Markets Expect to Open Flat on Mixed Cues; 28 Companies to Announce Earnings

By Aditya Raghunath — Coronavirus cases crossed 3 lakhs for the sixth straight day in India as the country recorded 3.2 lakh cases and 2,700 deaths on Monday. and the closed up 1% and 1.06% on Monday. Tuesday’s opening is expected to be tempered if in Singapore, trading up 0.15% at the time of this report, are any indication.

Markets will get a better idea of movement today with as many as 28 companies announcing their results for the March 2021 quarter today. These include big names like AXIS Bank Ltd (NS:), Bajaj Finance Ltd (NS:), HDFC Asset Management Company Ltd (NS:), Maruti Suzuki India Ltd. (NS:) and TVS Motor Company Ltd. (NS:).

Global forecasting firm Oxford Economics reduced its estimates on India’s GDP forecast for 2021 to 10.2% from 11.8% previously. This assessment has come on the back of rising COVID cases, a slow vaccine rollout, shaky medical infrastructure, and lack of a ‘convincing government strategy’.

Stocks in Asia are trading lower at the time of this report as they await a decision by Bank of Japan on its interest rate. , and the are down 0.27%, 0.24% and 0.35% respectively.

US stocks closed at record highs after big names like Tesla Inc (NASDAQ:) beat analyst estimates for the first quarter of 2021. All US futures are trading flat as of this report.

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