Markets are likely to react to corporate results a day after the Reserve Bank cut key rates in its monetary policy review. Investors will also look towards the derivatives expiry on Thursday as well as the PMI data on Friday for direction.
US markets surged on Tuesday, pushing the Dow and S&P near all time highs. The Nasdaq however ended flat at 3,154.
In Asia, most markets traded in green as Shanghai Composite added 0.4% at 2,358. Nikkei advanced 0.8% at 10,954. At 700 hrs IST, the SGX Nifty was up 11 points at 6068.
In individual stocks, all eyes would be on rate sensitive stocks. Also watch out for Dena Bank, EID Parry, EIH,Merck and Titan as they come out with their results today.
Reliance Industries, has raised $800 million or Rs 4,300 crore through perpetual bonds from investors abroad to fund its Rs 1 lakh crore capital expenditure plan to expand petrochemicals business and ramp up oil and gas exploration in the next three to four years.
Tata Coffee Ltd, a subsidiary of Tata Global Beverages and India’s third largest exporter of instant coffee, is embarking on a major expansion programme for its US subsidiary, Eight O’ Clock Coffee.
Watch out for Tata Motors as Jaguar Land Rover Automotive - a subsidiary of Tata Motors has raised $500 million (about Rs 2,750 crore) through senior debt.
Reliance Capital may react to its numbers. The company posted a consolidated net profit of Rs 101 crore for the quarter ended December 31, 2012. Dabur India and Idea Cellular may also move after posting strong numbers.
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