Indian Market Likely To See Cautious Moves After Recent Hefty Gains

(RTTNews) - A day of recording a splendid rally and hitting record highs thanks to exit polls predicting a majority for the BJP-led NDA in the general election, Indian shares may see a cautious start Tuesday morning, tracking overnight weak close in the U.S. and European markets amid lingering trade concerns.

Also, following the recent steep run up north, some profit taking is not ruled out ahead of actual results of the Lok Sabha elections.

Worries about U.S.-China trade tensions have increased after Google suspended some businesses with Huawei, cutting off transfer of hardware, software and technical services.

Asian markets are turning in a mixed performance on Tuesday due to trade worries and caution ahead of the release of the minutes of U.S. Federal Reserve's latest monetary policy meeting. The Fed is scheduled to release the minutes on Wednesday.

Quarterly earnings reports may set the trend for stocks in today's session.

State-run oil marketing companies BPCL and Hindustan Petroleum Corporation reported higher earnings for the fourth quarter. While BPCL said its net profit increased 16 percent in the quarter, the latter reported a 70% surge in net income.

GlaxoSmithKline Pharma said it posted a 16.6 percent increase in standalone net profit at Rs 123.03 crore in the quarter ended March 2019, over the year-ago quarter.

Automobile major Tata Motors' net profit saw a 47 percent drop in the January - March 2019 quarter, compared to a year-ago, due largely to economic slowdown and weak Jaguar Land Rover sales in China.

Tech Mahindra and DLF are among the companies scheduled to report their quarterly earnings today.

Jet Airways will be in focus as a high-level meeting between the Hinduja Group and Etihad Airways is scheduled to take place on May 23 in a bid to revive Jet Airways.

On Monday, the benchmark BSE Sensex ended up by 1,421.90 points, or 3.75 percent at 39,352.67. The broader Nifty index climbed as much as 421.10 points, or 3.69 percent to 11,828.25.
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