Weak global cues to weigh on markets; RBI policy in focus

Stocks of rate sensitive sectors such as banks, realty and auto will be in focus with the RBI policy review today

Markets are likely to open lower, amid weak global cues, with rate-sensitive sectors led by financials in action ahead of the Reserve Bank of India's monetary policy review later today.

At 8:30am, the early indicator SGX Nifty was down 60 points at 7,726.

Foreign institutional investors continued to remain buyers with net equity purchases of Rs 237 crore, as per provisional stock exchange data.

GLOBAL MARKETS

Asian markets were trading lower after global crude oil prices eased and overnight losses on Wall Street. Japan's benchmark Nikkei was down 2.2% while Straits Times and Hang Seng were down 1.4%-1.7%. However, China's Shanghai Composite was trading flat with positive bias.

US stocks ended lower on Monday after fresh orders for US factory goods in February declined while capital goods expenditure was lower than expected. The Dow Jones industrial average ended down 0.3% at 17,737, the broader S&P 500 eased 0.3% at 2,066 and tech-heavy Nasdaq settled 0.5% lower at 4,892.

STOCKS IN FOCUS

Banks, real estate and auto shares will be in focus as the RBI will announce its monetary policy review today.

Oil marketing companies such as IOC, BPCL and HPCL may gain after hike in petrol and diesel prices.

Power Grid Corporation will be in focus after the company's board approved for transmission systems worth over Rs 3,300 crore across several assets.

Adani Enterprises will be in focus after the company clarified following the grant of mining lease for the Carmichael mine by the Queensland government, Australia.

Strides Shasun plans to acquire 3 brands from Moberg Pharma for $10 million and has created a new global OTC division.

Mahindra & Mahindra has launched a new compact sports utility vehicle Nuvo Sport with prices starting from Rs 7.35 lakh onwards (ex-showroom, Thane).