Sensex set to open lower, tracking global markets, Gift Nifty futures

• India’s Sensex eyes a subdued opening, as Asian stocks trade mixed while Gift Nifty futures drop.
• Sensex hit fresh record highs above 74,000 last week but finished flat on Thursday.
• Markets stay cautious ahead of the US and Indian CPI inflation data on Tuesday.

The Sensex 30, one of India’s key benchmark indices, is set to open on the wrong side on Monday, having closed Thursday modestly flat after the correction from fresh record highs of 74,245.17.

The Indian index could take the negative lead from the mixed Asian stock markets and small losses in the Gift Nifty futures. Traders are in a risk-averse position, refraining from placing any fresh bets on risky assets ahead of Tuesday’s Consumer Price Index (CPI) inflation data from India and the US.

The Bombay Stock Exchange (BSE) Sensex 30 ended almost unchanged on Thursday at 74,115. The index was closed on Friday on account of Mahashivratri.

Stock market news

• The top gainers on Sensex on Thursday were JSW Steel, Tata Steel, Bajaj Finance, Bajaj FinServ and Tata Motors. Meanwhile, the top losers were Mahindra & Mahindra, ICICI Bank, Axis Bank, Power Grid and Reliance Industries.
• Among the Tata Group stocks, Tata Chemicals, Tata Consumer Products, Tata Investment Corporation and Tata Steel clinched their respective record highs in intra-day trade.
• Tata Motors is set to increase commercial vehicle prices by up to 2% from April.
• Tata Power announced that it became an Indian Integrated Power entity with validated science-based targets. 
• Larsen and Toubro Ltd’s (L&T) hydrocarbon vertical secured an offshore order from ONGC for a project.
• SingTel sold 0.8% stake in Bharti Airtel for $711 mn to GQG Partners.
• Bajaj Auto hit a new high and rallied 12% in one week after robust February sales.
• The US stock markets ended in the red on Friday, as investors resorted to profit-taking amid high valuations and gearing up for the critical US inflation report.
• On Friday, the headline NFP rose by 275K in February, compared to market forecasts of 200K while the January figure of 353K was revised down to 229K, a difference of 124K. 
• Markets are currently pricing in about a 75% chance that the Fed could begin easing rates in June, higher than a 63% probability seen last Thursday, according to the CME FedWatch Tool.
• The main event risks for markets this week will be the inflation data releases from India and the US.