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Stock markets are likely to open flat with a negative bias tracking weak global cues.
Stocks in Asia were trading marginally lower after better-than-expected US economic data raised worries that the US Fed may start pruning its monetary stimulus measures sooner-than-expected. The Nikkei was down 0.01% while the Straits Times was trading flat
with negative bias. China's Shanghai Composite was down 0.4% while Hang Seng was down 0.1%.
At 8:20AM Indian Standard Time the SGX Nifty was down 10 points at 6,282.
US benchmark share indices ended mixed on Tuesday as investors booked profit after gains in the previous two sessions. Further, investors adopted a cautious stance as the Fed might start withdrawing its bond buying programme on the back of encouraging economic data.
The services index of the Institute of Supply Management was better-than-expected at 55.4 in October compared with 54.4 in September.
The Dow Jones industrial average ended down 21 points, or 0.1%, to end at 15,618.22. The Standard & Poor's 500 Index closed 5 points lower, or 0.3% higher, at 1,762.97. The Nasdaq Composite Index ended flat at 3,939.86.
Key European shares ended lower on Tuesday. The CAC-40 lost 35 points to end at 4,253.34, the DAX fell 28 points to end at 9,009.11 while the FTSE-100 ended 17 points lower at 6,746.84
STOCKS TO WATCH
Indraprastha Gas will be in focus ahead of its Q2 earnings today. According to analysts, the company is likely to report a lower net profit for the Jul-Sep quarter.
Ashok Leyland and BHEL will be in action ahead of their Q2 earnings later today.
State Bank of Travancore is likely to be under pressure. The bank on Tuesday reported 59 per cent decline in net profit to Rs 55.34 crore for the July-September quarter. It had posted a net profit of Rs 135.63 crore for the corresponding period last year. As of September 30, gross non-performing assets (NPAs) of the bank were 3.50 per cent of gross advances, as against 2.98 per cent a year ago. Its net NPAs rose to 2.07 per cent from 1.74 per cent.
Bayer CropScience's share buyback starts from today and ends on November 20, 2013. The company plans to buy upto 28,79,746 fully paid-up equity shares of Rs 10 each representing 7.29% of the total number of equity shares in the issued, subscribed and paid-up equity share capital of the company as on record date (October 8, 2013) at a price of Rs 1,580 per
equity share.
Scooters India may see some action after the company reported a turnaround in the second quarter ended September 30, 2013. The company late Tuesday reported a net profit of Rs 60 lakhs for the second quarter compared with a loss of Rs 4.28 crore in the corresponding quarter last fiscal.
