 "Pre-Market: Stocks to watch in trade on Wednesday")
Here are a few stocks that are likely to be in focus today:
Cairn India and Vedanta shares will continue to be in focus on reports that insurance major LIC which holds 9.06% stake in Cairn India, is seeking a better offer, including higher dividend on the redeemable preference shares that the metal producer plans to offer Cairn shareholders as part of its planned merger.
HDFC Bank will be in focus after the country’s second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 per cent. The new rates came into effect on Monday. Base rate is the benchmark rate to which all loan rates are linked.
Jubilant Life may gain after the company announced hike in price of Vitamin B3 by 10% with immediate effect.
Kirloskar Oil Engines may gain after the Bombay High Court approved the Composite Scheme of Arrangement and Amalgamation (the Composite Scheme) between Kirloskar Brothers Investments Limited, Pneumatic Holdings Limited and Kirloskar Oil Engines Limited and their respective shareholders and creditors.
Opto Circuit will be in focus after the GDR Committee of the Company on June 16 approved the opening of issue of GDRs of the Company.
Lakshmi Vilas Bank has raised interest rates on savings accounts to 5% per annum for deposits up to Rs. 5 lakhs from earlier 4% per annum up to Rs. 1 lakh. For balance of above Rs. 5 lakhs, the new interest rates would be 6% per annum from earlier interest rates of 5% on incremental balances above Rs. 1 lakh.
Gayatri Projects may firm up after the board approved allotment of 16,24,006 equity shares by way of conversion of unsecured loan of Rs 33 crore extended by them. The board also approved allotment of 36,54,000 equity shares to FIIs.
Indian Hotels Company, which operates the Taj Group of Hotels, will be in focus after the New Delhi Municipal Council (NDMC) appointed SBI Cap to be its transaction advisor for the auction of the iconic Taj Mansingh Hotel.
MARKET COMMENTARY
The markets are likely to open firm on Wednesday tracking overnight gains on Wall Street and mixed cues in Asia. Meanwhile, investors are likely to remain cautious in the latter half of the trading session ahead of the outcome of the US Fed meet which ends later today.
The Sensex ended 100 points higher on Tuesday amid a rebound in late trades led by Infosys and bank shares.The broader markets also ended in sync with the larger peers with BSE Midcap and Smallcap indices up by 0.76% and 0.34%, respectively.
Foreign institutional investors were net sellers to the tune of Rs 522 crore on Tuesday, as per provisional stock exchange data.
ECONOMIC TRENDS
Merchandise exports fell for the sixth straight month in May, plunging 20.19 per cent to $22.34 billion, compared with $28 billion in the corresponding period last year, owing to weak global demand and a fall in crude oil prices. Exports had declined 13.96 per cent in April and 21.06 per cent in March.
GLOBAL MARKETS
Asia shares inched higher while the dollar held firm on Wednesday as investors awaited the Federal Reserve's latest take on the U.S. economy and interest rates as almost a welcome diversion to the endless wrangling over Greece.
A rally on Wall Street helped Japan's Nikkei .N225 gain 0.2 percent, while Australia's market .AXJO rose 0.4 percent.
MSCI's index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.1 percent from a three-month low.
The index has been dragged by Chinese shares .SSEC which fell sharply on Tuesday ahead of a torrent of IPO's that could tie up about 6 trillion yuan ($966.7 billion) of capital.
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On Wall Street, the Dow .DJI ended Tuesday up 0.64 percent, while the S&P 500 .SPX added 0.57 percent and the Nasdaq .IXIC 0.51 percent.
With Reuters input
Cairn India and Vedanta shares will continue to be in focus on reports that insurance major LIC which holds 9.06% stake in Cairn India, is seeking a better offer, including higher dividend on the redeemable preference shares that the metal producer plans to offer Cairn shareholders as part of its planned merger.
HDFC Bank will be in focus after the country’s second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 per cent. The new rates came into effect on Monday. Base rate is the benchmark rate to which all loan rates are linked.
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Wipro may gain after the IT major annouced plans to set up facility in Odisha that would house 28,000 staff in Bhubaneswar.
Jubilant Life may gain after the company announced hike in price of Vitamin B3 by 10% with immediate effect.
Kirloskar Oil Engines may gain after the Bombay High Court approved the Composite Scheme of Arrangement and Amalgamation (the Composite Scheme) between Kirloskar Brothers Investments Limited, Pneumatic Holdings Limited and Kirloskar Oil Engines Limited and their respective shareholders and creditors.
Opto Circuit will be in focus after the GDR Committee of the Company on June 16 approved the opening of issue of GDRs of the Company.
Lakshmi Vilas Bank has raised interest rates on savings accounts to 5% per annum for deposits up to Rs. 5 lakhs from earlier 4% per annum up to Rs. 1 lakh. For balance of above Rs. 5 lakhs, the new interest rates would be 6% per annum from earlier interest rates of 5% on incremental balances above Rs. 1 lakh.
Gayatri Projects may firm up after the board approved allotment of 16,24,006 equity shares by way of conversion of unsecured loan of Rs 33 crore extended by them. The board also approved allotment of 36,54,000 equity shares to FIIs.
Indian Hotels Company, which operates the Taj Group of Hotels, will be in focus after the New Delhi Municipal Council (NDMC) appointed SBI Cap to be its transaction advisor for the auction of the iconic Taj Mansingh Hotel.
MARKET COMMENTARY
The markets are likely to open firm on Wednesday tracking overnight gains on Wall Street and mixed cues in Asia. Meanwhile, investors are likely to remain cautious in the latter half of the trading session ahead of the outcome of the US Fed meet which ends later today.
The Sensex ended 100 points higher on Tuesday amid a rebound in late trades led by Infosys and bank shares.The broader markets also ended in sync with the larger peers with BSE Midcap and Smallcap indices up by 0.76% and 0.34%, respectively.
Foreign institutional investors were net sellers to the tune of Rs 522 crore on Tuesday, as per provisional stock exchange data.
ECONOMIC TRENDS
Merchandise exports fell for the sixth straight month in May, plunging 20.19 per cent to $22.34 billion, compared with $28 billion in the corresponding period last year, owing to weak global demand and a fall in crude oil prices. Exports had declined 13.96 per cent in April and 21.06 per cent in March.
GLOBAL MARKETS
Asia shares inched higher while the dollar held firm on Wednesday as investors awaited the Federal Reserve's latest take on the U.S. economy and interest rates as almost a welcome diversion to the endless wrangling over Greece.
A rally on Wall Street helped Japan's Nikkei .N225 gain 0.2 percent, while Australia's market .AXJO rose 0.4 percent.
MSCI's index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.1 percent from a three-month low.
The index has been dragged by Chinese shares .SSEC which fell sharply on Tuesday ahead of a torrent of IPO's that could tie up about 6 trillion yuan ($966.7 billion) of capital.
ADVERTISING
On Wall Street, the Dow .DJI ended Tuesday up 0.64 percent, while the S&P 500 .SPX added 0.57 percent and the Nasdaq .IXIC 0.51 percent.
With Reuters input