Stock Market Today: Nifty, Sensex Rebound After Two-Day Drop Led By TCS, Tata Motors

• The local currency closed flat at 82.90 against the U.S. Dollar.

Source: Bloomberg

India's benchmark stock indices rebounded snapping two-day decline in a choppy trade session as Tata Consultancy Services Ltd., and Tata Motors Ltd rose.

Today, the NSE Nifty 50 settled 76.30 points or 0.34% higher at 22,198.35, and the S&P BSE Sensex 305.09 points or 0.42% higher at 73,095.22.

Intraday, the NSE Nifty 50 rose 0.43% or 96.20 points to 22,218.25, and the S&P BSE Sensex gained 0.51% to 371 points to 73,161.30.

"The Indian market saw marginal gains in cautious trade on Tuesday ahead of crucial US inflation and GDP readings,"Avdhut Bagkar, technical and derivatives analyst, StoxBox.

From the market perspective, investors largely stayed cautious ahead of some key US economic data, including a report on consumption expenditure and the domestic market expiry of February's series of derivative contracts due this week, Bagkar said.

Tata Consultancy Services Ltd., Tata Motors Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd. added to the benchmark index.

State Bank of India, Bajaj Finance Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Reliance Industries Ltd. limited gains to the index.

On NSE, six out of 12 sectors ended higher, and six ended lower. The Nifty realty rose over 1% to become the top performer, while the Nifty Oil & Gas index declined 0.75% to become the worst performer among sectoral indices.

Broader markets underperformed benchmark indices. The S&P BSE Midcap fell 0.10%, and the S&P BSE Smallcap fell 0.25%.

On BSE, 11 sectors advanced, and nine declined. The S&P BSE Consumer durables rose the most among sectoral indices, and the S&P BSE oil and gas fell the most.

The market breadth was skewed in favour of the sellers. About 2,276 stocks declined, 1,560 gained, and 93 remained unchanged on the BSE.

• Marico has declared interim equity dividend of Rs 6.5 per share.

Source: Exchange Filing

• We will impose a complete ban on Patanjali advertisements henceforth, said Supreme Court

• Supreme Court says that the entire country is being taken for a ride.

• Supreme Court questions the AYUSH ministry as to what steps have been taken so far.

• This is a very serious issue, says Supreme Court.

Source: Supreme Court Proceedings

• Angle One is selected as 'Associate Partner' for IPL by the BCCI for 5 years from 2024 to 2028.

Source: Exchange Filing

• Board gives in-principle approval for entering into business of advanced materials.

• To invest Rs 1,000 crore in epoxy resins, downstream products' business.

Source: Exchange Filing

• Kesoram Industries Ltd had 12 lakh shares or 0.4% equity changed hands in a large trade.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Delhivery received an order from wellness brand Plix for cross-border freight shipping from.

Source: Exchange filing

• U.S. Dollar Index at 103.74

• U.S. 10-year bond yield at 4.28%

• Brent crude up 0.19% at $82.69 per barrel

• Nymex crude up 0.21% at $77.74 per barrel 

• Bitcoin was up 2.77% at $56,167.80

Source: Blomberg

Indian benchmark equity indices traded higher in a volatile session through midday on Tuesday, with Tata Consultancy Services Ltd. and Larsen & Toubro Ltd. contributing the most to the gains.

At 11:41 a.m., the NSE Nifty 50 was trading 35.55 points or 0.16% up at 22,157.60, while the S&P BSE Sensex was 127.05 points or 0.17% higher at 72,917.19.

"We expect the Nifty to stabilise around current levels, with 22,300 likely to pose as a key resistance point," Shrey Jain, chief executive officer of SAS Online, said.

Investors are closely eyeing crucial U.S. economic indicators that could significantly impact interest rate trends in the world's largest economy, he said.

Shares of Tata Consultancy Services Ltd. contributed the most to the gains in the Nifty after UBS upgraded the stock's rating to 'buy'. This was followed by Larsen & Toubro, Bharti Airtel Ltd., Power Grid Corp. and ITC Ltd.

Axis Bank Ltd., Bajaj Finance Ltd., HDFC Bank Ltd., ICICI Bank Ltd. and State Bank of India were negatively contributing to the changes.

