The BSE Sensex and NSE Nifty are likely to open on a cautious note on Tuesday tracking mixed Asian markets ahead of US Federal Reserve meet.
Asian markets were mixed on Tuesday, as investors were reluctant to make any big moves amid volatile crude oil and before a widely anticipated US interest rate increase by the Federal Reserve later this week. Hang Seng and Shanghai were up 0.46 per cent and 0.14 per cent, while Nikkei were down 0.73 per cent in the morning trade.
On Wall Street, major indexes erased early losses and marked gains, as oil prices recovered slightly. Dow closed 0.60 per cent up at 17,368.50 on Monday.
US crude was down 0.2 per cent at $36.24 after falling as low as $34.53 on Monday before ending nearly 2 per cent higher. Brent crude fell as low as $36.33 a barrel on Monday, its weakest since December 2008. A fall below $36.20 would take oil down to levels not seen since 2004.
Back home, the BSE Sensex on Monday rebounded from over three-month lows by rising 106 points to 25,150.35 on better-than-expected factory output data, even as the market mood remained muted ahead the US Federal Reserve meet.
On similar lines, the NSE Nifty, which dipped below the 7,600-level intra-day to hit a low of 7,551.05 and finally settled 39.60 points or 0.52 per cent higher at 7,650.05 after the day’s high of 7,663.95.
Shares of Tata Motors, NHPC and Tata Steel will remain in focus on Tuesday. Tata Motors on Monday post market hours said that it will hike price of its entire passenger vehicle model range by up to Rs 20,000 from January.
Hydro power major NHPC said it will temporary shut down 520 MW Parbati project in Himachal Pradesh till February next year for carrying out repair and maintenance work.
(With agency inputs)