Four Nifty earnings, including that of heavyweights HUL and Axis Bank, are all set to drive domestic stocks on Tuesday. Global cues so far are hinting at a gap-up start for Dalal Street. Here’s breaking down the pre-market actions. With Monday’s gains, the index extended its recent run beyond the 200-day SMA for the second day running. It formed a higher high and low for the third straight session, adding to the positive sentiment. However, Nifty looked overbought on the daily chart. Weekly and monthly charts suggested the chance of a turnaround, said analysts, who believe the 20-month moving average at 11,090 is likely to pose an immediate hurdle for the index.
Japan’s Nikkei 225 index added 0.43 percent or 98.12 points to 22,815.60 in early trade. Hong Kong’s Hang Seng index climbed 1.47 percent, or 369.07 points, to 25,427.06. China’s Shanghai Composite index gained 0.49 percent, or 16.40 points, to 3,330.55, Gold edged up on Tuesday after scaling a near nine-year high in the previous session, as demand was boosted by worries over a spike in COVID-19 cases and expectations of higher inflation from more stimulus measures to mitigate the economic blow. Spot gold was up 0.1 percent at $1,818.53 per ounce, after hitting its highest since September 2011 at $1,820.06 on Monday. US gold futures rose 0.1 per cent to $1,819.Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.
Brent futures were up 15 cents, or 0.4 percent, at $43.43, while WTI edged up 2 cents to $40.83 a barrel level.US stocks ended higher as tech-related shares rallied broadly, bolstering the market. On Monday, the Dow Jones Industrial Average rose 8.92 points, or 0.03 percent, to 26,680.87. The S&P 500 advanced 27.11 points, or 0.84 percent, to 3,251.84. The Nasdaq Composite Index jumped 263.90 points, or 2.51 percent, to 10,767.09. Hindustan Unilever (HUL), Axis Bank, Bajaj Finance, and Bajaj Finserv among the Nifty pack, in addition to ICICI Prudential Life, Crisil, DCM Shriram, IndiaMART InterMESH, Syngene International are among the non-Nifty pack are slated to announce their June quarter earnings on Tuesday.Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 1,709.97 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 1,521.99 crore, data suggests.