Sensex, Nifty50 open in the red amid negative global cues – TVS Motor, Adani Enterprises, HDFC among stocks to watch out for

• Sensex and Nifty50 opened in the red on Tuesday amid negative cues in the global markets after the US reported better-than-expected services data.
  
• Sensex opened 439 points lower at 62,396 while the 50-stock index Nifty50 opened 100 points lower at 18,601.
  
• In the last five days, both the indices gained marginally higher with Sensex gaining 0.21% while Nifty50 rose 0.41%.
  
• TVS Motor, Adani Enterprises, HDFC are amongst the stocks to watch out for on Tuesday.
  

India’s benchmark indices Sensex and Nifty50 opened in the red on Tuesday amid negative cues in the global markets after the US reported better-than-expected services data, which could push the US Fed to announce higher interest rate hikes.

SGX Nifty, an early indicator of how the Indian markets may perform, was down 105 points, or 0.6% early morning today.

Sensex opened 439 points lower at 62,396 while the 50-stock index Nifty50 opened 100 points lower at 18,601.

On Monday, indices ended on a flat note ahead of the RBI monetary policy outcome with Sensex ending 33 points lower at 62,834 while the Nifty50 closed 4.95 points higher at 18,701.

“Indian markets are likely to open on a negative note today tracking weak global cues. Investors are likely to remain cautious due to stronger-than-expected US jobs report, which could impact the Fed’s decision to slow down the interest rate hike to fight inflation,” said analysts at ICICI Direct.

In the last five days, both the indices gained marginally higher with Sensex gaining 0.21% while Nifty50 rose 0.41%.

Rupee wiped out most of the gains it made against the US dollar in the previous week. It opened 8 paise lower at 81.87, as against 81.79 on Monday.

Brent crude oil prices fell to $83.3 per barrel, down from $87 on Monday.

US and Asian markets tumble

The US and Asian markets tumbled following strong services data from the US, which could push US Fed chair Jerome Powell to deliver higher rate hikes.

The benchmark S&P 500 posted a 1.8% fall on Monday to close below the 4,000 level. On the other hand, the Dow Jones Industrial Average fell 1.4% to 33,947, while the tech-heavy Nasdaq Composite fell 1.93% to 11,235.

In Asia, most of the major indices were in the red on Tuesday. The Hang Seng index fell 0.93%, while Taiwan Weighted declined 0.66%. However, Shanghai Composite was marginally up by 0.14%.

Stocks to watch out on Tuesday

TVS Motor: Promoter group Srinivasan Trust sold 25.7 lakh shares of the company at an average price of ₹1,030.03 per share via bulk deal on NSE.

Adani Enterprises: The Gautam Adani-led company became the biggest shareholder of NDTV following its open offer to acquire a 26% stake in the company.

HDFC: Life Insurance Corporation of India (LIC) has increased its stake in the company to over 5% through buying 1.2 lakh shares in the open market.

Adani Green Energy: The company has announced commissioning of its third hybrid power plant in Rajasthan having generating capacity of 450 megawatts (MW).

JSW Energy: The company said its arm JSW ReNew Energy has commissioned 27 megawatts (MW) wind energy generation capacity at Tuticorin in Tamil Nadu as part of the first phase of its 450 MW wind project.

Stocks in F&O ban on Tuesday

Delta Corp, GNFC and Indiabulls Housing Finance are the stocks in F&O ban period on Tuesday, while Punjab National Bank has been removed from the ban list.

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