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Market likely to keep check amid weak Asian cues, fall in oil prices, rupee recovery
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The market is likely to correct itself in Tuesday’s session amid weak Asian cues, fall in oil prices, increasing fuel prices and rupee recovery. The Asian markets are trading lower with all the major indices – Japan’s Nikkei, Korea’s Kospi, Taiwan and Hang Seng index – trading almost a percent lower due to the ongoing tensions …
The market is likely to correct itself in Tuesday’s session amid weak Asian cues, fall in oil prices, increasing fuel prices and rupee recovery.
The Asian markets are trading lower with all the major indices – Japan’s Nikkei, Korea’s Kospi, Taiwan and Hang Seng index – trading almost a percent lower due to the ongoing tensions between the US and North Korea, among other reasons.
The SGX Nifty trades at levels around 10,650 as compared to the Nifty May Future’s Monday close of 10,678.8, indicating a weak opening for the Indian market.
The US market was shut on Monday on the occasion of Memorial Day.
The oil prices are currently trading at a slump with the Brent Crude at $75 per barrel and NYMEX below $67 per barrel.
The fuel prices, however, have increased for the 16th day. The prices are at a record high in Mumbai with petrol price pegged at Rs 86.24 per litre, increased by 16 paise from the previous price and diesel pegged at Rs 73.79 per litre, increased by 15 paise from the previous.
The rupee continued its unabated rise for the third-straight day, surging by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
On the earnings front, BPCL, M&M, BHEL, BEL, Coal India, Dish TV, Dilip Buildcon, Power Grid, Eveready, Force Motors, Glenmark, among others will declare their quarterly results.
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