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Stock market news: Benchmark indices, NSE Nifty 50 and S&P BSE Sensex, are expected to open relatively unchanged on Tuesday, maintaining a consolidation pattern near record high levels for the benchmarks, while Asian markets experienced declines ahead of significant central bank decisions from Japan and the US.
The GIFT Nifty was observed trading at 0.18 per cent lower at 22,057 as of 08:20 am, indicating that the Nifty 50 (NSEI) will likely open near Monday’s close of 22,055.70.
Despite ongoing selling pressure in broader markets, both the Nifty 50 and BSE Sensex (BSESN) recorded approximately 0.15 per cent gains on Monday.
The flagship Nifty 50 index has consistently closed above the 22,000 level in 11 out of 12 sessions thus far in March, marking a 0.33 per cent increase. Conversely, small-cap and mid-cap segments have experienced declines of 7.6 per cent and 3.8 per cent, respectively, over the same period, driven by concerns of market froth and elevated valuations.
Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, commented, “Overall, we expect the benchmarks to consolidate in the next few days, while broader markets may continue to remain subdued.”
Asian markets faced downward pressure ahead of the Bank of Japan’s policy decision later in the day, which could mark the conclusion of the longest streak of negative interest rates.
Overnight, Wall Street equities closed higher, accompanied by an increase in treasury yields, as investors awaited insights from the Federal Reserve’s policy decision and subsequent commentary on Wednesday regarding the future trajectory of US interest rates.
Foreign portfolio investors divested Indian shares worth Rs 2,051 crore on a net basis on Monday, while domestic institutional investors purchased a net Rs 2,261 crore of stocks.
Stocks to watch
- Tata Consultancy Services: Tata Sons, the holding arm of the Tata Group, announced plans to sell shares in TCS worth up to $1.13 billion on Tuesday, according to a term sheet.
- Tata Steel: The company decided to halt operations of coke ovens at the Port Talbot plant in Wales due to a deterioration of operational stability.
- HG Infra Engineering: In a joint venture with Stockwell Solar Services, the company secured four orders worth Rs 1,026 crore for its solar business.
- Paradeep Phosphates: The company declared the shutdown of ammonia and urea plants at Goa due to the breakdown of synthesis gas compressor.