Most sectoral indices on the NSE gained, with Nifty Realty and Nifty IT leading. Nifty Oil & Gas, Nifty Financial Services and Nifty Bank fell.

The broader markets also gained; the S&P BSE MidCap was up 0.25% and the S&P BSE SmallCap was 0.19% higher.

Thirteen out of the 20 sectors compiled by the BSE advanced. S&P BSE Realty rose the most.

The market breadth was largely split between buyers and sellers as 1,852 stocks rose, 1,784 declined, while 146 remained unchanged on the BSE.

Scrip of ICICI Lombard General Insurance Co Ltd. rose as much as 4.91% to Rs 1,731.60 apiece, the highest level since its listing on Sep 26, 2017. It was trading 4.53% higher at Rs 1,725.40 apiece, as of 12:41 p.m. This compares to a 0.17% advance in the NSE Nifty 50 Index.

It has risen 57.21% in 12 months. Total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 79.70, which implied the stock is overbought.

Out of 26 analysts tracking the company, 18 maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.5%.

Shares of Happiest Minds Technologies Ltd. surged over 6% on Tuesday after the company announced a new vertical organisation structure comprising six new industry groups.

The six groups are industrial, manufacturing and energy and utilities, healthcare and life sciences, retail, CPG and logistics, banking, financial services, and insurance, hi-tech and media and entertainment, and EdTech.

“The potential of this new structure is immense and will be the bedrock of new growth engines, enabling us to compete better in the global markets and realize our vision of reaching $1 billion in revenues by 2031,” Ashok

Happiest Minds Technologies stock rose as much as 6.49% after the announcement to Rs 888.9 apiece on the NSE, the highest since Feb. 02, 2024. It was trading 5.05% higher at Rs 876.9 apiece, compared to a 0.03% advance in the benchmark Nifty 50 as of 12:16 p.m.

It has risen 3.33% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 57.8.

Four out of the five analysts tracking Happiest Minds have a 'buy' rating on the stock, as many as one recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.7%.

• Paisalo Digital gets sanction & disbursement of Rs 200 crore from IREDA for onward lending to e-mobility sector.

Source: Exchange Filing

• Mahanagar Gas Ltd is to buy 30.97% stake in 3ev Industries Pvt Ltd for Rs 96 crore.

• Mahanagar Gas Ltd to have the right to appoint one director and observer to the company's board.

Source: Exchange Filing

• NTPC Mining Ltd is aiming to produce 100 MMT per annum coal production by 2030.

• NTPC Mining has achieved 100.04 MMT coal production in its first coal mine Pakri Barwadih.

• It took 617 days for the miner to achieved the 100.04 mark, after it reached 50 MMT production mark.

Source: Press Release

• Power Grid Corp of India had 10 lakh shares changed hands in a large trade.

• The company had 0.01% equity changed hands at Rs 292.05 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Federal Bank Ltd had 10.2 lakh shares changed hands in a large trade.

• The lender had 0.04% equity changed hands at Rs 152.45 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Happiest Minds Technologies Ltd has announced new vertical organisation structure comprising six new industry groups

• New industry groups are Industrial, Manufacturing and Energy and Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, BFSI, Hi-Tech and Media & Entertainment, and EdTech.

Source: Exchange filing

• JSW Energy Ltd had 10.2 lakh shares changed hands in a large trade.

• The company had 0.1% equity changed hands at Rs 524.5 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

• Reliance Industries Ltd clarified on reports of merger pact with Disney India.

• The company was unable to comment on media speculation, there is no information which has not been announced.

Source: Exchange filing

Andhra Cements Ltd declined over 5% to the lowest level in two months after the promoter company sold its stake in the company.

Sagar Cements Ltd., promoter company, shed 5% stake in the company on Tuesday.

As of December 2023, the promoter company had 95.00% stake in Andhra Cements Ltd.

The scrip fell as much as 5.23% to Rs 105.00 apiece, the lowest level since Jan 1. It pared losses to trade 1.44% lower at Rs 109.20 apiece, as of 11:23 a.m. This compares to a 0.15% decline in the S&P BSE Sensex.

