KEY HIGHLIGHTS
Closing Bell: A Rangebound Session
Indian equity markets ended nearly unchanged in a rangebound session that saw benchmark indices moving in neither direction.
The S&P BSE Sensex ended 0.1% higher at 38,843 while the NSE Nifty 50 index was unchanged at 11,472.
The Nifty Bank was the outperformer in today's session, ending with gains of over 1% for the third straight day. The index has now gained over 1,000 points in the last three trading sessions.
The top sectoral laggard in today's session was the Nifty Realty index which ended 2.1% lower. Nifty Metal and Nifty Pharma indices fell 0.7% each.
Broader markets too ended off their respective day's high. The midcap index ended with gains of 0.3% while the smallcap index gained 0.5%.
India Volatility Index ended 2% higher but below the mark of 20 at 19.62.
Market breadth was in favour of the laggards. 985 stocks on the NSE ended with losses while 858 stocks posted gains.
How Have The Sectoral Indices Fared
Buzzing Stock: Adani Enterprises
- Trades at an all-time high
- Gains as much as 29.7% to Rs 322.65
- Biggest single-day gain on record
- Up for the second straight day
- Today's volumes are more than seven times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 90
- Has more than doubled from its 52-week low of Rs 116 on March 24, 2020
- The stock trades 33.9% higher than its 12-month consensus price target of Rs 204, implying a negative return potential
Buzzing Stock: Rallis India
- Trades at an all-time high
- Gains as much as 8.3% to Rs 326.8
- Biggest single-day gain in four months
- Up for the second straight day
- Today's volumes are more than eight times higher than its 20-day average
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 69
- The stock has nearly tripled from its 52-week low of Rs 125 on March 24, 2020
- 10 out of the 22 analysts tracking the stock have a buy recommendation; 7 sell calls
- The stock trades 9.2% above its 12-month price target of Rs 293.5, implying a negative return potential
Earnings Reaction: Proctor & Gamble Hygiene & Healthcare Q4CY20
- Revenue flat at Rs 634.5 crore
- Net profit up 14% at Rs 69.2 crore
- Ebitda up 70% at Rs 110.2 crore
- Ebitda margin at 17.4% from 10.1%
- Operating performance improves due to lower finance costs
- Company has declared a dividend of Rs 105 per share
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 3.8% to Rs 4,891 and are up for the second straight day. The stock trades at the highest level since October 2019.
Active Stock Options
- State Bank of India's 210 Call: Premium up 84.6% to Rs 2.4. The contract has shed 271 shares in Open Interest.
- Bajaj Finance's 3,600 Call: Premium up 134.6% to Rs 48.8. The contract has shed 65 shares in Open Interest.
- ICICI Bank's 390 Call: Premium up 36.6% to Rs 2.8. The contract has added 374 shares in Open Interest.
Stock Reaction: Tata Motors
Tata Motors has a target to become zero net debt within the next three years, chairman N Chandrasekaran said at the company's AGM.
Tata Motors currently has a debt of Rs 48,000 crore. The company is committed to both Jaguar and Land Rover Brands, the chairman said at the AGM.
The company's CFO, PB Balaji said that it aims to become sustainably cash positive by FY22.
The CFO also said that the company's revenue and profitability in the second quarter will be better than the first one.
Shares ended 5.3% higher at Rs 127.65. The stock is up for the second straight day.
Buzzing Stock: Adani Gas
- Gains as much as 7.5% to Rs 184
- Biggest single-day gain in two months
- Trades at the highest level in six months
- Up for the second straight day
- Has gained in six out of the last seven trading sessions
- Up 14% in the last seven trading sessions
- Today's volumes are triple its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 73
- Has more than doubled from its 52-week low of Rs 76.6 on March 25, 2020
- Both analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 5.6%
Earnings Reaction: Phillips Carbon Black Q1FY21
- Revenue down 61% to Rs 359.5 crore
- Net profit down 96% to Rs 2.6 crore
- Ebitda down 66% to Rs 38 crore
- Ebitda margin at 10.6% from 12.4%
- Carbon Black segment revenue down 61% to Rs 350 crore
- Power Segment revenue halves to Rs 19.5 crore
- All numbers are standalone and compared on a year-on-year basis
Shares are off the day's high after gaining as much as 9.9% to Rs 134.8. Shares now trade 3% higher at Rs 126.3, the highest level in six months.
