Indian market may see a flat-to-positive opening on Wednesday, as indicated by the SGX Nifty which was trading some 40 points higher at around 10,800 levels at 7:06 AM. The gains, however, might be capped by weak global cues. US stocks fell overnight, halting a five-day winning streak by the benchmark S&P 500 index. The Dow Jones fell 1.5 per cent, the S&P 500 lost 1. per cent, and the Nasdaq dropped 0.86 per cent.
Asian stocks were also to down in Wednesday's early deals. Australian ASX 200 was down 0.2 per cent in early trading, while Japan's Nikkei was flat.
On the earnings front, a total of 12 companies are slated to report their March quarter earnings today, while South Indian Bank is scheduled to report June quarter results.
Meanwhile, India witnessed another massive spike of over 23,000 new Covid-cases on Tuesday. The total cases have now exceeded 7.43 lakh with 20,653 deaths.
Although, there's some relief for investors on the India-China border tension front as the disengagement process between the armies of India and China continued on Tuesday. Chinese military removed temporary infrastructure and continued gradual withdrawal of troops from face-off sites in Hot Springs and Gogra in eastern Ladakh for the second consecutive day.
Investors will today track the Cabinet meeting in which a couple announcements under the Atma Nirbhar Bharat Abhiyan will reportedly be considered.
Besides, market participants will also react to stock-specific developments. Let's have a quick look at some of them.
Reliance Industries might be in focus once again after the company said that Jio Platforms has received Rs 43,574 crore from Facebook for a 9.99 per cent stake in the company. The deal was announced on April 22.
The Enforcement Directorate yesterday pressed money-laundering charges against the promoters of the GVK group of companies, officials of Mumbai International Airport, and a few other entities in connection with the alleged Rs 705-crore Mumbai airport scam.
France's Groupe ADP has infused Rs 4,565 crore in GMR Airports Limited in second tranche of investment to purchase a total of 49 per cent shareholding in the company.
After suffering a complete erosion of sales in April due to Covid-19 lockdown, recovery for Titan has been better than originally foreseen, the company said in its June quarter business update yesterday. So far, Titan has re-opened around 83 per cent of its stores across all businesses while the jewellery division has re-opened around 95 per cent of its Tanishq stores till date.
And, in the end, some other top news investors should take note of.
Franklin Templeton Mutual Fund is in talks with bond issuers to get unlisted debt securities listed on the bourses in order to shore up liquidity to some of these unlisted securities.
Many countries may need debt restructuring in the aftermath of the global coronavirus pandemic and its economic fallout, the International Monetary Fund's chief economist Gita Gpoinath has said.
Investments by sovereign wealth funds and pension funds in 34 key infrastructure sectors including hotels, cold chains, educational institutions, hospitals and gas pipelines will get tax exemptions on some categories of incomes, the CBDT has said.
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