Indian shares are seen opening flat to slightly lower on Tuesday as investors react to news from Reliance’s 46th annual general meeting and the results of SEBI’s probe faulting Adani Group on disclosure rules. Firm cues from global markets may help limit losses, if any.
Reliance Chairman Mukesh Ambani on Monday heralded a ‘New Reliance’ that has bent its growth trajectory towards a technological future.
But there were no announcements on initial public offerings (IPO) of Reliance Jio Infocomm or Reliance Retail.
Meanwhile, media reports said citing sources that capital market regulator SEBI has found violations of “technical nature” on Adani Group’s disclosure rules that would attract no more than a monetary penalty once the investigation in complete.
Benchmark indexes Sensex and Nifty ended flat to slightly higher on Monday while the rupee closed marginally higher at 82.63 against the dollar.
Asian markets followed Wall Street lower this morning ahead of key economic data releases. The dollar hit a nine-month high versus the yen but was down against other major rivals.
Gold edged up marginally on dollar weakness while oil prices were a tad lower on demand concerns.
U.S. stocks logged solid gains overnight as bond yields retreated on speculation the Fed may take a rate-hike breather in September.
The Dow and the S&P 500 both rose about 0.6 percent while the tech-heavy Nasdaq Composite advanced 0.8 percent.
European stocks closed higher on Monday after China announced new measures to support its flagging economy and struggling stock market.
The pan European STOXX 600 climbed 0.9 percent. The German DAX added 1 percent and France’s CAC 40 gained 1.3 percent while the U.K. markets were closed for Late Summer Bank Holiday.
Market Analysis
Sensex, Nifty To Open On Flat Note Despite Firm Global Cues
2023-08-29 02:28:17
