Markets likely to be stable; Infosys, Zee stocks in focus

By Nasrin Sultana
On Monday, the BSE Sensex ended at 58,177.76, down 127.31 points and the Nifty was at 17,355.30, down 13.95 points. (Reuters) (REUTERS)

MUMBAI: Markets are likely to be stable on Tuesday while trends in SGX Nifty indicate a positive of Indian benchmark indices. On Monday, the BSE Sensex ended at 58,177.76, down 127.31 points and the Nifty was at 17,355.30, down 13.95 points.

Asian stocks were steady Tuesday after the US snapped a five-day drop ahead of inflation data that could impact expectations of the likely timeline for a reduction in Federal Reserve stimulus.

Japan’s Nikkei Stock Average was on track for its highest close since 1990, but Hong Kong and China dipped. US contracts rose after energy firms bolstered the S&P 500 overnight.

IT services major Infosys on Monday said it has bought back over 5.58 crore equity shares as part of its about 9,200 crore buyback offer. The shares were bought back at a volume weighted average price of 1,648.53 per equity share, according to a public notice.

Invesco Developing Markets Fund and OFI Global China Fund Llc, which own a combined 17.88% of Zee Entertainment Enterprises Ltd (ZEEL), have called a special shareholders’ meeting of the media company to remove Punit Goenka as director. Goenka, son of Essel Group founder and chairman Subhash Chandra, is managing director and chief executive officer of ZEEL.

In primary markets, Ami Organics and Vijaya Diagnostic will make stock markets debut today. Ami Organics' 569.64 crore IPO was subscribed 64.54 times. The 1,895 crore issue of Vijaya Diagnostic was subscribed 4.54 times.

Treasury yields edged up and the dollar was little changed.

A gauge of commodities has surged to a 10-year high, with materials from aluminum to steel rallying and European gas and power hitting record. The escalating cost pressures come as traders await a report expected to show an annual pace of US inflation of 5% or more for a fourth month.

Global stocks have been buoyed this year by robust earnings reports and a rapid recovery from the pandemic-induced recession. The rally stalled in recent weeks on the hit to economic reopening from the delta virus strain and risks from elevated inflation, which has been stoked partly by supply disruptions.

Elsewhere, oil rose for a third day as investors tracked a storm menacing the Gulf of Mexico just weeks after Hurricane Ida cut local production.

(Bloomberg contributed to the story)


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