Markets At 2:10 P.M.
- Benchmark indices remain little changed
- Nifty unchanged at 11,456
- Sensex unchanged at 38,798
- Nifty Bank up 1.1% at 23,082
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.6%
- India Volatility Index up 0.5% to 19.32
- Nifty Realty remains the top sectoral laggard; down 2%
- Nifty Metal is the other major sectoral laggard; down 1%
- Nifty PSU Bank is the top sectoral gainer; up 1.5%
- State Bank of India is the top Nifty gainer; up 3%
- Shree Cement remains the top Nifty laggard; down 2.2%
- 818 stocks on the NSE trade with gains while 981 decline
Money Market Update
The rupee gave up early gains to end flat in today's trading session, in-line with the fluctuations in the equity markets.
The currency ended at 74.33 against the U.S. Dollar as compared to Monday's close of 74.32.
The intraday high of 74.18 was the level at which the currency began trade. It then gave up gains to fall to the day's low of 74.51, before recovering towards the close of trade.
Today's performance put the rupee as the third worst performing currency in Asia, ahead of the Japanese Yen and the Thai Baht.
Bonds cooled off after the RBI announced Open Market Operations earlier in the day. Yield on the 10-year government bond ended at 6.118% as compared to Monday's close of 6.165%.
Earnings Reaction: Ruchira Papers Q1FY21
- Revenue down 56% to Rs 58.1 crore
- Net loss of Rs 4.5 crore from net profit of Rs 9.1 crore
- Ebitda loss of Rs 1.2 crore from Ebitda gain of Rs 18.8 crore
- Manufacturing expenses at Rs 9.1 crore frmo Rs 13.4 crore
- Selling, distribution and establishment expenses at Rs 0.95 crore from Rs 1.8 crore
- All numbers are compared on a year-on-year basis
Shares are at the day's low, falling as much as 3.4% to Rs 65, post the announcement. The stock has snapped a five-day gaining streak.
Top Reads On BloombergQuint.com
Buzzing Stock: India Glycols
- Gains as much as 6.7% to Rs 315.5
- Biggest single-day gain in four months
- Trades at the highest level in five months
- Up for the third straight day
- Sustains above its 50-Day Moving Average of 282 for the sixth straight session
- Today's volumes are nearly triple its 20-day average
- Has gained 80% from its 52-week low of Rs 175 on March 24, 2020
- The stock has gained 66% this year
Stock Reaction: Lupin
The company informed the exchanges this morning that it received approval from the U.S. FDA for its Albuterol Sulfate Inhalation Aerosol, 90 mcg (base) / actuation, a generic version of ProAir HFA.
The drug, used in the treatment of acute episodes of Bronchospasm or prevention of asthmatic symptoms, will be manufacturing at the company's Indore facility.
“We look forward to launching the product this quarter and expect a steady rampup through the fiscal year,” CEO Vinita Gupta said in a press release.
The total Albuterol Sulfate Inhalation Aerosol market had sales of nearly $2.9 billion in the U.S. market, out of which the ProAir HFA market accounted for $1.3 billion, according to IQVIA data of June 2020.
Shares of Lupin are off the day's high, after gaining as much as 5.2% to Rs 1,021, its highest level since November 2017.
European Markets Open Higher
European markets extended Monday's gains on hopes of a potential Covid-19 vaccine and easing trade tensions between U.S. and China.
The Stoxx 600 index opened 0.7% higher with all sectors trading with gains.
Barring the Hang Seng, most Asian markets have ended with gains while futures on the Dow Jones are trading higher by 210 points.
Brent crude trades 0.4% higher at $45.3 per barrel while Gold is up 0.3% at $1,934/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.9% at 3,362
- DAX up 1% at 13,193
- CAC up 0.9% at 5,051
- FTSE 100 up 0.6% at 6,141
- IBEX 35 up 0.9% at 7,170
How Are The Sectoral Indices Faring
F&O Snapshot: Active Options Contracts
- Nifty August futures add 8.2% and 6.9 lakh shares in Open Interest.
