The benchmark indices managed to pare all early losses and end with minor gains on Tuesday. The Nifty closed at 15,850 level. The barometer index, the S&P BSE Sensex, r... The benchmark indices managed to pare all early losses and end with minor gains on Tuesday. The Nifty closed at 15,850 level. The barometer index, the S&P BSE Sensex, rose 16.17 points or 0.03% to 53,177.45. The Nifty 50 index gained 18.15 points or 0.11% to 15,850.20. In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index added 0.24%. The market breadth was positive.

Among the sectoral indices, the S&P BSE Oil & Gas index (up 2.54%), the S&P BSE Energy index (up 2.45%) and the S&P BSE Metal index (up 1.97%) outperformed the benchmark Sensex. The S&P BSE Consumer Durables index (down 1.49%), the S&P BSE Telecom index (down 1.05%) and the S&P BSE Finance index (down 0.55%) underperformed the benchmark Sensex.

Economy:

The 47th meeting of the GST Council will take place in Chandigarh on Tuesday (28 June) and Wednesday (29 June). The meeting will be chaired by Union Finance Minister Nirmala Sitharaman. The two-day meeting of the GST Council will be attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and Senior officers from Union Government and States.

Last GST Council's meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles. The GST council had decided to retain the status quo on GST rate on textile to 5%. The Council will also likely take up the issue of imposing 28% GST on online gaming, casinos and horse racing.

Meanwhile, India's export of petroleum products slipped 1% in May over the year after rising 22% in April as summer demand in the domestic market boosted local purchases, according to the oil ministry data. India exported 5.7 million metric tonnes (MMT) of petroleum products in May, 6% higher than in April but 1% lower than in May 2021. Imports rose 14% to 3.2 MMT in May over the year, compared to 3.8 MMT in April. Net export fell 0.4 MMT during the month over the year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.458 as compared with 7.407 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 78.7575, compared with its close of 78.37 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement advanced 0.50% to Rs 50,900.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.05% to 103.88.

In the commodities market, Brent crude for August 2022 settlement rose $1.48 cents or 1.29% at $116.57 a barrel.

Global Markets:

The Dow Jones index futures were up 157 points, indicating a positive opening in the US stocks today.

Shares in Europe and Asia advanced across the board on Tuesday as investors weigh economic concerns.

Profits at China's industrial firms shrank at a slower pace in May following a sharp fall in April. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS).

US stocks closed lower on Monday on heightened inflation worries and tightening Fed policy. The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.

Meanwhile, Ukraine's President Volodymyr Zelenskyy has addressed the leaders of the G-7 nations who are gathered in Munich, Germany, reportedly pressing them for more heavy weaponry and help to end the war before winter sets in. Zelenskyy has reportedly requested anti-aircraft defense systems to help protect Ukraine and has said he wants the war to end before the end of the year. The G-7, in turn, has promised to support Ukraine for as long as it takes.