It has risen 1,828.32% in 12 months. Total traded volume so far in the day stood at 7.2 times its 30-day average. The relative strength index was at 33.29.

• U.S. Dollar Index at 103.74

• U.S. 10-year bond yield at 4.27%

• Brent crude down 0.06% at $82.48 per barrel

• Nymex crude down 0.04% at $77.55 per barrel 

• Bitcoin was up 1.91% at $55,699.88

Source: Blomberg

• India Rupee was traded flat against the U.S. dollar at 82.89, compared to Monday's close

• The yield on the 10-year bond was trading flat at 7.07%, compared to Monday's close.

Shares of Hind Rectifiers Ltd. were locked in 10% upper circuit limit on Tuesday, a day after the company received Rs 200-crore orders from Indian Railways.

Hind Rectifiers Ltd.rose as much as 10% to Rs 618.25 piece, the most since Feb. 21. They were locked in the upper circuit, compared to a flat NSE Nifty 50 at 10:08 a.m.

The stock has risen 227.03% in the last 12 months. Total traded volume so far in the day stood at 32 times its 30-day average. The relative strength index was at 59.57.

• Nykaa underperformed vs other internet peers

• Optimistic on bounce back in core BPC, loss reduction in fashion

• FY25/26 EPS 9-14% below consensus

Key concerns:

• Slowdown in core BPC NSV growth

• Imbalance between revenue growth and margin improvement in fashion

• Faster growth of low margin eB2B business

• Bank of America maintained 'Buy' on Maruti Suzuki India Ltd and raised the Price target of Rs 12,600 from earlier Rs 12,000.

• Expect good Q4 on op leverage, low discounts

• Recovery in first time buyer demand should aid mid term volume growth (6-7% CAGR)

• Multi powertrain strategy: EV launch in H2, hybrid portfolio expansion, SNG scale up & biogas plant

• Competitive landscape benign in F25 with quiet year on launches

• Devyani International had 67.2 lakh shares changed hands in three large trades.

• The company had 0.56% equity changed hands between the price range of Rs 156.5 to Rs 158 apiece.

• Buyers and sellers are not known immediately.

Source: Bloomberg

Tata Consultancy Services Ltd. rose nearly 2% on Tuesday after UBS Global Research upgraded its rating to 'Buy' from neutral.

The brokerage also raised its target price to Rs 4,700 from 4,050 as the brokerage saw enough factors for the IT giant to post industry leading growth and margin.

Tata Consultancy Services Ltd.'s gross margin can improve 100 bps in the next 4-6 quarters.

The scrip rose as much as 1.95% to Rs 4,079.00 apiece, the highest level since Feb 23. It was trading 1.91% higher at Rs 4,077.35 apiece, as of 10:05 a.m. This compares to a 0.11% advance in the NSE Nifty 50 Index.

It has risen 22.21% in 12 months. Total traded volume so far in the day stood at 0.43 times its 30-day average. The relative strength index was at 56.67.

Out of 46 analysts tracking the company, 25 maintain a 'buy' rating, 11 recommend a 'hold,' and 10 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.4%.

The scrip rose as much as 5% to Rs 449.5 apiece, the highest level since 8 February. It pared gains to trade 1.5% lower at Rs 421.60 apiece, as of 09:42 a.m. This compares to a flat NSE Nifty 50 Index.

It has fallen 29.45% in the last twelve months. Total traded volume so far in the day stood at 1.03 times its 30-day average. The relative strength index was at 39.63.

Out of 14 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 57.7%.

Whirlpool of India Ltd declined as much as 5.92% to Rs 1,186.10 on Tuesday, after Jefferies maintained 'Underperform' and cut the target price.

Jefferies said the company has been missing estimates over recent quarters, and performance remained subdued. The brokerage also cut operating margin estimate by 60-70 bps to 6.2%.

India's benchmark stock indices extended losses at open on Tuesday on losses in shares of index-heavy HDFC Bank Ltd., and Reliance Industries Ltd.

The NSE Nifty 50 was trading 22.35 points or 0.10% lower at 22,099.70, and the S&P BSE Sensex 71.29 points or 0.1% lower at 72,718.84.

"The Nifty 50 made a lower top near to its all time high and witnessed minor profit booking to close flat to negative for the day trading in a narrow range," said Vikas Jain, senior research analyst at Reliance Securities.

