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Markets are expected to open flat tracking mixed cues from global peers. At 8:20 AM, the early indicator SGX Nifty is trading flat with a negative bias at 0.07%.
The benchmark indices on Tuesday fell for the fourth straight session on P-Notes woes with BSE Sensex ending 102 points down at 27,459 while the CNX Nifty ending at 8,337 levels, down by 24 points.
However, caution would prevail in today’s session ahead of the policy decision from the US Federal Reserve. Markets are expecting a signal from the Fed on whether to expect a rate hike in September or not.
On the domestic front, the Reserve Bank of India is likely to keep the benchmark repo rate unchanged at 7.25% in its policy review meet next week according to reports.
The tepid corporate results so far has weighed on the markets. Also, the first week of the monsoon session of the Parliament has been a washout and the hopes on the passages of key legislations such as GST Bill and the Land Acquisition Bill remains bleak.
Further, the derivatives expiry for the month of July, which is due tomorrow, could also provide some volatility to the Indian equities.
GLOBAL MARKETS
Asian markets are a mix bag today with Japan’s Nikkei down 0.5% while China’s Shanghai Composite up 0.2%. But most of the Asia is riding high on the hopes that Beijing could stem the rout in its markets without damage to the economy.
On Wall Street, the Dow Jones had ended on Tuesday with gains of 1.09%, while the S&P 500 rose 1.24% and the Nasdaq 0.98%
Asian markets are, however, trading cautious ahead of a policy decision from the U.S. Federal Reserve.
TRENDING STOCKS
On earnings front, Allahabad Bank, Dabur India, Godrej Consumer, JSW Steel, Nestle India, Vedanta, and Yes Bank are expected to announce their quarterly results today.
Indian Bank: Indian Bank has paid Rs 165.62 crore as dividend to the government of India.
Hero MotoCorp: will acquire certain tangible and intangible assets of its US-based bankrupt partner Erik Buell Racing (EBR) for $2.8 million (Rs 18 crore).
Nestle India: FDA of Maharashtra today told the Bombay High Court that Maggi noodles manufacturer Nestle India violated laws with the lead level in the popular instant snack being above the permissible limit.
PVR Ltd: will be installing Dolby Atmos® in 50 of its cinema screens across the country over the next two years
