It seems the bull momentum is likely to continue for the Indian markets on Tuesday as well. Global cues from the Asia-Pacific markets are positive even as the US and European markets closed in the red overnight.

The SGX Nifty is currently ruling at 15122.50 (8 am IST) on the Singapore Stock Exchange, against Monday Nifty futures’ closing value of 14,952.10.

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In the US, the Dow Jones Industrial Average, Nasdaq and S&P 500 slipped marginally but Asia-Pacific markets — Japan, Korea, Taiwan and Australia — surged. Taiwan was the biggest gainer at over 3 per cent, while Japan surged over 2 per cent and Korea 1.15 per cent. The Australian market is up about 0.6 per cent in early deals on Tuesday.

However, foreign portfolio investors (FPIs) continue to remain sellers in the Indian market. “The current rally is supported purely by domestic investors and once FPIs too join the buying, we can see a big rally in our markets,” said an analyst working with a brokerage in Chennai.

Analysts said with vaccination across India getting speeded up, Covid-19 cases will peak out soon. Besides, the companies are well prepared to handle the impact of the pandemic this time around and once the cases come under control, one can see an almost immediate improvement in the fundamentals and output of India Inc, they said.

With more Pharma companies tying up for vaccine manufacturing, sentiments have received a boost. Thus, the rate of decline in Covid-19 cases and the pace of vaccination would decide the trajectory of the market, going forward, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

If global markets support and domestic news flow continue to favour, then we could see 15,000 or 15,050 at the opening, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Stocks to watch

Strides Pharma Science Limited has announced the that promoter group of the company has released substantial pledge of over 38 per cent. Currently, the overall promoter group pledge stands at 25.98 per cent of the promoter holding and 7.71 per cent of the paid-up capital of the company (compared to 41.96 per cent of the promoter holding and 12.45 per cent of the paid-up capital as at May 7, 2021), it said in a statement to the stock exchanges.

Union Bank of India: The committee of directors of Union Bank of India for raising capital funds, has, at its meeting approved the raising of funds for an amount not exceeding ₹1,750 crore through issue of equity shares through qualified institutional placement subject to requisite regulatory /statutory approvals, as applicable. The committee, which approved the opening of the issue on May 17, has approved the floor price as ₹35.60 a share for the issue.

Zuari Agro Chemicals informed the exchanges that the fertiliser plant of the company situated at Zuarinagar, Goa, was impacted on May 16 by cyclone Tauktae. The company is in the process of assessing the damage caused by the cyclone and will intimate to the stock exchanges on completion of the assessment. In view of this, there could be a potential delay in restart of the ammonia and urea plants, the company said in the statement.

Serum Institute of India (SII) CEO Adar Poonawalla on Monday offloaded his entire 5.15 per cent stake in pharmaceutical company Panacea Biotec for ₹118 crore at ₹373.85 a share. The shares were picked up by SII at the same price through a separate transaction. As per March 2021, both Poonawalla and SII were shareholders of Panacea Biotec and held 5.15 per cent and 4.98 per cent stakes, respectively.

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Chartered Logistics has bagged order worth ₹34.83 from Gail (India) Limited to be executed over a period of two years.

Results calendar

Aarti Industries, Abbott India, Arfin India, Astral, Biogen Pharmachem Industries, Brigade Enterprises, Canara Bank, Century Enka, Chalet Hotels, Coromandel Engineering Company, Diamines & Chemicals, Dolat Investments, Ester Industries, GSK Pharma, Gujarat Alkalies & Chemicals, Gulshan Polyols, IIFL Wealth Management, JBM Auto, Jindal Stainless (Hisar), JSL Industries, Jyothy Labs, Kalyani Investment Company, Kalyani Steels, Minda Corporation, PI Industries, Pioneer Embroideries, Route Mobile, Shilp Gravures, Tata Motors, Torrent Pharmaceuticals, Ujjivan Small Finance Bank, Umang Dairies, Upsurge Investment & Finance, and Xtglobal Infotech will announce their quarterly earnings on May 18 (Tuesday).

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