- Nifty Bank August futures add 25% and 3.2 lakh shares in Open Interest.
Nifty: August 27 Expiry
- 11,500 Call: Premium down 16% to Rs 48.85. The contract has added 22,294 shares in Open Interest.
- 11,400 Put: Premium down 19.4% to Rs 35.2. The contract has added 6,771 shares in Open Interest.
- 11,500 Put: Premium down 8% to Rs 75.8. The contract has added 29,417 shares in Open Interest.
Nifty Bank: August 27 Expiry
- 23,000 Put: Premium down 38.3% to Rs 205. The contract has added 26,000 shares in Open Interest.
- 23,500 Call: Premium up 36.9% to Rs 47.5. The contract has added 7,167 shares in Open Interest.
- 23,000 Call: Premium up 40.4% to Rs 231.9. The contract has added 19,143 shares in Open Interest.
Buzzing Stock: Graphite India
- Gains as much as 8.9% to Rs 207.5
- Biggest single-day gain since September 2019
- Trades at the highest level in two months
- Has gained in five out of the last seven trading sessions
- Up 16% in the last seven trading sessions
- Today's volumes are five times higher than its 20-day average
- Sustaining above its 100-Day Moving Average for the fifth straight session
- Nearing overbought territory with Relative Strength Index (RSI) at 69
- Has doubled from its 52-week low of Rs 103 on March 25, 2020
- One out of the three analysts tracking the stock has a buy recommendation; 1 sell call
- The stock is trading near its 12-month consensus price target of Rs 209
Third Day Of Gains For The PSU Bank Index
Markets At Noon
- Benchmark indices give up gains to trade flat
- Nifty up 0.1% at 11,478
- Sensex up 0.2% at 38,866
- Nifty Bank up 1% at 23,058
- Nifty Midcap index up 0.55%
- Nifty Smallcap index up 0.5%
- India Volatility Index down 0.7% to 19.1
- Nifty PSU Bank remains the top sectoral gainer; up 1%
- Nifty Realty is the top sectoral laggard; down 1.3%
- Nifty Metal (down 0.8%) and Nifty FMCG (down 0.6%) are the other sectoral laggards
- IndusInd Bank remains the top Nifty gainer; up 2.3%
- Shree Cement is the top sectoral laggard; down 2.2%
- 781 stocks on the NSE trade with gains while 967 decline
Stock Reaction: Future Retail
The company informed the exchanges that it has made the payment of interest amounting of $14 million on its U.S. Dollar notes.
It was in a 30-day grace period for making the payment of interest that was originally due on July 22.
Bloomberg News had earlier reported that the company was in talks with a consortium of lenders led by State Bank of India to arrange cash for making the payment.
Failure to make the payment would have amounted to a default for the company.
Shares gained as much as 9.5% to Rs 125, snapping a two-day losing streak.
Buzzing Stock: Timken India
- Second best performing stock on the Nifty Smallcap index
- Gains as much as 10.4% to Rs 1,154
- Biggest single-day gain in five months
- Trades at all-time high
- Up for the third straight day
- Was consolidating around its 50-Day Moving Average of 991 before breaking out on Monday
- Has risen 16% in the last two sessions
- Today's volumes are more than 20 times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 72
- Has nearly doubled from its 52-week low of Rs 639 on March 24, 2020
- Seven out of the eight analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 11.3% higher than its 12-month consensus price target of Rs 1,000, implying a negative return potential
Gold's Shine To Rub Off On Kalyan's Proposed IPO
The record-setting rally of Gold is set to aid the largest IPO by an Indian jeweller, helping it overcome tumbling demand in India, Bloomberg News reports.
Kalyan Jewellers filed a DRHP on Monday which revealed that it plans to raise as much as Rs 1,750 crore through the IPO as it banks on the long-term appeal of Gold.
Gold prices have jumped nearly 30% this year and is likely to benefit the Warburg Pincus-backed jeweller.
"At this moment, you really don't have many big jewellery players in India and investors don't have too many options to put their money in except a couple of companies," Chirag Sheth of Metals Focus told Bloomberg News.
“The share sale can see a lot of interest as physical gold and silver continue to appeal to investors,” according to Abhimanyu Sofat of IIFL.
