Updated February 20th, 2024 at 08:18 IST

Sensex, Nifty eye subdued start tracking Asian peers and rate cut speculations

As of 8:10 am, GIFT Nifty was trading 0.18% lower at 22,139, indicating a near-flat opening for the NSE Nifty 50, which closed at 22,122.25 on Monday.

Reported by: Business Desk
Sensex | Image:Republic
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Stock market news: Benchmark indices S&P BSE Sensex and NSE Nifty 50 are gearing up for a subdued start on Tuesday, aligning with their Asian counterparts. Investors remained cautious following China's efforts to bolster its property markets, which failed to ignite enthusiasm. Additionally, waning hopes of an imminent rate cut in the United States contributed to the cautious sentiment.

As of 8:10 am, GIFT Nifty was trading 0.18 per cent lower at 22,139, indicating a near-flat opening for the NSE Nifty 50, which closed at 22,122.25 on Monday.

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The Nifty 50 index has experienced a bullish run over the past five sessions, accumulating a 2.34 per cent gain during this period. On Monday, it surged to a record high of 22,186.65, showcasing investor optimism amid global uncertainties.

Across Asian markets, there was a slight decline of 0.16 per cent. China's recent move to reduce its benchmark reference rate for mortgages aimed at revitalizing its struggling property market failed to reassure investors, who are eagerly awaiting more substantial stimulus measures.

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Furthermore, the robust inflation figures reported in the United States last week have tempered expectations of immediate rate cuts. With Wall Street closed overnight for a holiday, market movements are closely watched as investors digest evolving economic indicators.

In the domestic arena, institutional investors continued their buying streak for the sixth consecutive session on Monday, injecting shares worth Rs 453 crore on a net basis. Meanwhile, foreign institutional investors offloaded shares worth a net of Rs 755 crore.

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Stocks to monitor

  • Whirlpool India: Whirlpool is poised to divest a 24 per cent stake in its Indian unit this week through block deals, potentially fetching up to $451 million, according to Reuters sources.
  • Kotak Mahindra Bank: The private lender announced the appointment of KVS Manian as joint managing director and Shanti Ekambaram as deputy managing director.
  • Godrej Consumer Products: The company has agreed to sell its entire stake in Godrej East Africa Holdings for $3.5 million.
  • Sula Vineyards: Morgan Stanley Asia Singapore acquired 865,500 shares at an average price of 575 rupees each. Additionally, Mousserena sold a 3.4 per cent stake, while Verlinvest Asia divested its holdings in the wine producer.
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Published February 20th, 2024 at 08:18 IST