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Saturday, May 15, 2021
Stocks & Shares

Indian equity markets expected to be rangebound

BSE Sensex

The BSE Sensex closed at 48,718.52, down 63.84 or 0.13%, while the Nifty ended at 14,634.15, up 3.05 points or 0.02%

Indian equity markets are expected to be rangebound on Tuesday, with SGX Nifty futures suggesting a flat opening. On Monday, the BSE Sensex closed at 48,718.52, down 63.84 or 0.13%. The Nifty ended at 14,634.15, up 3.05 points or 0.02%.

Asia’s share markets were mostly higher Tuesday as regional equity investors looked to signs of recovery from the Covid pandemic as major economies around the world reopen.

MSCI’s broadest index of Asia-Pacific shares outside Japan was rose 0.05% on the back of a positive lead from Wall Street overnight.

On Monday, Federal Reserve chair Jerome Powell said the U.S. economy was doing better but was “not out of the woods yet” as the central bank prepared to release a study on the disparate effects of the pandemic on the country’s different demographics.

Japan and mainland China’s markets remained closed on Tuesday for holidays dampening trading volumes across the region.

The brighter tone in Asian markets came after a stronger session on Wall Street.

In India, key companies which will announce their March quarter earnings are Adani Ports, Adani Total Gas, L&T Infotech, P&G Hygiene and RBL Bank.

IDBI Bank on Monday reported a full year profit for the first time in five years at Rs. 1,359 crore for FY21. The private sector lender had reported a net loss of Rs. 12,887 crore in fiscal 2019-20.

The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of ₹3 crore on ICICI Bank for contravention of certain directions on prudential norms for classification, valuation and operation of investment portfolios by banks.

In the Asian session, Brent crude was trading 0.15% higher at $67.66 while U.S. light crude was 0.12% higher at $64.56.

US Treasury yields dropped on Monday after data showed manufacturing activity growth slowed in April amid supply chain challenges and rising demand fuelled by the covid-19 vaccine rollout and fiscal stimulus.

The benchmark 10-year yield, which reached a session low of 1.578%, was last down 3 basis points at 1.6011%, holding well below a 14-month high of 1.776% hit on March 30.

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