The hourly average is placed at 21,950 levels which will act as key support and trend reversal from current levels, on the higher side 22,400 will act as resistance. The RSI is reversing downwards from the higher range on daily charts and expect to witness some retracement from current levels. Highest call OI has moved lower to 22,400 strike while on the downside the highest put OI is at 22,000 for the monthly expiry, Jain added.

Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., and Power Grid Corp Of India Ltd. weighed on the benchmark index.

Tata Consultancy Services Ltd., Infosys Ltd., HCL Technologies Ltd., UltraTech Cement Ltd., and Grasim Industries Ltd. supported the index.

On NSE, seven out of 12 sectors declined, five advanced. The Nifty Energy index fell the most among sectoral indices, and the Nifty IT index rose the most among sectoral indices.

Broader markets outperformed benchmark indices, The S&P BSE Sensex Midcap rose 0.32%, and the Smallcap rose 0.38%.

On BSE, four sectors declined, and 16 sectors rose. The S&P BSE Oil and Gas fell the most, and the S&P BSE IT index rose the most.

Market breadth was skewed in favour of the buyers. Around 1,885 stocks rose, and 908 stocks fell the most, and 92 stocks remained unchanged on BSE.

• Average consumption growth declined between 2011-12 and 2022-23 compared to previous period

• Rural consumption reached 58.4% of urban consumption in 2022-23, up from 54.4%

• Rural-urban per capita consumption divide narrowing, with rural growing faster

• Only 30% of top urban consumers spend over $1,000 annually; rural share is top 5%

• Spending on food, especially cereal and vegetables, has significantly decreased

• Headline CPI could have been 30-40bps lower from FY23 with new HCES survey weights

• The yield on the 10-year bond opened flat at 7.06%.

Source: Cogencis

At pre-open, the NSE Nifty 50 was 31.85 points or 0.14% lower at 22,090.20, and the S&P BSE Sensex was 66.6 points or 0.09% lower at 72,723.53.

• The local currency opened flat at 82.89 against the U.S. Dollar.

Source: Bloomberg

• Gets letter of award for 700 MW ISTS-connected solar capacity from SJVN

Source: Exchange filing

• Cloud & software are showing some signs of recovery

• Enterprise software revenue streams remain more resilient

• More new deals closed end of Sept than all of 3Q combined, sign of acceleration from here

• AI is starting to change the priorities as IT prepares for AI adoption

• Discretionary spend remains muted, select areas of tech spend could accelerate

• Cloud and AI partnerships strongest for large IT services - TCS, INFOSYS

• Outperform rating on TCS with a target price of Rs 4,170

• Outperform rating on Infosys with a target price of Rs 1,740

• Outperform rating on TechM with a target price of Rs 1,390

• Market perform rating on HCL Tech with a target price of Rs 1,640

• Underperform rating on Wipro with a target price of Rs 400

• U.S. Dollar Index at 103.79

• U.S. 10-year bond yield at 4.27%

• Brent crude up 0.04% at $82.56 per barrel

• Nymex crude up 0.08% at $77.64 per barrel 

• GIFT Nifty down 62 points, or 0.28%, at 22,117 as of 8:09 a.m.

• Bitcoin was up 1.53% at $55,492.80

• Bitcoin jumped over 2% to trade above the $55,000 mark, the highest in more than two years.

• It has seen a gain of 138% in the last 12 months.

Source: Bloomberg

• Housing sales in January 2024 increased 8% YoY (down 12% MoM)

• New launches continued to fall, sliding down 42% YoY/22% MoM

• Unsold inventory continued to correct down 6% YoY with inventory months declining to 15 months pan-India

• Average prices in Delhi/Bengaluru witnessing 22-25% jump in prices

• Demand increased the most in Hyderabad up 29% YoY, followed by the MMR up ~23% YoY in Jan-24

• DLF, Prestige Estates and Brigade Enterprises (each rated ‘BUY’) are the top picks

• Motilal Oswal initiates coverage on Cello World with a 'buy' rating and a target price of Rs 1,100 apiece.

