Summary: After the carnage on the D-street yesterday, investors may be staring at another subdued day in the markets today as concerns over certain Union Budget proposals, weak global cues, and June quarter earnings continue to dominate investor sentiment. On Monday, the benchmark S&P BSE Sensex and the broader Nifty50 registered their biggest single-day-fall in four years. The Sensex closed 2 per cent lower at 38,720 levels while the Nifty, too, settled 2.14 per cent, lower at 11,559 levels. Budget proposal to increase minimum public shareholding of listed companies to 35 per cent, tax on buybacks, and surcharge on foreign portfolio investors have spooked the market. Globally, fading expectations of an aggressive rate cut by the Federal Reserve after solid gains in US jobs for June has dampened investor sentiment. Also, the Q1FY20 results season begins today with Tata Consultancy Services (TCS) slated to announce results later in the day. Now, let's see how the global markets have fared. Asian stocks struggled to rebound on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent in early trade. Japan’s Nikkei rose 0.5 per cent. US stocks fell on Monday with the Dow falling 0.43 per cent to 26,806, the S&P 500 down 0.48 per cent to 2,976 and the Nasdaq Composite dropped 0.78 per cent to 8,098. In commodity markets, oil fell on Tuesday amid worries over the outlook for demand. Brent crude futures were down 0.3 per cent at $63.90 a barrel while the US WTI crude futures were 0.4 per cent, at $57.46 a barrel.
