Amid hopes that the upcoming Budget will include big-ticket reforms to boost India’s economy, the domestic bourses are expected to open on a positive note on Tuesday. SGX Nifty is trading 19.50 points higher.
However, investors can turn a little cautious amid muted cues from the global markets. Meanwhile, Rail stocks are likely to maintain the gaining streak in the morning session ahead of the presentation of Railway Budget later in the day.
India’s NSE index rose on Monday to a third consecutive record high, while the benchmark BSE index surpassed 26,000 points, riding on gains in technology stocks ahead of Infosys Ltd’s results and hopes of a fiscally prudent budget. The BSE Sensex rose 0.53% and NSE Nifty gained 0.46% for the day.
On Monday (July 08, 2014) Sensex closed at 26,100.08, up by 138.02 points, while the Nifty rose 35.55 points to close at 7787.15.
Asian stocks were subdued on Tuesday as Wall Street turned cautious ahead of the corporate reporting season and as earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.
The U.S. stock market on Monday gave up some of last week’s gains that sent the Dow Jones Industrial Average above 17,000 for the first time.
European stock markets retreated on Monday after weak German economic data took the wind out of a rally that had pushed a leading regional index back towards 6-1/2 year highs.
Major Headlines of the day
RCom to reduce headcount by over 35%; shift 5,500 employees
Vedanta mulls 5 mt steel unit at Bellary; may invest Rs 30k cr
NMDC may spend AUD 12.1 million for rights issue of Legacy Iron