 "Positive opening seen on D-Street as Asian equities stabilize")
Markets are likely to open the session on a positive note as Asian equities stabilized after registering losses in the previous trading sessions amid a mixed closing on the Wall Street. However, growth concerns in China and plunge in the commodity prices are liklely to weigh on the sentiments.
Meanwhile, back home, the Reserve Bank of India at its fourth bi-monthly monetary policy review yesterday reduced the repurchase, or repo, rate by a higher-than-expected 50 basis points to 6.75%. The street had expected a rate cut of 25 basis points. However, the central bank lowered its real GDP forecast for FY16 by 20 basis points to 7.4% compared with 7.6% earlier.
STOCKS TO WATCH
Rate sensitives are likely to remain in focus after the Reserve Bank of India at its fourth bi-monthly monetary policy review yesterday reduced the repurchase, or repo, rate by a higher-than-expected 50 basis points to 6.75%.
SBI on Tuesday cut its base rate - the floor rate below which banks to do not lend - by 40 basis points to 9.30%, the lowest in the industry.
Standard & Poor's Ratings (S&P) today revised outlook on India-based automaker Tata Motors Ltd (TML) from "positive" to "stable".
Hero MotoCorp unveiled two scooters developed in-house on new platforms, as the company expands its presence in a segment where former partner Honda Motor is the market leader in India.
In the backdrop of 'Make in India' mandate, Larsen and Toubro has emerged as the finalist for a $750-million (about Rs 5,000 crore) contract to supply 100 self-propelled artillery guns to the Indian Army.
Following the repo rate cut by the Reserve Bank, public sector lender Bank of India this evening announced reduction in its minimum lending or base rate by 25 basis points to 9.70 per cent from 9.95 per cent, effective October 5.
Sun Pharma has made a tender offer to acquire US-based eyecare firm InSite Vision for USD 0.35 per share in cash.
PVR said its shareholders have approved raising Rs 500 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
Idea Cellular has said its shareholders have approved to raise up to Rs 10,000 crore through issue of non-convertible securities on private placement basis in one or more tranches.
Shree Renuka Sugars has filed for judicial protection for its Brazilian subsidiary, Shree Renuka do Brasil Participacoes, together with all of its subsidiaries (collectively, Renuka Brazil) in the local designated court in the state of Sao Paulo in that country.
Steel stocks are likely to remain in focus after the government ensured that the downstream user industry was not hurt by its final decision on the safeguard duty on select steel imports, according to reports.
GLOBAL STOCKS
Asian stocks mostly stabilized today recouping from the losses in the previous sessions, mirroring the finish on Wall Street overnight. Meanwhile, drop in commodity prices amid growth concerns in China continue to weigh. Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng have gained between 0.5-2%.
In the US market, the blue-chip Dow Jones Industrial Average and S&P 500 rose 0.3% and 0.1% respectively, while the Nasdaq Composite slipped 0.6%.
