The markets on Tuesday opened flat with Sensex at 62,350.96, up by 5,25 points and Nifty down by 2.30 points at 18,396.55. Wipro, Infosys, Tata Steel, Power Grid and Nestle were the top gainers whereas ITC, Maruti, Mahindra and Mahindra, Kotak Bank and IndusInd Bank were the top losers.
The stocks of Airtel, Jindal Steel, Indian Oil, Granules and Bank of Baroda will be in focus as the companies are announcing the results for the last quarter today.
Markets on Monday
Buoyed by strong earnings, Sensex climbed 317 points to end the day at 62,345, while Nifty surged to 18,386 points in time for the closing bell. Tech Mahindra and Tata Motors led the pack of gainers, as with earnings of 75 firms scheduled for release on Monday.
Among laggards, Adani Enterprises lost the most, after firms form the group were dropped from the MSCI by Morgan Stanley. Real estate stocks along with media, IT, auto and FMCG were in the green, while pharma and energy failed to impress.
India's trade deficit
India's Trade deficit in April fell to $ 15.24 billion in comparison to $18.36 billion it reported last year, due to softening domestic demand and easing commodity prices. This is the lowest trade deficit in 21 months.
US stocks after slightly lower close on Friday, rose higher on Monday after benchmark Treasury yields saw a rise amid dim optimism that Washington will get past partisan wrangling and reach a debt ceiling deal. Dow Jones after declining for five straight sessions rose 47.98 points to 33,348.6, S&P 500 added 12.2 points to 4,136.28 and Nasdaq Composite gained 80.47 points to 12,365.21.
Asian markets trade higher on Tuesday morning with Singapore's SGX Nifty up by 45 points at 18,448.50, Japan's Nikkei 225 jumped 231.81 points at 29,858.15. Even Hong Kong's Hang Seng saw a rise of 154.57 points to 20,125.70 and South Korea's KOSPI was slightly higher at 2,487.59 with a gain of 8.24 points.
Oil prices on Tuesday were higher for the second day as US plans to purchase oil for the Strategic Petroleum Reserve. However, wildfires in Canada have added to the ongoing supply worries. Brent crude futures were up by 31 cents at $75.54 per barrel and US West Texas Intermediate Crude rose by 27 cents at $71.38 per barrel.
The government on May 15 has canceled windfall tax on crude petroleum to nil from the earlier 4,100 per tonne. The windfall tax on aviation turbine fuel, petrol and diesel was already at nil.
Indian rupee on Tuesday opened slightly higher at 82.23 per dollar against Monday's close of 82.30.
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