Global cues, rupee trajectory and the next leg of corporate earnings are expected to sway markets on Wednesday.
US President Donald Trump yesterday backed off his September 1 deadline for 10 per cent tariffs on remaining Chinese imports. On the other hand, political unrest in Hong Kong and market rout in Argentina continues.
Back home, the government yesterday announced a scheme for providing a one-time credit guarantee to public sector banks for purchase of pooled assets of non-banking financial companies (NBFCs) at fair value.
That apart, the downward spiral continued for Indian automakers in July as sales fell by 18 per cent over the same month last year.
Sales of passenger vehicles declined by 30.98 per cent, the steepest fall in two decades, and industry executives are now counting on a good monsoon to revive them in the festive season.
On the macro-economic front, The wholesale price index (WPI) inflation data for July, which will be out today, will also be on investors' radar who will continue to track the progress in monsoon, foreign fund flow, and oil price.
They will also follow the rupee's movement after it tumbled 0.85 per cent on Tuesday and closed at a six-month low of 71.40 a dollar.
Yesterday, the Sensex fell 624 points to end at 36,958, while the Nifty 50 index dropped 184 points to close at 10,926.
In the results corner, over 1,000 companies, including Grasim Industries, Indiabulls Real Estate, IDBI Bank, and Wockhardt are scheduled to announce their June quarter earnings today.
And, now let's take a look at top trading ideas from HDFC Securities. The brokerage recommends buying Marico for a traget price of Rs 415 and stop loss of Rs 375. It also recommends buying Sun Pharma with the target price of Rs 470 and keeping stop loss at Rs 420.
And now, here's an update from global markets.
Wall Street stocks jumped overnight after Trump delayed the China tariffs. The Dow rose 1.44 per cent to 26,280, the S&P 500 gained 1.47 per cent to 2,926 and the Nasdaq added 1.95 per cent to 8,016. Asian shares joined the rally on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.4 per cent. Australian stocks gained 0.4 per cent, and Japan’s Nikkei rose 0.8 per cent.
And before we wrap up, let's take a quick look at top headlines for the day -
>> Tata Sons Chairman N Chandrasekaran gets Rs 65.25-crore remuneration for FY19;
>> It will take 1-2 years to come out of economic slowdown, says former RBI Guv Bimal Jalan;
>> ETF assets nearly triple in 2 yrs on back of steady inflow from EPFO, provident funds.
 "Market Ahead, August 14: All you need to know before the Opening Bell")
