SGX Nifty points to a positive opening for the market on Tuesday, though global and Asia-Pacific markets give a mixed signal. The SGX Nifty is currently at 14,885 as against the Nifty March futures which closed at of 14,798 on Monday.

Asia-Pacific markets, too, are trading with marginal losses. Key markets such as Japan, China, and Hong Kong are down by around 0.2 per cent, while Australia, Korea and Taiwan are up between 0.3 per cent and 1.5 per cent. Overnight, the US markets closed on strong note, as bond yields cooled off a bit. The beaten down Nasdaq climbed 3 per cent while the Dow and S&P 500 edged up around 2 per cent.

According to experts, market will remain in consolidation mode.

In what could be good news for countries like India, crude oil prices have started declining. Brent crude is hovering around $62.8 while NYMEX crude at $59.8

"Domestic markets kick-started the month on a strong footing with increased optimism led by GDP reaching positive numbers, improving auto numbers and steady PMI manufacturing data,“ said Vinod Nair, Head of Research, Geojit FInancial.

According to Binod Modi, Head Strategy, Reliance Securities, "We believe the ongoing rebound in corporate earnings is likely to sustain in subsequent quarters, which augurs well for equities. However, high crude prices and concerns of higher commodity prices are likely to remain as key challenges for the markets in the near term. In our view, the underlying strength of equities remains intact, and any meaningful correction should be used to buy quality stock with sound earnings visibility and margins of safety."

Stocks to watch

The board of Bharat Petroleum Corporation Ltd (BPCL) on Monday approved the sale of the privatisation-bound company’s entire stake of 61.65 per cent in Numaligarh Refinery Ltd (NRL), according to a regulatory filing. A consortium of Oil India Ltd (OIL) and Engineers India Ltd (EIL) is set to acquire 49 per cent stake in NRL and the Assam government the remaining 13.65 per cent stake, in a Rs 9,876-crore deal. OIL currently holds a 26 per cent stake, while EIL has a 12.5 per cent stake in NRL.

Shipping Corporation: London-based shipping firm Foresight Group is among the multiple bidders who have put in preliminary bids for buying the government's entire stake in Shipping Corporation of India, a PTI report said quoting sources. The government is selling its entire stake of 63.75 per cent in Shipping Corporation of India, along with the transfer of management control. The last date for submitting the expression of interest was February 13, which was later extended to March 1.

UPL has announced a long-term strategic collaboration with FMC Corporation, a leading global agricultural sciences company. The agreement provides UPL access in key markets prior to patent expiration, to commercialise Rynaxypyr active, FMC's leading insecticide. As per the agreement, UPL will toll manufacture and supply Rynaxypyr to FMC in India, and FMC will supply the active ingredient to UPL depending on the markets. The deal adds a key portfolio of products to UPL's business and supports FMC in maximising the penetration of this important active ingredient.

Multi Commodity Exchange of India Ltd (MCX) has signed a Memorandum of Understanding with National Stock Exchange of India Ltd (NSE), India INX International Exchange (IFSC) Limited (India INX), National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for setting up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

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