MARKET LIVE: Trends on SGX Nifty suggest a weak start for Sensex, Nifty

MARKET LIVE: Trends on SGX Nifty suggest a weak start for Sensex, Nifty

In the absence of any key domestic triggers, investors may look at global cues to play markets. Indices are expected to remain range-bound today as

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In the absence of any key domestic triggers, investors may look at global cues to play Indices are expected to remain range-bound today as they continue to consolidate.

Participants may, however, react to this Business Standard report that the government is expected to push private investment, economic growth, and tax incentives during Union Budget for 2020-21. 

Among the steps that are being considered for the upcoming Budget on February 1, long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises. READ MORE

On Monday, the S&P BSE Sensex ended at 40,284, down 73 points or 0.18 per cent, while the broader Nifty50 index ended below 11,900 level at 11,894, down 1 point or 0.01 per cent. 

OIL & RUPEE

In the commodities market, Brent crude futures fell 1.6 per cent to $62.29 a barrel. 

On Monday, the rupee settled at 71.84 against the US currency.

GLOBAL CUES

Asian shares started Tuesday softer after CNBC reported the mood in Beijing was pessimistic about the prospects of sealing an agreement. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 per cent, while Japan’s Nikkei was 0.2 per cent lower.

On Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite rose 0.1 per cent each, whereas the S&P 500 gained 0.05 per cent during the overnight trade on Monday.

(With inputs from Reuters)

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