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Market Summary

The market is expected to open in the red on Tuesday as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 12 points.

The BSE Sensex declined 311 points to 60,692, while the Nifty50 fell 100 points to 17,845 and formed bearish candle on the daily charts with making lower highs-lower lows for the second straight session.

As per the pivot charts, the Nifty has support at 17,818, followed by 17,774 and then 17,703. If the index moves up, the key resistance levels to watch out for are 17,960, followed by 18,004 and 18,075.

Asia-Pacific markets fell on Tuesday as investors await regional private surveys for factory activity.

In Australia, the S&P/ASX 200 fell 0.43 percent. In Japan, the Nikkei 225 fell 0.16 percent and the Topix was marginally lower. South Korea's Kospi also slipped 0.2 percent.

The Nifty futures were trading around 17,852 levels on the Singaporean exchange.

Macro News

January aviation data: Domestic passenger traffic nearly doubles on year on a low base

India's domestic air traffic in January nearly doubled, when compared to the same month last year. The number climbed to 125.42 lakh passengers carried, data released by the Directorate General of Civil Aviation (DGCA) on February 20 shows. However, domestic air traffic fell 1.5 percent in January when compared with December 2022's reading which stood at 127.35 lakh passengers. The air traffic still remained lower than pre-Covid levels. In January 2020, domestic airlines flew 127.83 lakh passengers.

India will continue with efforts to curb inflation: Finance Minister

The Indian government and the central bank are taking steps to control inflation, Finance Minister Nirmala Sitharaman said on Monday, as retail prices have again risen above comfort levels. Among other moves, the government has increased the import of edible oil as required to rein in inflation and provided free grains to the poor since the Covid-19 pandemic, and would "continuosly monitor prices," Sitharaman said. Economists have said the soaring prices of cereals such as wheat and rice were a concern for the Indian economy even though the January inflation data may have overstated the extent of the increase

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