 "Pre-Market: Earning-driven rally")
The markets are likely to open in green tracking firm global cues. In addition, positive quarterly earnings are likely to boost the investor sentiments.
Asian stocks edged up on Wednesday as risk aversion triggered by recent geopolitical tensions continued to ebb, while the euro languished near eight-month lows. SGX Nifty is quoting at 7,809.00 up by 36 points.
The weaker euro dovetailed nicely with expectations for the European Central Bank to ease policy further with a gradual widening of interest rate differentials favoring the U.S. over Europe seen unfolding.
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U.S. Treasury yields fell overnight after benign U.S. inflation data suggested less pressure on the Federal Reserve to raise interest rates sooner than expected.
Stocks to watch
Axis Bank, the country’s third-largest private sector bank, has reported a 18 per cent rise in net profit to Rs 1,667 crore in the April-June quarter as compared to Rs 1,409 crore in the same quarter of the previous financial year, aided by higher net interest income and lower provisions.
Syndicate Bank plans to raise Rs 1,100 crore through a qualified institutional placement (QIP) in the current financial year, its Chairman and Managing Director Sudhir Kumar Jain said on Tuesday. The fund-raising programme will lead to a dilution in the government's stake in the bank to around 62 per cent from 67.4 per cent now.
Bangalore-based Tata Coffee on Tuesday announced a 24.9 per cent fall in consolidated net profit to Rs 30.31 crore for the quarter ended June 30, compared with Rs 40.38 crore in the year-ago quarter.
Generics firm Lupin is planning to bid for a range of older drugs being auctioned by GlaxoSmithKline (GSK).
GSK is interested to divest the mature products in a bid to improve its growth profile and wants to dispose of off-patent drugs marketed in North America and western Europe with annual sales of around $1.7 billion.
Private sector lender ING Vysya Bank on Tuesday reported an 18% drop in net profit for June quarter at Rs 143.4 crore due to higher provisioning for bad assets.
KPIT Technologies reported a 17.1% rise in the Q1 net profit at Rs33.5 crore from Rs28.6 crore in the corresponding period previous year. On a sequential basis, net profit declined by 26.6%.