Trends on SGX Nifty indicate a flat to positive start for the broader index in India, with a gain of 37.50 points or 0.24 percent. The Nifty futures were trading higher around 15,817 level on the Singaporean Exchange at 7:30 IST.
At 09:02 IST, the Sensex was up 42.72 points or 0.08 percent at 52371.23, and the Nifty was down 9.00 points or 0.06 percent at 15742.70.
The Nifty closed in the positive territory on Monday's trading session. However, it did see some profitbooking from higher levels which makes 15,850 a strong resistance in the near team.
Benchmark Indices are expected to open on a flat to slight positive note as indicated by trends on SGX Nifty. Dow Jones slipped -0.36 percent on Monday due to news of global minimum corporate tax rate and inflation fears whereas European equity markets ended on a positive note led by auto stocks, said Mohit Nigam, Head-PMS, Hem Securities.
Asian markets were mixed early Tuesday, Nikkei 225 gained 0.75 percent on better than expected Japan quarterly GDP numbers.
The crucial support on the lower side is pegged at 15,600 levels, said Jay Thakkar - VP and Head of Equity Research at Marwadi Shares and Finance Ltd. Hence the range for the index is 15,600-15,850 levels. Until there isn't a meaningful breakout from this range the market is expected to trade sideways.
The daily momentum indicators are well in the buy zone but the hourly momentum indicators are trading with a negative divergence which is a typical signature of a sideways market. The private sector banks are important as if they trade with a positive bias then it can help the Nifty and the Bank Nifty to inch higher, said Thakkar.
Stock specific actions due to Q4 results can be witnessed in stocks like EIL, Galaxy Surfactants, Max Fin. Services, Prestige Estates, Petronet LNG, Suven Pharma etc. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300, added Nigam of Hem Securities
The following firms are scheduled to announce their January-March quarter earnings today: Engineers India, Petronet LNG, Max Financial Services, Essar Shipping, Galaxy Surfactants, Jindal Hotels, KM Sugar Mills, Prestige Estates Projects, Shemaroo Entertainment, Surya India, Suven Pharmaceuticals, Talbros Automotive Components, Titagarh Wagons, Vipul Organics, Winsome Textile Industries, and Wonderla Holidays among others.
Asian stocks up
Australia’s S&P/ASX 200 was up 0.32 percent at 0130GMT, while Japan’s Nikkei 225 edged up 0.35 percent, as the country revised first-quarter data showing the economy shrank at a slower pace than initially reported.
MSCI’s gauge of Asia Pacific stocks outside Japan rose 0.11percent, following the path taken by its All-Country World Index which advanced 0.1 percent on Monday, hitting its sixth record close in seven days. Hong Kong’s Hang Seng Index opened up 0.4 percent while China’s benchmark CSI300 Index opened flat.
Petrol, diesel prices unchanged
Petrol and diesel prices remain unchanged on Tuesday after two consecutive days of price hike. The price of petrol in the national capital is at an all-time of Rs 95.31 per litre in Delhi and diesel at Rs 86.22 per litre.
In Mumbai, petrol is being retailed at Rs 101.52 per litre and diesel at Rs 93.58; in Kolkata petrol is priced at Rs 95.28 and diesel at Rs 89.07 per litre each while in Chennai, petrol is retailed at Rs 96.71 per litre and diesel at Rs 90.92 per litre.
Petrol and diesel prices were kept unchanged at record highs on Tuesday after two consecutive days of hike as prices of crude oil fell in international markets. Petrol price was kept steady at an all-time high of ₹ 95.31 per litre in Delhi. In Mumbai, the price of petrol was held unchanged at an all-time high of ₹ 101.52 per litre after petrol and diesel prices were hiked for fourth time in the month of June itself, data from country's largest fuel retailer Indian Oil showed.