 "Markets likely to open flat; telecom stocks in focus")
Markets are likely to open flat, amid mixed global cues, with telecom stocks in focus ahead of the hearing in Delhi Court on compensation for call drops later today.
At 8:30am, the early indicator SGX Nifty was down 6 points at 7,775
"The Indian markets today are expected to open with a flat to positive note tracking global cues. US markets ended flat and the Asian markets were trading mixed," Geojit BNP Paribas Financial Services said in a note.
Click here for top trading ideas from Chandan Taparia of Anand Rathi
On Tuesday markets ended flat, amid a volatile trading session, on global growth concerns and rising geopolitical tensions in the Middle East.
GLOBAL MARKETS
Most Asian shares except for China were trading with losses as volatile global crude oil prices amid geopolitical tensions in the Middle East continued to weigh on investor sentiment. Japanese shares fell the most with the benchmark Nikkei down 1.2% while Straits Times and Hang Seng were down 0.5%. However, China shares rebounded today after the slide in the previous two sessions after regulators imposed a ban on share sales by major shareholders. The Shanghai Composite was up nearly 1%.
Stocks on Wall Street stabilised to end flat with positive bias amid a volatile trading session on Tuesday. The Dow Jones industrial average ended 10 points at 17,159 while the broader S&P 500 gained 4 points at 2,017. However, tech-laden Nasdaq ended down 12 points at 4,891.
STOCKS IN FOCUS
Telecom stocks will be in focus as the Delhi High Court is likely to pronounce its order on compensation for call drops later today. The Telecom Regulatory Authority of India (Trai) has asked operators to pay a compensation of Re one for every call drop, maximum three calls per day per mobile user, starting January 1.
Cadila Healthcare may see some pressure as reports suggest that the company has received warning letter from USFDA for Moraiya and Zyfine facilities.
NMDC may be in action after production of its biggest iron-ore mine, in Chhattisgarh’s Dantewada district, has come to a halt following workers’ strike.
Gokaldas Exports will be in focus after the board decided to transfer/sale of land located at Bengaluru, Mysore and Hyderabad.
SpiceJet may firm up on reports that the airline announced network expansion and flight frequencies on 10 routes, including extra services on the Delhi-Kabul sector.
