Sensex, Nifty set to open little changed

India’s benchmark index Nifty 50 is set for a muted start on Tuesday, tracking Asian peers ahead of key economic data from China, after a recent rally to record highs.

India’s GIFT Nifty was trading at 22,107 as of 7:58 a.m. IST, suggesting the NSE Nifty 50 will open near its Monday’s close of 22,097.45.

The benchmarks Nifty 50 and Sensex breached 22,000 and 73,000 levels, respectively, for the first time on Monday, boosted by information technology stocks after the top four software companies posted better-than-expected third-quarter earnings.

The Nifty 50 has gained 2.72 per cent in the last five sessions and hit new all-time highs in the last two.

Investors awaited the results of India’s top private lender and the highest-weighted Nifty 50 company HDFC Bank, due later in the day.

“The focus will be on results of key players such as HDFC Bank, Hindustan Unilever, Larsen & Toubro, LTIMindtree, Asian Paints, IndusInd Bank and Ultratech Cement this week,” said Santosh Meena, head of research at Swastika Investmart.

Analysts expect earnings season to influence the market’s trajectory over the next two weeks ahead of the union budget.

Asian markets fell ahead of quarterly gross domestic product (GDP) data from China, due on Wednesday. Wall Street equities were closed on Monday for a holiday.

Foreign institutional investors (FIIs) bought Indian shares worth a net ₹1,086 crore on Monday, while domestic institutional investors sold shares worth ₹821 crore.

STOCKS TO WATCH:

** Angel One: Stock brokerage company posted a 14% rise in third-quarter profit, aided by rise in orders and client additions.

** Rail Vikas Nigam: Company emerged as the lowest bidder for a Madhya Pradesh project worth 2.51 billion rupees.

** Zomato: Motilal Oswal Mutual Fund sold 45 million shares, aggregating to 0.51% stake in the food delivery company, via bulk deals, at an average price of 138.15 rupees per share.

** Aster DM Healthcare: Hospital chain announced plans to distribute to shareholders about 70%-80% of the $903 million it will get by selling its Gulf business.