Pre-market: Shares to open flat on tepid Asian cues

Benchmark share indices are likely to open flat on Thursday amid weak cues from their Asian peers

Benchmark share indices are likely to open flat on Thursday amid tepid cues from Asian markets.

 

At 7:25AM, the SGX Nifty was up 6 points at 6,197.

 

US share indices ended lower on Wednesday after heavy-equipment reported lower-than-expected profit for the third quarter and lowered its outlook for the year. Further, semiconductor companies which cut their forecasts also weighed on market sentiment.

 

The Dow Jones ended down 54 points at 15,413, the S&P 500 lost 8 points to close at 1,746 and the Nasdaq closed 22 points lower at 3,907.

 

Asian stocks were also trading lower after China's money market rates surged and worries over China's economic outlook.

 

The Nikkei was down 0.7%, the Hang Seng slipped 0.5% and the Shanghai Composite was down 0.4%.

 

Stocks in focus

 

Hero MotoCorp may extend gains after the two-wheeler major late Wednesday beat analyst estimates with a 9% rise

in profit, the first gain in five quarters. Net profit was Rs 481 crore for the fiscal second-quarter ended September 30.

 

Merck may be under pressure after the pharma company reported 38.87% decline in net profit at Rs 15.77 crore for the second quarter ended September 30, 2013, on the account of increase in expenses.

 

Jet Airways may witness selling pressure after the airline reported a eight-fold jump in losses at Rs 891 crore in the September  quarter due to the fall in rupee and poor market conditions coupled with grounding of some of its aircraft.

 

SBI, IDBI Bank and Central Bank may see some action on reports that the government will infuse capital of Rs 14,000 crore in public sector banks this year, including Rs 2,000 crore to the State Bank of India and Rs 1,800 crore each in IDBI Bank and Central Bank of India.

 

Raymond may see some gains after the textile major in the second quarter of the current fiscal reported an 85% rise in net profit at Rs 92 crore compared to Rs 50 crore in the same quarter last year.

 

Ambuja Cements may witness pressure after the cement major reported a 45.4% drop in net profit for the July-September

quarter at Rs 166 crore due to lower realisations and higher logistics costs.

 

Power Grid Corp may gain after the company reported 10% rise in net profit at Rs 123.92 crore in Jul-Sep 2013 compared

with Rs 112.59 crore in the same quarter last fiscal.