, analysts said. In the immediate future, the 15,750 level will offer some support to the index while the 15,900 level continues to remain an immediate hurdle.
Hong Kong stocks bounce after hefty losses
Hong Kong shares opened slightly higher Tuesday morning, having plunged more than four percent the day before, but investors continue to fret over China’s crackdown on the country’s tutorial sector and tech firms. The Hang Seng rose 0.21 percent, or 56.26 points, to 26,248.58. The benchmark Shanghai Composite Index added 0.25 percent, or 8.73 points, to 3,476.17, while the Shenzhen Composite Index on China’s second exchange inched up 0.70 points to 2,412.51.
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Tokyo stocks open higher with eyes on US Fed
Tokyo stocks opened higher on Tuesday in cautious trade ahead of the results of the US Federal Reserve’s latest meeting. The benchmark Nikkei 225 index was up 0.13 percent, or 34.94 points, at 27,868.23 in early trade, while the broader Topix index edged up 0.44 percent, or 8.39 points, to 1,934.01.
US indices settled at record high levels
US stocks touched record highs in choppy trade on Monday as investors avoided making new, bold bets before this week’s Federal Reserve policy meeting, which might…
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