With SGX Nifty futures hiking in early deals today, it has indicated a strong start to benchmark indices. It is probable that Indian equities will trade higher on Tuesday, supported by gains in global peers. This follows from the observation on Monday, when the BSE Sensex had ended ay 37,934.73, down 194.17 or 0.51%, and with the Nifty had closed at 11,131.80, down 62.34 or 0.56%.
Gold soared to a $1975 record peak on Tuesday with the US dollar plumbing two-year lows as investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, including higher inflation tolerance. Gold climbed $160 in six sessions alone. Silver put on another 5% to reach $25.81, being its highest since April 2013 as a gain of nearly a third in seven sessions. Current issues like COVID-19 and Sino-US tensions were shaken off by prospects of endless stimulus, allowing Asian markets to make higher gains. Following a policy meeting on Wednesday, investors took comfort from the prospect of yet more fiscal spending and endless cheap liquidity, with Fed Chair Jerome Powell to sound reassuringly accommodative.
Mint report reveals Reliance Industries Ltd (RIL) being in focus today as conglomerate closes on buying Future Group’s retail assets for Rs 24,000-27,000 crore. Investment banks Citigroup, Edelweiss, SBI Capital Markets, Credit Suisse and Deloitte are in the running for a pre-IPO adviser to Life Insurance Corp of India (LIC), expecting its biggest share sale. Before the FPO, State Bank of India’s (SBI) holding in Yes Bank was at 48.21%. As of Monday, it has declined to 30% after it.
Mahindra Finance said its Rs 3,088.82 crore rights issue will open for subscription on July 28. Nestle India, UltraTech Cement, IDBI Bank, IDFC First Bank, Hexaware, among others, will announce their June quarter results today. Recent dollar falling breached major chart support about 93.96/88, opening the way to at least 93.19 and 92.24. The euro was up at $1.1766, the highest hit since late 2008’s $1.1781. The dollar touched its lowest against the Swiss franc since mid-2015. Oil pieces benefit from a falling dollar but get hampered by worries in demands and travel restrictions. Brent crude futures edged up 20 cents to $43.61 a barrel, while U.S. crude firmed 12 cents to $41.72.

Read EquityPandit’s Nifty Outlook for the Week