Markets likely to open flat with positive bias tracking mixed global cues

Indian benchmark indices could see a mildly positive opening tracking mixed cues from the global peers. At 8:30 am IST, the early indicator- SGX Nifty is trading 0.3% higher.

S&P BSE Sensex and Nifty50 witnessed the biggest one day fall in nearly two months with Sensex dropping  516 points to end at 24,884 while Nifty50 plunging 156 points to finish at 7,603.

On Tuesday, the Reserve Bank of India Governor Rajan expectedly cut the repo rate by 25 bps while keeping the CRR unchanged.

Overseas, Asian markets are trading with modest gains as soft economic data from the United States and Europe cast a shadow on the global economic outlook.
 
Overnight, Wall Street ended lower as investors took profits on recent gains ahead of a quarterly reporting season that is expected to reveal sharply lower earnings.

In the commodity space, crude oil prices rebounded after Kuwait insisted major producers will agree to freeze output later this month even as key player Iran continued to thwart at the plan.

STOCKS IN FOCUS

Tata Steel: Sanjeev Gupta, a potential buyer of Tata Steel’s British assets, is meeting Britain’s business secretary on Tuesday to discuss his plan to turn around the struggling operations without the loss of thousands of jobs

Aviation stocks: The civil aviation ministry is likely to abolish the ‘5/20 rule’ that restricts companies from flying abroad unless they have flown in India for five years and have a fleet size of 20 aircraft, according to sources.

Pfizer:  The US Treasury Department took new steps on Monday to curb tax-avoiding corporate "inversions," with the pending $160 billion merger of Pfizer Inc and Allergan Plc seen as a potential casualty.

Telecom stocks: The government will soon meet officials of the telecom ministry and the telecom regulator Telecom Regulatory Authority of India (Trai) to discuss compensation for dropped calls.

Nestle India: The arguments over whether Maggi noodles is safe for consumption are to be heard on July 19, the Supreme Court said on Tuesday

M&M: Mahindra and Mahindra has launched a new range of tractors in the 30-45 HP category under brand name Mahindra YUVO on Tuesday.

Apollo Hospitals: Apollo Hospitals has partnered with Google to provide additional healthcare information to Google's Knowledge in India.