 "Pre-market: Higher opening likely on FII buying, reform measures")
Markets are likely to open higher, amid firm global cues, after FIIs turned net buyers on the bourses buying Indian shares worth around Rs 1,040 crore on Monday.
Further, the announcement by the governemnt to cap the subsidy on domestic gas cylinders and to take up ordinance route to resolve issues arising out of the cancellation of coal blocks has improved sentiments. The ordinance will address issues related to coal supply to companies of central and state governments, as well as private companies in the cement, steel and power businesses. It will also address valuation of the land to be taken over from those who have lost coal blocks.
At 8:30AM, the early indicator SGX Nifty is flat at 7,909.
US stocks gained ahead of the release of third-quarter earning data of Apple while below expectation numbers from IBM dragged the indices down. Other factors adding to caution was the growing certainty about Fed wrapping up the third tranche of quantitative easing program later this month. Nasdaq was the biggest gainer with advance of around 1.3% while Dow Jones gained around 0.9% and S&P 500 around 0.5%.
Despite expectations of a some monetary easing measure to be undertaken by European Central Bank building up, European markets ended lower. German DAX was the biggest loser with a loss of more than 1.5% while French CAC 40 declined more than 1% and FTSE ended down 0.7%.
Stocks to watch
ONGC will remain in focus as the proposed reform measures are going to improve the profitability of the company.
JSPL and Hindalco shares may experience increased buying on the back of proposed ordinance to e-auction the coal blocks cancelled by the Supreme Courts.
Idea Cellular, the country’s third largest operator is expected to gain as on Monday the company reported a 69% jump in consolidated net profit for the July-September quarter, beating estimates of analysts.
Cairn India will be in focus ahead of the release of its Q2 results.
Just Dial will be in focus after the release of its Q2 results. The company has posted 31% increase in revenue of YoY basis.
Further, the announcement by the governemnt to cap the subsidy on domestic gas cylinders and to take up ordinance route to resolve issues arising out of the cancellation of coal blocks has improved sentiments. The ordinance will address issues related to coal supply to companies of central and state governments, as well as private companies in the cement, steel and power businesses. It will also address valuation of the land to be taken over from those who have lost coal blocks.
At 8:30AM, the early indicator SGX Nifty is flat at 7,909.
Also Read
Trends are mixed at Asian markets which remain cautious despite the third-quarter growth data allayed concerns about an entrenching slow down in the Chinese economy. China's economy grew 7.3% between July and September from a year earlier, slightly above expectations. Other data showed factory output rose 8.0 percent in September from a year earlier, beating expectations for a 7.5% increase and up from August's six-year low of 6.9%. Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng Shanghai indices remains flat.
US stocks gained ahead of the release of third-quarter earning data of Apple while below expectation numbers from IBM dragged the indices down. Other factors adding to caution was the growing certainty about Fed wrapping up the third tranche of quantitative easing program later this month. Nasdaq was the biggest gainer with advance of around 1.3% while Dow Jones gained around 0.9% and S&P 500 around 0.5%.
Despite expectations of a some monetary easing measure to be undertaken by European Central Bank building up, European markets ended lower. German DAX was the biggest loser with a loss of more than 1.5% while French CAC 40 declined more than 1% and FTSE ended down 0.7%.
Stocks to watch
ONGC will remain in focus as the proposed reform measures are going to improve the profitability of the company.
JSPL and Hindalco shares may experience increased buying on the back of proposed ordinance to e-auction the coal blocks cancelled by the Supreme Courts.
Idea Cellular, the country’s third largest operator is expected to gain as on Monday the company reported a 69% jump in consolidated net profit for the July-September quarter, beating estimates of analysts.
Cairn India will be in focus ahead of the release of its Q2 results.
Just Dial will be in focus after the release of its Q2 results. The company has posted 31% increase in revenue of YoY basis.