Kalyan Jewellers currently has 107 stores in India and 30 in the Middle-East.
Buzzing Stock: Affle India
- Third best performer on the Nifty 500 index.
- Locked in an upper circuit of 10% at Rs 2,803
- Third straight day of 10% upper circuit
- Trades at an all-time high
- Today's volumes are more than five times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 87
- Has nearly quadrupled from its 52-week low of Rs 775 on August 26, 2019
- All three analysts tracking the stock have a buy recommendation
- The stock now trades 25.2% higher than its 12-month consensus price target of Rs 2,043, implying a negative return potential
Stock Reaction: GMR Infra
The company informed the exchanges on Monday that it will consider raising of funds up to Rs 5,000 crore in one or more tranches through the issue of securities.
The proposal will be considered at the company's board meeting on August 27.
As per data on the exchanges, the company's promoter GMR Enterprises also released a pledge of 2.36 crore shares on August 21.
Shares fell as much as 4.1% to Rs 24.25, snapping a three-day gaining streak. The stock is the worst performer on the Nifty Midcap index.
Nifty Realty Is The Top Sectoral Laggard
Earnings Reaction: LIC Housing Finance Q1FY21
The housing finance division of India's largest life insurer reported a 3% year-on-year growth in its Net Interest Income or core income to Rs 1,239.2 crore
Net profit rose 33.9% compared to last year to Rs 817.5 crore. Higher impairment provisions recorded in the base quarter contributed to higher net profit.
The company reported higher employee benefit expenses as compared to last year to Rs 85 crore.
“Currently LIC housing trades at 0.75x of TTM Networth which is lower compare to the historical average. Considering lower valuation and not much negative in the results stock could see positive movement for midterm,” Jaishankar Parmar of Angel Broking wrote in a note.
Shares gained as much as 11.7% - the most in four months to Rs 309, which is the highest level in five months.
Buzzing Stock: IndiaMART InterMESH
- Top performing stock on the Nifty Smallcap index
- Gains as much as 9.9% to Rs 3,870
- Biggest single-day gain in five months
- Trading at an all-time high
- Up for the seventh straight day
- Motilal Oswal Initiated coverage on the stock on Thursday with a buy rating and a price target of Rs 3,550
- Since then, the stock has gained 30% and has already surpassed MOSL's projected price target
- Today's volumes are more than triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 87
- The stock has now tripled from its 52-week low of Rs 1,130 on August 30, 2019
- Five out of the seven analysts tracking the stock have a buy recommendation; 1 sell call
- The stock now trades 26.3% higher than its 12-month consensus price target of Rs 2,812, implying a negative return potential
Brokerage Reaction: State Bank of India
Shares of India's largest lender are rising in today's session after Goldman Sachs upgraded the stock to buy from neutral, citing prudent balance sheet policies and attractive valuations.
Goldman Sachs’ Rationale:
- One of the highest provisions on total stressed book including moratorium loans
- Expect RoA to remain at 0.5%, supported by stable margins and lower credit costs
- Raise EPS estimates by 34% post Q1 earnings on average over FY21-23E
- Current valuation makes for an attractive entry point
- Trades at a steep valuation discount to ICICI Bank / Axis Bank despite much better balance sheet management
- Stock can re-rate further if growth trajectory improves and asset quality turns out better than expectations.
The brokerage has raised its price target on SBI to Rs 282 from the earlier target of Rs 183.
Shares gained as much as 2.6% to Rs 206.65 and are trading at the highest level in five months.
The stock is the second best performer on the Nifty 50 index and is up for the third straight day.
Earnings Reaction: Globus Spirits Q1FY21
The producer and marketeer of Industrial Alcohol reported a 22.3% decline in its revenue as compared to last year to Rs 230.1 crore.
The decline in topline can be attributed to higher excise duty which tripled compared to last year to Rs 62 crore.
Net profit more than doubled to Rs 18.7 crore year-on-year. Operating performance was strong with Ebitda rising 46.5% while margins expanding to 17.1% from 9.1% on account of lower raw material costs and other expenses.
The company also stated that the impact of Covid-19 is likely to be short-term in nature.
