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Among sectors, the Nifty metal index rose 1.6 percent, auto added 1.2 percent and the energy index jumped 1 percent but the Nifty Bank ended 0.5 percent lower
Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7%. The index is down 3.8% so far this month. U.S. stock futures, the S&P 500 e-minis, were up 0.27%.
German inflation figures are due on Wednesday, French data on Thursday and euro zone numbers on Friday. European Central Bank President Lagarde is also due to speak at the ECB forum in Sintra, Portugal, at 0800 GMT on Tuesday.
Pharma firm Cipla has agreed to acquire an additional stake for nearly Rs 26 crore in digital tech company GoApptiv Private to raise its shareholding to 22.02 per cent.
The market is expected to remain volatile as concerns about the health of global economy mount and continuing foreign fund outflow, expert say
GLOBAL-Asian stocks buoyed by Wall Street gains as easing oil cools inflation fears
Monday is the record date for dividends by Welspun India. Welspun India (Rs 0.15 per share) had announced its final dividend. The stock went ex-dividend on Thursday.
The homegrown drug maker Dr Reddy’s Laboratories announced that it has acquired a portfolio of branded and generic injectable products from USA-based Eton Pharmaceuticals, Inc for $50 million.
Obviously last week the auto companies did very well. I will prefer to pick Maruti on the passenger vehicle side as the stock has already moved up 6-7% in the last week and there could be some more upside in this stock as the valuation looks interesting and quite comfortable at these levels.
“Assuming if we cross above the 15700 mark and if we do that in a matter of a couple of trading sessions and assuming the index jumps significantly higher then there could be a stronger round of short covering. Metals, IT and even cement stocks are the highest pockets where we have seen high open interest build up on the short side,” said Bothra.