Nifty and Sensex look to a negative open on Tuesday

• India’s Nifty and Sensex closed Monday in the green, set to open lower on Tuesday.  
• On Monday, Nifty hit an all-time high near 22,190, Sensex closed in on $73,000.
• Nifty and Sensex traders brace for a relatively light India’s economic docket and Fed Minutes from the US.  

The Sensex 30 and Nifty 50, India’s key benchmark indices, ended on the right side in  Monday’s trading, shrugging off a cautious mood seen in their Asian counterparts. The Nifty 50 hit a new all-time high of 22,186.65 but pulled back into the close.

Indian indices look to a lower open on Tuesday, as investors will likely consolidate the recent bullish momentum before placing fresh bets.

The National Stock Exchange (NSE) Nifty 50 closed 0.37% higher on the day at 22,122 while the Bombay Stock Exchange (BSE) Sensex 30 gained 0.39% to settle just above 72,700.

The US stock markets were closed on Monday, in observance of Presidents’ Day.

Stock market news

• Nifty and Sensex extended the previous week’s upward trajectory, courtesy of the upsurge in the energy and financial sector stocks.
• Grasim, Bajaj Auto, Bajaj FinServ, Cipla and Bharti Airtel were the top gainers on the Nifty on Monday while losers included Coal India, SBI Life Insurance, L&T, HDFC Life Insurance and Wipro.
• Among the corporate news, Bajaj Auto announced February 29 as the record date for a proposed buyback plan amounting to Rs 4,000 crore, at Rs 10,000 per share.
• Shares of Rail Vikas Nigam (RVNL), a railway infrastructure company, soared nearly 12% to ₹281.30 apiece in early trade on Monday after the company said its order book touched ₹65,000 crore, with 50% of this coming from the railway projects.
• Shares of Paisalo Digital rallied 15% to hit a record high of Rs 164 on Monday, surging 63% in past month on promoter buying and strong December quarter (Q3FY24) earnings. 
• Novartis India share price surges nearly 11% to hit a 52-week high as Novartis AG announces sale plans for the company.
• India’s trade data for January showed Thursday a shrinking Trade Deficit of $17.49 billion.
• US Consumer Price Index (CPI) and Producer Price Index (PPI) data came in hotter-than-expected and helped push back the market’s expectations of a Fed rate cut from March to June. Markets are currently pricing a 77% chance of a cut in June, the CME Group’s Fed Watch Tool shows.
• Attention now turns toward the Minutes of the Fed February meeting and American tech major Nvidia Earnings report due on Wednesday, as the Indian economic calendar remains devoid of any top-tier data release this week.