Expectations over a slew of economic releases at home and the kick start of US Fed meet later in the day are expected to set the tone for the market on Tuesday.
Let’s check out what all might influence Dalal Street all through the day:
Singapore trading sets stage for flat opening
At 8.10 am, Nifty futures on the Singapore Stock Exchange were trading 8.5 points, or 0.08 per cent, lower at 10,337.50, indicating a flat to negative start for the Nifty50 in India.
Nifty50 makes bullish candle
Nifty50 rose for the third straight session on Monday and made a higher-top higher bottom formation on the daily chart. The index made a small bullish candle and experts believe the tide has turned in the bulls favour. Chandan Taparia of Motilal Oswal Securities noted that the index has recovered most of the losses made in the previous swing low from 10,409 to 10,033 levels.The expert feels that the index needs to hold above 10,250 to extend its upmove towards 10,409 and 10,490 levels.
Asian shares take a breather
Asian shares took a breather on Tuesday after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week.MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat having bounced 2 percent in the past three sessions.
US stocks ended higher overnight
Wall Street indexes closed higher on Monday and the biggest drivers were technology and energy sectors as oil prices rose and investors waited for an expected U.S. Federal Reserve rate hike later in the week, Reuters reported. The Dow Jones Industrial Average index rose 56.87 points, or 0.23 per cent, to 24,386.03, the S&P500 index gained 8.49 points, or 0.32 per cent, to 2,659.99 and the Nasdaq Composite index added 35.00 points, or 0.51 percent, to 6,875.08, the report said.
Two-day Fed meet to kick off today
The two-day US Federal Reserve's Federal Open Market Committee (FOMC) will begin today. The central bank is likely to hike interest rates, which could be the third rate hike this year. Going by the buzz, the chances of a 25 basis point rate rise — taking the top of its target range to 1.5 per cent — are almost at 100 per cent.
Factory, inflation data to be out today
On the macro front, the IIP data for October will be released today. India's industrial production growth slowed in September from a nine-month high in August. Output, as measured by the Index of Industrial Production (IIP), rose 3.8 per cent in September, compared with an upward revised 4.5 per cent in August. Meanwhile, the government will release inflation data based on consumer price index (CPI) for November during the day.
SC to hear Unitech plea on takeover
The Supreme Court will hear today an appeal filed by ailing real estate major Unitech against an order of the NCLT (National Company Law Tribunal) directing the central government to take over the company. The NCLT had just days ago asked the Ministry of Company Affairs (MCA) to name 10 nominee directors to the Unitech Board.
Asian Paints acquires remaining stake in Sleek Int'l
Asian Paints said it has purchased the remaining 49 per cent stake in kitchen solution provider Sleek International for Rs 50 crore. Asian Paints had in 2013, acquired 51 per cent stake in Sleek group to foray into home improvement segment. The company has purchased the balance stake in Sleek, which has now become a wholly-owned subsidiary of Asian Paints, it said in a regulatory filing.