FIRST TRADE: Sensex, Nifty muted; Bharti Airtel up over 2% post Q3 results

Stock market today: The Indian share market on Tuesday (February 6) opened on a subdued note, weighed by financials. Moreover, dampened hopes of early rate cuts in the U.S. also hurt sentiment. Last seen, both indices traded over 0.06 per cent higher. The S&P BSE Sensex was flat with a positive bias of 39.83 points at 71,771.25, and the NSE Nifty also changed a little by 13.15 points at 21,784.85.

"The near-term market trend indicates exhaustion, and there are no clear positive triggers that can take the market to sustained new highs immediately. An important event coming up is the RBI meeting on February 8. But no positive triggers like a rate cut are likely from the RBI meeting," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

From a global point of view, Dr. Vijayakumar added that the market construct is also challenging, with the 10-year bond yield rising again to 4.13 per cent and the dollar index rising to 104.5.

The positive takeaway is that the U.S. economy is doing surprisingly well, and a sharp global slowdown triggered by a possible US recession is very unlikely. This, along with declining inflation in the US, can support global equity markets. Investors may wait and watch for new trends to emerge while remaining invested in this bull market.

Meanwhile, in the broader market, Nifty Mid Cap 100 and Small Cap 100 traded with gains. High-beta Nifty Bank was down 0.29 per cent at 45,691.95.

BUZZING STOCKS

Bharti Airtel shares were up over 2 per cent a day after the company posted Q3 results.

ASK Automotive shares were up 4 per cent after the company posted good Q3 results.

Pidilite Industries shares rose over 1 per cent a day after the company announced the inauguration of a new state-of-the-art manufacturing facility in Sandila, near Lucknow, for its prominent tile adhesive brand, Roff.

Conversely, Paytm shares were down over 1 per cent after the company said that reports about Jio Financial Services acquiring Paytm's wallet business are speculative.

Suven Pharmaceuticals shares were down over 8 per cent a day after the company posted weak Q3 results.

GLOBAL MARKETS

Asian shares edged higher on Tuesday, thanks to a bounce in battered Chinese markets, although investors were cautious after a slide on Wall Street amid diminishing expectations of a near-term Federal Reserve rate cut, which in turn underpinned the dollar.

Oil prices held largely steady as traders took stock of a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, after a 0.7 per cent decline from the previous session.

(With inputs from agencies.)

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