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Flat-to-positive opening indicated for Indian shares: Tuesday Market Preview

While global markets have brushed aside concerns related to crude prices, smaller-than-expected rise in corporate earnings weighed on investors

The local market is likely to open on a flat-to-positive basis on mixed cues from the global arena. Wall Street closed flat overnight as investors resorted to profit booking after good gains in the previous week. Markets in Asia were mostly lower in early trade on Tuesday ahead of the earnings season and radiation concerns in Japan. The SGX Nifty was five points higher at 5,953 over its previous close of 5,948.

The domestic market opened higher yesterday after taking a breather on Friday, supported by positive global cues. The Sensex opened 54 points higher at 19,474 and the Nifty at 5,842, up 16 points over its previous close. Last week's gains induced investors to indulge in profit booking with the indices touching the day's lows at around 10.45am. The Sensex lost 25 points from its opening level to touch 19,449 at its intra-day low, while the Nifty fell nine points from its opening to 5833.

A fresh bout of buying led the indices higher in noon trade. The benchmarks touched the day's high around 2.45pm, with the Sensex gaining 310 points at 19,730 and the Nifty up 93 points at 5919. While the indices pared some of these gains, they end with highly substantial gains. The Sensex closed at 19,702, up 281 points and the Nifty closed with gains of 82 points at 5,908. We now expect the Sensex to hit 20,000 before hitting a short-term barrier; Nifty will hit 6,000.

Markets in the US closed flat on Monday on profit booking, despite announcements of corporate deals. After market hours, Texas Instruments said it plans to buy National Semiconductor for about $6.5 billion. Following the announcement, Texas Instruments' stock fell 1.8% in extended trade, while National Semiconductor's shares surged 73.4% to $24.39. Pfizer added 0.8% after the company sold its Capsugel unit to private-equity firm Kohlberg Kravis Roberts. BP’s US-listed shares advanced 0.5% after the UK oil company said it agreed to sell its ARCO Aluminium unit to a group of Japanese investors for $680 million in cash.

The Dow gained 23.31 points (0.19%) to settle at 12,400.03. The S&P 500 added 0.46 of a point (0.03%) at 1,332.87 while the Nasdaq fell 0.41 of a point (0.01%) at 2,789.19.

Markets in Asia were mostly down in early trade on Tuesday ahead of the earnings season and radiation concerns in Japan. Material stocks edged higher on firming commodity prices. A flat closing of the US markets on Monday gave little support to the regional markets. Markets in China, Hong Kong and Taiwan remained closed for a local holiday.

The Jakarta Composite declined 0.18%, the KLSE Composite shed 0.08%, the Nikkei 225 tanked 1.15% and the Seoul Composite fell 0.36%. On the other hand, the Straits Times was up 0.01% in early trade.

Back home, Edinburgh-based Cairn Energy will need to take consent of partner ONGC before selling its majority stake in its Indian unit to Vedanta, oil secretary S Sundareshan said on Monday.

The Cabinet Committee on Economic Affairs (CCEA) is likely to consider giving consent to Vedanta acquiring majority stake in Cairn India for $9.6 billion. Sundareshan hoped the Cabinet will soon take a decision on giving approval to the transaction.

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