Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Tuesday, ahead of Union Budget 2022 presentation. Nifty futures were trading 157 points or 0.90 per cent up at 17,505.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex closed 813.94 points or 1.42% higher to settle at 58,014 while NSE Nifty 50 added 237.9 points or 1.39% to end at 17,339. The market will closely watch the developments during the budget session and react accordingly. “Nifty has managed to hold above its key level of 17,000 mark for last few days. Markets are likely to remain volatile tomorrow and 17,000 would be a key level to continue the bullishness. Some of the sectors that would remain in focus ahead of the budget tomorrow are Capital Goods, Infra, housing, Real Estate, PSU Banks, etc,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

Stocks to watch

HPCL: Hindustan Petroleum Corporation reported a 43% year-on-year drop in consolidated net profit to Rs 1,253 crore for the December quarter, as crude oil price fluctuation that hovers to around seven-year high levels led to inventory losses for the refiner.

Tata Motors: Rakesh Jhunjhunwala’s portfolio company, Tata Motors reported a consolidated net loss of Rs 1,451 crore for the October-December quarter, which was much higher than what the Street was anticipating at Rs 989 crore. The performance was primarily impacted by the ongoing semiconductor shortage issue, which led to lower sales for Jaguar Land Rover (JLR), while commodity inflation bit into margins.

UCO Bank: UCO Bank on Monday reported a nearly nine-fold jump in its net profit to Rs 310.39 crore for the third quarter, compared with Rs 35.44 crore in the same period last fiscal, on the back of an increase in the operating profit and fall in provisions.

Indian Oil Corporation: IOCL reported a net profit of Rs 5,860.8 crore on a standalone basis for the quarter ended December 31, recording a 19.2% rise from the same period a year ago. The state-run oil refining and marketing company attributed the increase in profit to higher refinery margins.

Karura Vysya Bank: Karur Vysya Bank on Monday reported an over five-fold increase in its net profit to Rs 185 crore for the third quarter of FY22, compared with Rs 35 crore in the year-ago period.

Future Group stocks: The Supreme Court is scheduled to pronounce on Tuesday the verdict on a batch of pleas filed by Future group firms against a Delhi High Court order declining stay on an arbitration tribunal decision refusing to interfere with the Emergency Award (EA) of the Singapore International Arbitration Centre (SIAC).

SBI: State Bank of India on Monday said it has entered into an agreement with Tata Power Solar Systems for financing of solar projects.

Tata Steel: Tata Steel on Monday announced winning the bid for acquiring 93.71 per cent stake in Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore.

DLF: Realty major DLF Ltd on Monday reported a 15 per cent fall in its consolidated net profit to Rs 379.49 crore for the quarter ended December. Its net profit stood at Rs 449 crore in the corresponding quarter of the previous financial year.

Q3 earnings today: BSE-listed companies such as Adani Ports & SEZ, Tech Mahindra, Cholamandalam Investment & Finance Company, Procter & Gamble Hygiene & Healthcare, Jindal Steel & Power, Sona BLW Precision Forgings, Kansai Nerolac Paints, Indian Hotels Company and TTK Prestige are among the companies that will announce their December quarter results today.