Indian indices are likely to make a gap-down opening on Tuesday, following sell-off across global peers as geopolitical tensions escalated after Russia ordered troops into eastern Ukraine. At 8:30 am, the SGX Nifty was trading 91 points or 0.5 percent lower at 17,037, indicating a negative start for the Indian markets.
Indian markets ended lower on Monday after a volatile session amid concerns regarding the Russia-Ukraine conflict and sooner-than-anticipated hikes in key interest rates. The Sensex fell 149 to end at 57,683 and the Nifty50 lost 69.7 points to settle at 17,206.
Let's take a look at some key market cues before the market opens today:
US Markets
US markets were shut on Monday for the Presidents Day holiday.
Asian Markets
Asian share markets continued trading lower on Tuesday as Russia ordered troops into eastern Ukraine and the crude oil hit a 7-year high. MSCI's broadest index of Asia Pacific shares outside Japan down 1.5 percent at the last count. Meanwhile, Japan's Nikkei and Hang Seng lost over 2 percent each. Kospi and Shanghai indices were also down over 1.5 percent.
Oil
Oil prices jumped to a seven-year high, safe-havens rallied and US stock futures dived on Tuesday as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Brent crude futures were up $1.34, or 1.4 percent, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.
SGX Nifty
At 8:30 am, the SGX Nifty was trading 91 points or 0.5 percent lower at 17,037, indicating a negative start for the Indian markets.
Rupee
The rupee rose 40 paise, its biggest single-day gain in over three months, to settle at a more than two-week high of 74.66 against the US dollar on Friday in hopes of a diplomatic solution to the East-West standoff over Ukraine.
Gold
Gold prices hit a near nine-month-high on Tuesday, after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal. Spot gold was up 0.2 percent at $1,909.54 per ounce, as of 0035 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. U.S. gold futures gained 0.7 percent to $1,913.60.
Russia-Ukraine Conflict
Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent on Monday and ordered the Russian army to launch what Moscow called a peacekeeping operation into the area, accelerating a crisis the West fears could unleash a major war.
Putin told Russia's defence ministry to deploy troops into the two regions to "keep the peace" in a decree issued shortly after announcing recognition for Russian-backed separatists there, drawing U.S. and European condemnation and vows of new sanctions.
Stocks in News
Vedanta, IRCTC, Indiabulls Housing, HDFC Bank are some stocks that will be in news today.
FII/DII activity
Foreign institutional investors (FIIs) net sold Indian equities worth Rs2,261.9 crore on Monday, according to provisional exchange data. However, domestic institutional investors (DIIs) saved the day with net purchases of ₹2,392.9 crore.