Nifty may retest 7,350 as world equities plunge

The early indicator SGX Nifty is down nearly 1% and Japan's Nikkei has slumped over 5%

Markets are likely to see a weak opening mirroring a sharp plunge in the Japanese equities following a weak closing on Wall Street in overnight trades and decline in the European stocks.

However, losses are likely to be limited on strong quarterly GDP data, which stood in at 7.3% in the last quarter making it one of the world's fastest growing economies.

STOCKS IN FOCUS

The Technology shares will remain in focus after US-based Cognizant Technology Solutions posted a 17% growth in fourth-quarter profit that marginally came in ahead of expectations.

However, the company’s guidance range is much lower than what it has been providing for. Cognizant has guided that its revenue will be in the range of $13.6-14.2 billion for CY16, representing a growth of 9.9-14.3%.

Oriental Bank of Commerce OBC has decided to raise up to Rs 1,500 crore by the issue of preference shares to the government and LIC.

Meanwhile, United Bank of India plans to raise up to Rs 1,000 crore by issuing securities. Further, Vijaya Bank plans to raise Rs 1,000 crore in this quarter, for capital adequacy norms and business growth. 

JK Tyre is likely to gain after it posted a consolidated net profit increase of 20% at Rs 110 crore during the quarter ended December 31, as against Rs 92 crore posted during the same period a year ago.

Apollo Hospitals Enterprise retail healthcare subsidiary, Apollo Health & Lifestyle Limited (AHLL), is currently in talks with three private equity (PEs) players to raise funds through equity dilution.

Wind energy solutions provider Inox Wind reported a 2.4% surge in consolidated net profit at Rs 103 crore for the December quarter.

Tata Motors is likely to hog limelight after Jaguar Land Rover reported its best ever sales figures for the month of January - selling more than 46,000 vehicles, according to media report. 

Bombay Dyeing and Manufacturing posted  a standalone net loss of Rs 78.15 crore for the third quarter ended December 31. 

GAIL, Dr Reddy's, PNB and Britannia among others are due to post quarterly earnings today.

GLOBAL MARKETS

Japan’s Nikkei has slumped 5% mirroring a weak closing on the Wall Street with Dow Jones closing about 400 points lower. Meanwhile, jump in the yen piled further pressure and dented the sentiments.