 "Markets may open higher tracking mixed global cues")
Indian equity markets may open positive tracking the trend in the Asian equities, however, investors may remain cautious as volatility in the crude oil prices and the recent sell off by the FIIs may dent the sentiment. The early indicator, SGX Nifty is trading 0.66% higher.
It was another turbulent day for the benchmark indices on Wednesday, with the BSE Sensex slipping below the psychologically crucial level of 24,000 before recovering to 24,062, down 418 points. The 50-share Nifty closed 126 points lower at 7,309 as renewed concerns over global growth, slowdown in China and a further slide in crude oil prices routed equities across the world.
The Indian rupee revisited the pre-Rajan era as it hit a fresh 28 month low intraday yesterday at 68.17 against the greenback. It recovered, however, to close at 67.77/dollar.
Across the world, the European markets ended with deep cuts on Wednesday as the steep fall in the crude prices put pressure on the equities. All eyes would set on European Central Bank’s policy meet on interest rates later today.
Overnight, the Wall Street witnessed a roller coaster ride with Dow Jones recovering in the last trading session. However, S&P 500 closed 1.1% lower while Dow Jones ended about 250 points lower.
In the commodity space, crude oil prices fell to $27/barrel overnight- its lowest since 2003- on supply glut. The stabilization of crude prices can be the immediate trigger for markets across the globe.
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RESULTS CORNER
Idea Cellular, Biocon, Hindustan Zinc, new entrant InterGlobe Aviation are the companies to announce their Oct-Dec quarter results today.
STOCKS IN FOCUS
Maruti Suzuki: Maruti Suzuki’s export to Sri Lanka, its biggest foreign destination last year, is losing speed after an increase in import duty by the island nation two months earlier. However, Maruti aims to sell 2 mn cars in 2020.
M&M: Leading sports utility vehicles (SUV) maker Mahindra & Mahindra would soon start exporting its latest compact offering KUV100 to countries like Nepal, Sri Lanka, Bangladesh and South Africa
Axis Bank: Axis Bank, the country’s third largest private sector bank, reported a 15 per cent rise in net profit to Rs 2,175 crore in the October-December quarter on the back of higher net interest income and other income.
Cipla: Cipla and three other drug makers - Emcure, Hetero and Natco - will sell generic version of Bristol-Myer Squibb's anti-hepatitis drug, Daclatasvir.
UltraTech Cement: UltraTech Cement, an Aditya Birla Group firm, reported a five per cent rise in revenue for the December 2015 quarter at Rs 5,750 crore and a 40 per cent jump in profit at Rs 509 crore.