The Indian equity market is likely to remain volatile today as investors await the results of the Delhi assembly polls while continuing to weigh the impact of coronavirus on the global economy. TV exits polls have unanimously predicted that the incumbent Aam Aadmi Party (AAP) will return to power in Delhi with a comfortable majority. You can follow the live updates on Delhi elections on our website.
Meanwhile, China reported 108 new coronavirus deaths on the mainland on Monday, taking the total number of deaths on the mainland to 1,016. The World Health Organization has warned the spread of coronavirus among people who had not been to China could be “the spark that becomes a bigger fire”.
On the results front, a total of 295 companies, including BHEL, IDBI, Arvind Fashions, and Greenply, are scheduled to announce their December quarter numbers today.
In the global markets. Asian share markets looked set for another cautious session on Tuesday as investors tried to judge how quickly China’s factories could return to work. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent with the Australian market rising 0.6 per cent and South Korea's KOSPI lifting 0.7 per cent. Japan's Nikkei was closed for a holiday.
In the US, a late jump took Wall Street to fresh record highs on Monday. The Dow rose 0.6 per cent, while the S&P 500 gained 0.73 per cent and the Nasdaq 1.13 per cent. The SGX Nifty also indicated a positive start to the day for Sensex and Nifty.
In commodities, Brent crude was trading around $54 per barrel.
Back home, the Indian equity market ended in the red for the second straight session on Monday. Sensex closed 162 points lower at 40,980 while Nifty ended with a loss of 67 points at 12,031.
Analysts say that Nifty's fall yesterday seems to be corrective; hence the dip should be utilized as a buying opportunity for the target of 12,150 with a stop loss of 11,950.
And, in the end, here's a stock idea by Anand Rathi Shares and Stock Brokers which recommends buying Reliance Industries at the current price for the target of Rs 1,534 with stop-loss at Rs 1,410.