• Estimate Cello to grow faster than Industry, robust revenue/Ebitda/Adj. PAT CAGR of 18%/23%/25% over FY23-FY26

• Strong brand equity and market penetration to fuel sustainable growth

• Expansion of SKUs and distribution reach to aide growth

Key downside risks:

• Volatility in key raw material prices;

• Dependence on third-party manufacturers;

• Intensified competition

• Macquarie maintains 'underperform' on Paytm, with target price unchanged at Rs 275 apiece.

• VSS continues to own 51% of Paytm Payment Bank, survival in question.

• Don't expect RBI to authorise any related party transactions between Paytm Payment Banks.

• VSS sending message to regulator - willing to give up control

• Loan distribution is the most profitable business for Paytm

• Lending partners reconsidering relationship with Paytm, could impact revenue, profit

• Nifty February futures down by 0.41% to 22,138.35 at a premium of 16.3 points.

• Nifty February futures open interest down by 6%.

• Nifty Bank February futures down by 0.57% to 46,607.7 at a premium of 31.2 points.

• Nifty Bank February futures open interest down by 1.7%.

• Nifty Options Feb. 29 Expiry: Maximum call open interest at 23,000 and Maximum put open interest at 21,000.

• Bank Nifty Options Feb. 29 Expiry: Maximum call open interest at 47,000 and Maximum put open interest at 45,000.

• Securities in ban period: Aditya Birla Fashion, Balrampur Chini Mills, Canara Bank, SAIL, and Zee Entertainment Enterprise.

The local currency strengthened by 5 paise to close at 82.90 against the U.S. dollar.

• Price band revised from 20% to 10%: SML Isuzu, Swelect Energy Systems, Salzer Electronics.

• Ex/record Dividend: NMDC.

• Ex/record right issue: The South Indian Bank

• Ex/record bonus issue: DRC Systems India

• Moved into short-term ASM framework: BF Utilities, Jupiter Lifeline Hospitals, SML Isuzu, and Sindhu Trade Links.

• Moved out short-term ASM framework: The South Indian Bank.

• Ramkrishna Forgings: To meet analysts and investors on Feb. 29.

• Aegis Logistics: To meet analysts and investors in March. 1.

• Elecon Engineering: To meet analysts and investors on Feb 29 and March 1.

• Uni Parts: To meet analysts and investors on Feb. 29.

• Polycab India: To meet analysts and investors on Feb. 29.

• Sapphire Foods: To meet analysts and investors on Feb. 29, March 1 and 4.

• UltraTech Cement: To meet analysts and investors on Feb. 27.

• Kajaria Ceramics: To meet analysts and investors on March 1.

• Tata Chemicals: To meet analysts and investors on March 1, 6 and 7.

• Quick Heal Technologies: To meet analysts and investors on Feb. 29.

• Maharashtra Seamless: Promoter Sudha Apparels bought 25,000 shares on Feb. 23.

• Som Distilleries and Breweries.: Promoter Jagdish Kumar Arora bought 10, 000 shares on Feb. 26.

• Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 5,688 shares on Feb. 21.

• Aurobindo Pharma: Promoter RPR Sons Advisors P Suneela Rani revoked a pledge of 1.23 crore shares on Feb. 23.

• Easy Trip Planners: Minerva Ventures Fund bought 90 lakh shares (0.51%) at Rs 48.75 apiece.

• Platinum Industries: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 162 to Rs 171 per share. The Rs 235.30 crore IPO is a completely fresh issue. The company has raised Rs 70.5 crore from anchor investors.

• Exicom Tele-Systems: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 135 to Rs 142 per share. The Rs 429 crore IPO is a combination of a fresh issue of Rs 329 crore and an offer of sale of Rs 100 crore.

• GPT Healthcare: The public issue was subscribed to times 8.52 on day 3. The bids were led by institutional investors (17.30 times), retail investors (2.44 times), and non-institutional investors (11.02 times).

• One 97 Communication: Paytm Founder and Chief Executive Officer, Vijay Shekhar Sharma, has resigned from the board of Paytm Payments Bank. The board has been reconstituted.

• CMS Info System: Promoter Sion Investment Holdings, an affiliate of Baring Private Equity Asia, will offer to sell 4.17 crore shares, or a 26.67% stake in the company, at a floor price of Rs 360 apiece, representing a discount of 9.3% of the current market price.

