Opening Bell : Markets likely to make positive start on Tuesday
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Indian equity markets are likely to make positive start on Tuesday tracking mixed global cues. Traders are likely to take some support amid growing optimism that the US and Iran could reach a resolution ahead of the looming ceasefire deadline. However, traders may remain cautious as foreign institutional investors (FIIs) turned net sellers, offloading equities worth Rs 1,059.93 crore in the previous session.
Some of the key factors to be watched:
India seeks preferential market access in US for domestic goods: Commerce and Industry Minister Piyush Goyal has said a team of Indian officials, currently in Washington for talks on the first phase of the bilateral trade agreement, will discuss aspects related to preferential market access for domestic goods in the US.
India, Korea discuss revamping trade pact: India and Korea have discussed revamping the existing free trade agreement between the two countries to boost economic ties. The pact was discussed during a meeting between Commerce and Industry Minister Piyush Goyal and his Korean counterpart Yeo Han-koo.
India, Maldives to establish joint business council to boost trade, investment: India and the Maldives have decided to establish a formal joint business council to boost trade and investment and foster meaningful partnerships.
India Inc’s overseas equity bets jump 27% March over February: The Reserve Bank of India has said that overseas direct investment in equity instruments surged around 27 per cent month-on-month in March to $1.458 billion
India’s core sector output contracts 0.4% in March: The core sector output contracted by 0.4 per cent in March, marking the first decline in five months as production of coal, crude oil, fertiliser, and electricity fell.
On the global front: The US markets ended in red on Monday amid concerns about the re-escalation of tensions between the U.S. and Iran. Asian markets are trading mostly in green on Tuesday despite the broadly negative cues from Wall Street overnight.
Back home, in a volatile trading session, Indian equity benchmarks gave up most of their intra-day gains and finally closed marginally higher on Monday, following mixed cues from global markets amid cautiousness over the escalation of the US-Iran tensions in the Middle East. Finally, the BSE Sensex rose 26.76 points or 0.03% to 78,520.30 and the CNX Nifty was up by 11.30 points or 0.05% to 24,364.85.
Some of the important factors in trade:
India, Norway reaffirm commitment to strengthening bilateral economic ties: Traders were optimistic, as India and Norway have reaffirmed their commitment to strengthening bilateral economic ties.
India-Austria launches bilateral fast-track mechanism to facilitate investments: Sentiments also remained firm as India and Austria have set up a bilateral fast-track mechanism (FTM) to facilitate investments between the two countries.
India to set up maritime insurance pool to shield trade routes: Some support also came after the government has given its green signal for the creation of Bharat Maritime Insurance Pool (BMI pool) with a sovereign guarantee of Rs 12,980 crore.
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