Asian share markets nudged higher on Tuesday ahead of the influential US inflation report, while Japanese shares fell and the yen firmed on rising expectations that the Bank of Japan may be ready to exit ultra easy-monetary policy as early as next week.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% higher, just shy of the seven-month high it touched on Friday.

US stocks ended mixed as investors counted down to crucial inflation data that will test bets on interest rate cuts.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

At present, the BSE Sensex is trading 423 points lower and NSE Nifty is trading 97 points higher.

TCS, ICICI Bank, and Adani Ports are among the top gainers today.

ITC, Cipla, and HUL on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Midcap index is trading 0.2% lower and the BSE Small Cap index is trading 1% lower.

Sectoral indices are trading mixed, with socks in the IT sector, oil & gas sector and banking sector witnessing buying. Meanwhile, stocks in the realty sector and FMCG sector are witnessing selling pressure.

The rupee is trading at Rs 82.73 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 65,973 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 74,510 per 1 kg.
 

BAT Prepares To Pare Stake In ITC

ITC shares will be in focus on 12 March as British American Tobacco (BAT) is preparing to offload a portion of its stake as soon as this week, as per reports.

The London-headquartered BAT, the largest ITC shareholder, has tapped Wall Street majors such as Bank of America and Citigroup to divest shares worth around US$ 2.5 billion (bn) via the block deal route.

These deals are often conducted at a discount to the current market price.

Details of the transaction could still change, and the launch of the offering may spill into next week, depending on market conditions.

The availability of such a huge block of shares means that prospective investors looking to buy a large quantity need not buy it from the open market and risk driving up the price.

A key challenge BAT faced in offloading a 4% stake in ITC is navigating the regulatory hurdles imposed by the Reserve Bank of India on foreign ownership in tobacco firms, which limits who can buy those shares.

Adani Group to Bid for AAI's Stake

The Adani Group is likely to place a bid to acquire the residual stake held by the Airports Authority of India (AAI) in the Mumbai International Airport.

Adani Group will bid for AAI's stake only if it gives the company a controlling stake and hence the company does not see Delhi, Bengaluru and Hyderabad airports as a proper suitor.

Adani Group is a majority stakeholder in Mumbai International Airport Ltd - the company that runs Mumbai airport.

Adani group has bid aggressively for airports, and their decision to stay away from AAI's stake in other private airports would mean lower revenues for the government.

Apart from the Mumbai airport, the Adani group operates airports in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

According to the National Monetisation Pipeline (NMP) - announced in August 2021 - the government plans to privatize a total of 25 AAI airports and sell AAI's stake in Delhi, Mumbai, Hyderabad, and Bengaluru airport companies.

The Adani group will bid for these 25 airports as and when they are up for grabs. The group will also invest about Rs 600 bn to expand the seven existing airports in its portfolio over the next 5-10 years. These investments will be in addition to the Rs 180 bn that the group plans to invest in Navi Mumbai airport.
 

Oil Price Rises

Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies.

Brent futures for May delivery rose 23 cents to US$ 82.44 a barrel by 0221 GMT. The US crude April contract rose 17 cents to end at US$ 78.1 a barrel.

Crude oil traded in a tight range as traders await demand estimates from the monthly reports by three key oil agencies.

Prices had been mostly unchanged on Monday as oil supply concerns tied to ongoing fighting in the Middle East eased.

Israel was checking on Monday if it had killed Hamas's deputy military leader in an airstrike in Gaza, as prospects faded for a ceasefire during the Muslim holy month of Ramadan. However, the war has not led to significant supply disruptions.

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