The BSE Sensex and NSE Nifty are likely to open in green on Tuesday tracking SGX Nifty and global cues.
At 8.17 am, SGX Nifty was up 20.50 points, or 0.24 per cent, at 8,504.50.
Asian peers, Hang Seng was trading 0.21 per cent higher at 23,863.78 while Nikkei and Shanghai were down 0.24 per cent and 0.82 per cent at 20,571 and 3,960, respectively.
US markets closed higher as the Chinese currency steadied and home builders index for August beat expectations. The S&P 500 index rose 0.52 per cent, while US bond yields dropped, with the benchmark 10-year yield slipping to 2.169 per cent from last week’s close of 2.198 percent.
Back home, continued depreciation of rupee weighed on the investors sentiment on Monday. As a result, the BSE Sensex and NSE Nifty slid 0.67 per cent and 0.48 per cent at 27,878.27 and 8,477.30, respectively.
Dipen Shah, head of private client group research, Kotak Securities, said, “Markets lost some of Friday’s gains on Monday after remaining volatile during the day. There is optimism on early passage of the GST Bill as well as an intra-policy rate cut by the RBI. We believe that, the markets will continue to remain volatile till the time there is some clarity on the passage of the GST Bill. Monsoon continues to remain a worry and this can be a factor which can partly influence RBI’s rate cut decision.”
Market Today
According to Angel Broking, the trend deciding level for the day is 27,904 / 8,479 levels. If Nifty trades above this level during the first half-an-hour of trade then the market may witness a further rally up to 28,070 – 28,261 / 8,529 – 8,581 levels. However, if Nifty trades below 27,904 / 8,479 levels for the first half-an-hour of trade then it may correct towards 27,713 – 27,548 / 8,427 – 8,376 levels.