Sensex, Nifty may see a positive start on Tuesday
IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 46 points at the opening bell.
On the macro front, the Index of Industrial Production (IIP) showed industrial output in India once again shrank in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December. The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.
Global markets: Overseas, Asian stocks edged higher on Tuesday following a muted finish overnight on Wall Street. US stocks hovered near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.
Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated Covid-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.
Domestic markets: Back home, domestic equity indices ended with sharp losses on Monday, as surging COVID-19 cases in the country triggered fears of fresh lockdowns. The barometer index, the S&P BSE Sensex, slumped 1,707.94 points or 3.44% at 47,883.38. The Nifty 50 index tanked 524.05 points or 3.53% at 14,310.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,746.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 232.76 crore in the Indian equity market on 12 April, provisional data showed.
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