Shares of the company are locked in a 5% upper circuit at Rs 169.5. The stock is up for the third straight day and is trading at the highest level since December 2018.
Markets At 10:10 A.M.
- Benchmark indices remain flat with a positive bias
- Nifty up 0.3% at 11,499
- Sensex up 0.33% at 38,925
- Nifty Bank up 1.2% at 23,098
- Nifty Midcap index up 0.9%
- Nifty Smallcap index up 1%
- India Volatility Index down 2.44% to 18.76
- Nifty PSU Bank is the top sectoral gainer; up 1.9%
- Nifty Auto is the other major sectoral gainer; up 1%
- Nifty FMCG, Nifty I.T. and Nifty Realty down 0.3% each
- IndusInd Bank is the top Nifty gainer; up 2.8%
- Bharti Infratel is the top Nifty laggard; down 1.3%
- 1,045 stocks on the NSE trade with gains while 664 decline
Money Market Update
The rupee opened stronger in today's session after ending at a five-month high on Monday, led by strong inflows.
The currency opened at 74.18 against the U.S. Dollar as compared to Monday's close of 74.32.
The rupee was the best performing currency in Asia on Monday.
Yield on the 10-year government bond opened at 6.088% as compared to Monday's close of 6.165%.
The Reserve Bank of India has announced that it will conduct special Open Market Operations worth Rs 20,000 crore in two tranches.
The RBI will purchase government securities maturing between 2024 and 2032 while simultaneously selling the ones maturing between October and November 2020.
Within the bond markets traders are watching out for the sale of debt worth Rs 12,850 crore issued by 10 state governments.
Stock Reaction: Max Financial Services & Axis Bank
Axis Bank and Max Financial revised the terms of their earlier deal, following which Axis Bank will now acquire 17% stake in Max Life, taking their total stake to 18%.
The private lender was earlier supposed to acquire 29% stake in Max Life. Both the involved parties have executed the definitive agreement for the same, according to the exchange filing.
Brokerages view this as a positive for Max Financial and its minority shareholders.
CLSA upgraded Max Financial to buy from outperform and also raised its price target to Rs 720 from the earlier Rs 640.
CLSA's View:
- Revision of deal further reduces uncertainty of long-term distribution tie-up with Axis
- Retains higher stake in the life insurance company
- Clarity on long-term distribution and change in control to Axis Bank may further drive re-rating
Shares of Max Financial gained as much as 13.5% - the most in five months to Rs 623.9. The stock trades at the highest level since September 2017.
Shares of Axis Bank gained as much as 1.6% to Rs 450.5 and are up for the third straight day.
Stock Reaction: Phoenix Mills
Two large trades took place on the stock in the early minutes of trade where 1.36 crore shares or 8.9% of the total equity exchanged hands, as per Bloomberg data.
The company's promoter group had planned a sale of shares at a floor price of Rs 665 per share, implying a 8.3% discount to Monday's closing price.
The base deal size was intended at 1 crore equity shares, with an option for promoters to sell another 25 lakh shares.
Buyers and sellers in the trade remain unknown.
Shares fell as much as 8.5% - the most in over four months to Rs 663.8. The stock is the worst performer on the Nifty 500 index and has snapped a three-day gaining streak.
Coronavirus India Update
- Second instance of recoveries being higher than confirmed cases
- 60,975 new cases reported in the last 24 hours
- Total confirmed cases now at 31,67,323
- Active cases now at 7,04,348
- Patients cured / discharged / migrated at 24,04,585
- Death toll rises to 58,390
- 848 deaths reported in the last 24 hours
- 66,550 patients recovered in the last 24 hours
Stock Reaction: Allcargo Logistics
The company informed the exchanges on Monday that it received a letter from its promoters seeking to buy the remainder of the public shareholding of the company and delist the shares from the bourses.
As of August 24, the promoter group of the company held 70.01% stake while the remaining 29.99% was public shareholding.
The company will hold a board meet on August 27, to consider the delisting proposal and appoint a merchant banker for the same.
Shares are locked in an upper circuit of 20% - the most on record at Rs 130.8. The stock trades at the highest level since May 2018 and is up for the fourth straight day.
