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Markets are likely to open in the positive territory on the back of favourable domestic cues after the Union Cabinet gave a nod to the amendments to the GST Constitutional Amendment Bill, approved passage of a new consumer protection bill along with setting up of the National Investment & Infrastructure Fund worth Rs 20,000 crore. Also, firm global cues are likely to boost the sentiments.
However, the market participants will keenly watch out for the F&O expiry of the July series due today and will take into consideration the Federal Reserve statement that hinted strongly that it may raise interest rates in September on the back of improvement in the labour market.
STOCKS TO WATCH
ITC, NTPC, Dr Reddy’s Lab, Kotak Mahindra Bank, Bank of Baroda, IDFC, HCC, Glenmark Pharma, Colgate-Palmolive are some of the prominent names which are likely to announce their results today.
Nestle India following the ban of its Maggi noodles brand, reported a net loss of Rs 64.4 crore for this quarter compared to net profit of Rs 287.crore for the same period last year.
Castrol India reported a 48.31% rise in its net profit at Rs 184.5 crore for the second quarter ended June 30, 2015.
HDFC has decided to raise up to Rs 5,000 crore through non-convertible debentures (NCDs) to boost lending operations and meet its future capital needs.
Vedanta reported first quarter adjusted net profit of Rs 865.94 crore, down 35% from Rs 1341.23 crore posted in the same quarter previous year, mainly hurt by dropping oil and aluminium prices.
Allahabad Bank reported a 30% year-on-year rise in net profit for this quarter at Rs 147 crore, on the back of lower expenses and provisions as against Rs 113 crore in the year-ago period.
JSW Steel reported a consolidated net loss of Rs 107 crore in the quarter ended June, against a net profit of Rs 656 crore in the corresponding period last year, because of significant drop in sales as realisations took a hit amid increased cheap steel imports from China, Japan and Russia.
GLOBAL MARKET
Asian shares are gaining today after the US Federal Reserve indicated thatthe economy and jobs continue to strengthen helping in strengthening the dollar.
Japan's Nikkei is up 1.36% while China’s Shanghai Composite is up 0.5% and Hang Seng has climbed 0.4% .
On Wall Street, U.S. stocks rose broadly on the Fed's optimism and strong corporate earnings with Do Jones and Nasdaq up 0.7% and 0.4% each.
