Markets are likely open on a positive note on the back of favorable macroeconomic data and advancement of monsoons. Also, strength among the global peers is likely to lift the mood of the investors.
However, developments in Greece coupled with the movement in rupee and crude oil is likely to dictate the trend on the bourses.
However, developments in Greece coupled with the movement in rupee and crude oil is likely to dictate the trend on the bourses.
DOMESTIC DEVELOPMENTS
The growth in eight core sectors increased to 4.4% in May versus a decline of 0.4% in the month of April. The eight core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity.
According to the India Meteorological Department (IMD), in June, the country received around 189.5 millimetres of rain as against a normal of around 163.6 millimetres.
INTERNATIONAL DEVELOMENTS
The International Monetary Fund (IMF) in a press release stated that Greece has failed to make a payment of €1.5bn to the IMF that had been set for midnight on Tuesday. It further added that the cash-strapped nation is now in arrears and can only receive IMF financing once the arrears are cleared.
STOCKS ON THE RADAR
Oil marketing companies (OMCs) on Tuesday announced a 31 paise per litre slash in petrol prices along with a 71 paise cut in diesel prices to align the domestic rates with the global price benchmarks. Therefore, BPCL, HPCL and IOC are likely to remain on the radar.
Axis Bank has launched non-callable deposits. This comes two months after the Reserve Bank of India (RBI) came out with the norms allowing banks to offer differential rates on fixed deposits.
Bharti Airtel has become the world’s third largest mobile operator with a total of 303 million subscribers
Jindal Steel & Power Ltd (JSPL) has sought allotment of 1,000 acres of additional land to achieve full steelmaking capacity of six million tonne per annum at its Angul facility.
The Competition Commission of India (CCI) has approved the proposed merger of drug maker Pfizer and Hospira, in which the latter has various manufacturing operations in India through its wholly owned subsidiary and in joint venture with Gujarat-based Cadila Healthcare.
Lakshmi Vilas Bank has cut its base rate by 15 basis points (bps). The Bank's base rate now stands reduced to 10.95% p.a.from the earlier rate of 11.10% p.a. The revised rates will be effective from July 1, 2015.
JSW Energy has plans to raise Rs 12,500 crore via issuance of various securities as it eyes organic and inorganic ways to expand business.
Some of the stocks Tata Steel, Tech Mahindra, Bharat Forge, Motherson Sumi, Tata Motors which have a prominent Euro exposure are likely to remain in focus.
GLOBAL MARKET
Asian share markets rose in today's trade with Japan's Nikkei up 0.2%, a second day of small gains as it stabilizes after Monday's steep fall.
The data was mixed from China where surveys showed sluggish factory activity but a pick up in service sector, a sign the transition to a more consumer-led economy remained on track. China's Shanghai Composite is up 0.2%.
The early indicator SGX Nifty is down 0.4%.
The data was mixed from China where surveys showed sluggish factory activity but a pick up in service sector, a sign the transition to a more consumer-led economy remained on track. China's Shanghai Composite is up 0.2%.
The early indicator SGX Nifty is down 0.4%.
On Wall Street, the Dow .DJI had edged up 0.1% on Tuesday, while the S&P 500 gained 0.3% and the Nasdaq .IXIC 0.6%.
