Market Bizzz

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus.

Adani Ports, Grasim, Info Edge, Minda Industries, Phoenix Mills, Ipca Labs, Bayer Cropscience, Bank of India, KIOCL, Shree Renuka Sugars, Metropolis and Aster DM are among the companies which will announce their March quarter earnings today.

The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59%, to 11,535.28.

ITC has been a marked outperformer amid weak market sentiment in the week gone by. It continued its bullish momentum followed by a breakout from a bullish flag formation.

At least five stocks will go ex-dividend today. They included Angel One, Caplin Point Laboratories, Coforge, Cyient and Dolat Algotech.

I think still early days but normally pharma is a good defensive so in challenging times people do retreat to pharma but Indian pharma given the valuations in the growth phase also we saw it did not do so well I would be a little circumspect, not the time right now to get into pharma, said Ajay Bagga.

The start of the week was extremely torrid for the markets but the end was something which I believe everyone would probably want to take note of because of the way in which our markets shaped up devoid of what is happening across the globe, said Bothra.

So long as it is above this zone, there will be higher chances of Nifty stabilising and finding a foot for itself. In other words, a violation of this zone will invite incremental weakness. To translate this in simpler terms, Nifty’s price action against 15000-15700 zone would be crucial to watch over the coming weeks.