Global cues and fiscal stimulus are likely to sway investor sentiment today.
The Reserve Bank of India (RBI) on Monday decided to transfer a record Rs 1,23,414 crore of its surplus to the central government for the fiscal year 2018-19 or FY19 (July to June), and an additional Rs 52,637 crore of excess provisions as recommended by the Bimal Jalan committee on Economic Capital Framework (ECF).
Besides, market participants will also track the Rupee's trajectory, which closed below the 72-mark to the dollar for the first time in nine months. The rupee weakened as foreign portfolio investors (FPIs) continued to pull out money despite the decision of the government to withdraw the surcharge imposed on their earnings in the Budget presented in July. FPIs sold equities worth Rs 752 crore on Monday.
Additionally, investors will also track oil price movement and stock-specific action for market direction.
And now, let's take a look at the key counters that are likely to trade actively in today's trading session -
Interglobe Aviation will be in focus today as it holds its 16th annual general meeting (AGM) today where Rahul Bhatia, promoter of IndiGo, is expected to assure minority shareholders that all was well with the country’s largest airline.
Jet Airways will also hog the limelight as the lenders on Monday decided to extend the deadline for submission of the expression of interest (EoI) to August 31.
And, now let's take a look at global markets.
Asian stocks tracked global peers higher on Tuesday while safe-haven bonds sold off as signs Sino-US trade hostilities might be easing helped restore investor confidence after the previous session’s rout. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% after dropping 1.3% the previous day.
South Korea’s KOSPI added 0.8% and Japan’s Nikkei rose 1%.
In the overnight trade, US stocks rose more than 1 per cent as trade war fears eased.
And, before we wrap up, here's a look at the top headlines for the day -
>> Investor wealth rises by Rs 2.41 trn as market zooms on stimulus package
>> Govt may contain fiscal deficit at 3% in FY20 after RBI's surplus transfer;
>> Take-home salary may rise under new Employees' Provident Fund law;
>> Ficci survey pegs India's GDP growth rate at 6.9% for the entire year;
>> Spending on (MSMEs) by government is set to shoot up as the Nitin Gadkari-led ministry prepares a plan to boost the number of new ones being registered to an unprecedented 100,000 this fiscal year.