Sensex, Nifty50 likely to open in the green amid mixed global cues: L&T, Tech Mahindra, Adani Enterprises, LIC among stocks in focus

• India’s benchmark indices Sensex and Nifty50 are likely to open in the green on Tuesday amid mixed global cues ahead of the US Fed meeting outcome.
• SGX Nifty, an early indicator of how the markets may perform, was up 0.45% or 80 points in the morning today.
• L&T, Tech Mahindra, Adani Enterprises, LIC are amongst stocks in focus today.

India’s benchmark indices Sensex and Nifty50 are likely to open in the green on Tuesday amid mixed global cues ahead of the US Fed meeting outcome. SGX Nifty, an early indicator of how the markets may perform, was up 0.45% or 80 points in the morning today.

Markets around the world were mixed ahead of the release of crucial economic data that will shape the way forward in terms of central bank action on rate hikes. Ahead of the US Fed outcome this week, analysts said they expect the US Fed to deliver a rate hike of 25 basis points.

The rupee continued to gain against the US dollar, closing at 81.50 on Monday against the greenback. Crude oil prices edged lower, too, with the Brent crude oil price falling to $84.44 per barrel.

US markets decline against of Fed outcome

Investors in the US remained cautious ahead of the Fed outcome, with the S&P 500 registering a decline of 1.3%, while the Dow Jones Industrial Average fell 0.77%. The tech-heavy Nasdaq closed 1.96% in the red on Monday.

Markets in Asia, too, were largely in the red on Tuesday morning despite China reporting above estimated PMI data. The Taiwan Weighted index fell the most at 0.73%, followed by the Hang Seng index which was down 0.69%. Shanghai Composite was down 0.28%, while Korea’s KOSPI index was down 0.38%.

Stocks to watch

L&T: The construction and engineering behemoth reported a 24% year-on-year rise in consolidated net profit at ₹2,553 crore for December quarter boosted by infra projects and IT & technology services segment. The company said it remains optimistic about exceeding its order inflow guidance for FY23.

Tech Mahindra: The IT company reported a 5.2% decline in consolidated net profit to ₹1,297 crore in December quarter as against ₹1,368 crore in the same quarter last year as tough macroeconomic environment took its toll.

Adani Enterprises: Today is the last day to subscribe to the company’s FPO that has seen only 3% subscription so far. Besides, Abu Dhabi based International Holding Company PJSC has subscribed to 16% of Adani Enterprises FPO by investing a sum of $400 million.

LIC: The insurance behemoth on Monday said that its exposure to the Adani Group was less than 1% of the total assets under management at book value at ₹35,917 crore.

Inox Leisure: The multiplex chain reported a net loss of ₹40.4 crore in Q3, as against a loss of ₹1.3 crore a year ago. Its revenue grew 74% YoY to ₹515.6 crore during this period.

Earnings today: Coal India, Power Grid Corporation, Sun Pharmaceuticals, Indian Oil Corporation, Indian Hotels, UPL, Jindal Steel & Power, RailTel Corporation, KPIT Technologies,

Stocks under F&O ban list on Tuesday

Ambuja Cements is the only stock under F&O ban list on Tuesday.

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Tech Mahindra’s Q3 net profit slips 5.2% on year to ₹1,297 crore