Opening Bell: A Steady Start
Indian equity markets opened higher for the fourth straight day, tracking positive sentiment on Wall Street and across the Asia Pacific.
The S&P BSE Sensex opened 0.4% higher at 38,948 while the NSE Nifty 50 index opened above the mark of 11,500, gaining 0.4% to 11,513.
Both Sensex and Nifty ended at the highest level since February on Monday.
Most sectoral indices have opened with gains. Nifty Bank, Nifty Auto, Nifty Metal, Nifty Pharma and Nifty PSU Bank have all opened with gains in excess of 0.5%.
Nifty Realty and Nifty I.T. are the only sectoral indices that have opened with a negative bias.
Broader markets are outperforming in the early minutes of trade. The midcap index has opened 0.8% higher while the Smallcap index is up 1%. Both midcap and smallcap indices are up for the sixth straight day.
Market breadth is in favour of the gainers. 1,199 stocks on the National Stock Exchange are trading with gains while 284 are declining.
Latest On The Coronavirus
- Total cases cross 23.5 million
- Death toll rises to 8.1 lakh
- Scientists in Hong Kong confirm first case of re-infection
- University of Alabama has 531 cases since classes resumed on August 19
- 58 cases reported in Singapore's worker dorms
- South Korea reports 280 new cases, compared to 266 on Monday
- 8,713 cases reported in Argentina with 287 deaths
- 4,946 new cases reported in California
- 1,955 new cases reported in France, less than half of Monday's tally
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- Axis Bank: Proposes to acquire 17.002% of the equity share capital of Max Life, resulting in a total ownership of 18% post the transaction. Definitive agreements have been executed by the parties. The earlier proposal was to acquire 29.002% stake in Max Life.
- Allcargo Logistics: Promoter group has proposed to delist the company's equity shares and acquire stake held by public shareholders. Promoters currently hold 70.01% stake in the company while the remaining is held by the public. Final offer price to be determined by a reverse book building process as per SEBI guidelines. Board to meet on August 27 to consider the delisting proposal.
- Phoenix Mills: Promoter group looks to sell 5.8% stake at a floor price of Rs 665 per share, which is an 8.3% discount to Monday's closing price. Promoters can also sell an additional 1.5% stake.
- Sun Pharma: As per the notice from the U.S. Department of Justice, the company's wholly-owned subsidiary DUSA Pharma has agreed to pay over 20 million dollars to resolve allegations pertaining to knowingly promoting an administration process for a drug that contracted product instructions approved by the U.S. FDA.
- Future Retail: Pays interest for an amount of $14 million which was due on its U.S. Dollar notes.
- JK Paper: The company's subsidiary Sirpur Paper Mills has temporarily shut down production operations at its manufacturing facility in Sirpur-Kaghaznagar in view of the current market conditions consequent to Covid-19. The company said that the frequent lockdowns in various parts of the country has weakened the demand of products of the aforesaid subsidiary company due to which its production had to be temporarily shut.
- State Bank Of India: Goldman Sachs upgrades the stock to buy from neutral. Price target raised to Rs 282 from Rs 183.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
A Day Of Consolidation?
Good Morning!
India's markets are now trading at their highest level in six months, after ending with gains for the fifth out of the last six trading sessions. Gains on Monday were led by private banks like HDFC Bank, Kotak Bank, ICICI Bank and Axis Bank.
But futures are indicating a flat start to Tuesday's trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,503 as of 8:05 a.m.
The street will watch out for Globus Spirits, LIC Housing Finance and IRB Infra, among others, that reported their quarterly earnings late on Monday. Atul Auto, Can Fin Homes, Ircon International, Phillips Carbon Black and P&G Hygiene are set to announce their numbers on Tuesday.
Stocks like State Bank of India Ltd. and Dabur Ltd. will be in focus because of brokerage upgrades.
Globally, Asian markets have opened higher in Tuesday's session. Markets in Japan, Australia and China are rising after the U.S. equities ended at a record high on Monday over Covid-19 vaccine optimism.
Futures on the Dow Jones are trading higher by 180 points. The index ended 1.3% higher on Monday.
West Texas Intermediate crude was little changed at $42.56 per barrel, while gold was up 0.3% to $1,933/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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