 "Markets likely to open lower on weak Asian cues; RIL in focus")
Markets are likely to open lower, amid weak Asian cues, with index heavyweight Reliance Industries in focus after robust third quarter earnings.
At 8:30am, the early indicator SGX Nifty was down 68 points at 7,370.
Meanwhile, foreign funds were net sellers to the tuned of Rs 858 crore, as per provisional stock exchange data.
Asian stocks retreated after gaining in the previous session as further slide in global crude oil prices weighed on investor sentiment. US crude futures fell below $28 per barrel while Brent crude was trading below $29 a barrel.Chinese stocks which had surged over 3% in the previous session was trading with marginal losses. Among other markets in the region, Nikkei was down 2.2%, Hang Seng eased 3% while Straits Times was down nearly 2%.
US stocks ended flat paring intra-day gains on worries that falling crude oil prices would hurt profits of crude oil explorers. The Dow Jones industrial average ended up 0.2% at 16,016, the broader S&P 500 ended flat at 1,881 and the Nasdaq ended down 0.3% at 4,477.
STOCKS IN FOCUS
Reliance Industries will be in focus after the company posted a 38.7% increase in its consolidated net profit at Rs 7,290 crore for the third quarter of this financial year. Net profit for the same quarter last year stood at Rs 5,256 crore.
Neyveli Lignite Corporation may see some action on reports that the company is planning to set up an R&D integrated plant for Coldry-Matmor processing on pilot basis.
Engineers India will be in focus as the company plans to join three oil marketing companies (OMCs) -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- to set up a mega refinery cum petrochemical complex on the western coast.
Reliance Power may gain after the company reported 38% growth in net profit for the quarter ended December 2015 at Rs 352 crore compared to Rs 254 crore in the same quarter last fiscal.
Aditya Birla Nuvo will be in focus after the board earlier fixed January 21, 2016 as the record date for determining the entitlement of the equity shareholders of Aditya Birla Nuvo Limited to receive, pursuant to the Scheme fully paid up equity shares of the face value of Rs.10/- each of Pantaloons Fashion & Retail Limited in the ratio of 26 (twenty six) equity shares of Pantaloons Fashion & Retail Limited of the face value of Rs.10/- each credited as fully paid up for every 5 (five) equity shares of the face value of Rs.10/- each fully paid up held by the equity shareholders in Aditya Birla Nuvo Limited.
Axis Bank and Reliance Infrastructure will be in focus ahead of their third quarter earnings later today.
At 8:30am, the early indicator SGX Nifty was down 68 points at 7,370.
Meanwhile, foreign funds were net sellers to the tuned of Rs 858 crore, as per provisional stock exchange data.
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GLOBAL MARKETS
Asian stocks retreated after gaining in the previous session as further slide in global crude oil prices weighed on investor sentiment. US crude futures fell below $28 per barrel while Brent crude was trading below $29 a barrel.Chinese stocks which had surged over 3% in the previous session was trading with marginal losses. Among other markets in the region, Nikkei was down 2.2%, Hang Seng eased 3% while Straits Times was down nearly 2%.
US stocks ended flat paring intra-day gains on worries that falling crude oil prices would hurt profits of crude oil explorers. The Dow Jones industrial average ended up 0.2% at 16,016, the broader S&P 500 ended flat at 1,881 and the Nasdaq ended down 0.3% at 4,477.
STOCKS IN FOCUS
Reliance Industries will be in focus after the company posted a 38.7% increase in its consolidated net profit at Rs 7,290 crore for the third quarter of this financial year. Net profit for the same quarter last year stood at Rs 5,256 crore.
Neyveli Lignite Corporation may see some action on reports that the company is planning to set up an R&D integrated plant for Coldry-Matmor processing on pilot basis.
Engineers India will be in focus as the company plans to join three oil marketing companies (OMCs) -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- to set up a mega refinery cum petrochemical complex on the western coast.
Reliance Power may gain after the company reported 38% growth in net profit for the quarter ended December 2015 at Rs 352 crore compared to Rs 254 crore in the same quarter last fiscal.
Aditya Birla Nuvo will be in focus after the board earlier fixed January 21, 2016 as the record date for determining the entitlement of the equity shareholders of Aditya Birla Nuvo Limited to receive, pursuant to the Scheme fully paid up equity shares of the face value of Rs.10/- each of Pantaloons Fashion & Retail Limited in the ratio of 26 (twenty six) equity shares of Pantaloons Fashion & Retail Limited of the face value of Rs.10/- each credited as fully paid up for every 5 (five) equity shares of the face value of Rs.10/- each fully paid up held by the equity shareholders in Aditya Birla Nuvo Limited.
Axis Bank and Reliance Infrastructure will be in focus ahead of their third quarter earnings later today.