• Union Bank of India: The company raised Rs 3,000 crore at an issue price of Rs 135.65 per share. Morgan Stanley, Societe Generale, HDFC Life, BNP Paribas, SBI Life, and Sundaram MF are among the investors.

• Religare Enterprises: Religare Finvest, a wholly owned subsidiary of the company, has cleared all its debts with external lenders, in turn resolving all legacy issues.

• MCX: The company signed a MoU with Jakarta Futures Exchange for knowledge sharing and regional development.

• Wipro: The IT major announced a joint private wireless solution with Nokia to help enterprises scale their digital transformation.

• Andhra Cements: The promoter, Sagar Cements, has proposed to sell up to a 5% stake in the company via an offer for sale on Feb. 27.

• Tanla Platforms: The company has launched its new product, Trubloq.AI, which leverages generative AI to elevate the trusted Trubloq experience. The company aims to make digital commerce easier for Indian SMBs with WhatsApp-based solutions.

• Canara Bank: The public sector lender approved the stock split in the ratio of 1:5.

• Grauer and Weil: The company had approved the bonus issue in the ratio of 1:1.

• Zuari Agro Chemicals: The company has finalised the sale of land parcels in Goa to Zuari Infinity. The land spans 2,16,015 sq. metres, and the sale amount is Rs. 80 crore.

• Jindal Steel and Power: The company announced the deployment of 10 electric buses and 27 electric SUVs at its Angul unit in Odisha, India.

• PDS: The company’s unit has proposed to acquire an equity stake of 5% in Frontier Knitters for Rs 1.02 crore to expand its apparel manufacturing footprint and leverage it to grow its sourcing business.

• Lemon Tree Hotels: The company announced the signing of two new properties: Sankhwas Garh, a Lemon Tree Resort, and Keys Lite by Lemon Tree Hotels, Vijayawada.

• Power Mech Projects: The company received an order worth 396.3 crore from Southeast Central Railway for the execution of civil construction and electrical works.

• TVS Motor: The company's Singapore arm will raise its stake in Germany-based Killwatt GmbH to 49% from 39.28%. The company acquired 8,000 shares of Killwatt GmbH at €500 per share.

• Hind Rectifiers: The company received the order worth Rs 200 crore from Indian Railways.

• Sigachi Industries: The company and UAE-based Imass Investment have formed a joint venture, Sigachi Global, to enter the growing UAE food and pharma market.

Stocks in the Asia-Pacific region were trading lower after Wall Street saw a pullback near record highs as traders awaited remarks from Federal Reserve speakers. The MSCI Asia Pacific Index was down 0.13%.

Japanese shares had a slight advance, and Australian and South Korean stocks traded lower. The Nikkei 225 was trading 0.13% higher at 39333, and the S&P ASX 200 was trading down 0.20% at 7637.2. KOSPI was also trading 0.14% lower at 2643.4.

U.S. equities fell from record levels, and traders will look out for how the market will manage to absorb heavy Treasury and corporate sales amid month-end positioning.

The S&P 500 index and Nasdaq 100 fell by 0.38% and 0.13%, respectively, as of Monday. The Dow Jones Industrial Average fell by 0.16.

Brent crude prices were trading above $82 a barrel, and WTI crude was above the $77 mark. The yield on the 10-year U.S. Treasury note was trading at 4.28%, and Bitcoin was above the $54,500 level.

The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 62 points or 0.28% at 22,117 as of 8:09 a.m.

India's benchmark stock indices closed lower for the second day in a row on Monday, led by losses in Infosys Ltd. and Asian Paints Ltd. The NSE Nifty 50 ended 90.65 points, or 0.41%, lower at 22,122.05, and the S&P BSE Sensex fell 352.66 points, or 0.48%, to end at 72,790.13.

Overseas investors became net sellers of Indian equities on Monday. Foreign portfolio investors sold stocks worth Rs 285.1 crore; domestic institutional investors turned net buyers and bought equities worth Rs 5.3 crore after a day of selling, the NSE data showed.

The local currency strengthened by 5 paise to close at 82.90 against the U.S. dollar.