Indian stocks set for a firm start as Asia opens mixed
By Vinu Lal
03:14, 18 January 2022
Indian stock markets are heading for a firm beginning on Friday, riding on Asian cues, with Hong Kong and Japan opening in the positive territory after several sessions of losses.
Statistics on Chinese economic recovery cheered the markets across Asia as optimism on economic recovery returned, although investors remain on edge over central banks’ monetary policies.
SGX Nifty futures index, which represents Indian stocks, was trading with marginal gains in Tuesday morning trade with marginal gains of 0.08%.
Wall Street would resume trade on Tuesday after the Martin Luther King Day holiday. Investors would watch out for US bond yields after the two-year yields rose above 1% for the first time since February 2020.
“Markets are currently witnessing time-wise correction and likely to resume the trend soon. Meanwhile, participants should focus more on risk management citing a rise in volatility due to the earnings,” said Ajit Mishra, vice president-research at Religare Broking.
“We reiterate our preference for IT (information technology), metal, realty and pharma pack while banking may see further consolidation,” Mishra added.
“18164-18342 seems to be the range for the Nifty in the near term,” said Deepak Jasani, head of retail research at HDFC Securities.
Things to note before trade
- Key stocks to declare results today: Bajaj Finance, L&T Tech and Tata Elxsi
- One97 Communication’s Paytm Payments Bank – the lending arm of the company – said it registered an 11.33% rise in FASTags, online road toll payment facility.
- Tata Power Renewable Energy has commissioned two solar power projects of 50MW each in Uttar Pradesh
- Brokerage firm Angel One reported a 125% on-year growth in consolidated net profit for the December quarter
- German engineering and technology firm Bosch has appointed Karin Gilges as its chief financial officer
- Prestige Estates reported over two-fold jump in sales bookings for the quarter ended December