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Markets are likely to open on a lower note tracking weakness in the Asian peers as investors remain wary after China's surprise yuan devaluation last week. Meanwhile, Japan’s economy shrank at a rate of 1.6% in the April-June quarter on the back of weak exports and consumer spending which dampened the mood.
On the domestic front, PSBs will be in focus after the government introduced a state bank reform programme for the ailing PSU banks.
Movement of rupee and crude coupled with progress of monsoon is likely to dictate the trend on the bourses.
STOCKS ON THE RADAR
The government unveiled a seven-pronged revamp plan to revive the ailing PSU Banks, including a Rs 20,000-crore capital infusion lifeline. Banks which are likely to benefit include names like SBI, BoI, IDBI Bank, PNB, Canara Bank, IOB, Union Bank, Corporation Bank, Andhra Bank, Bank of Maharashtra, Allahabad Bank and Dena Bank.
Indian Oil has slashed prices of petrol by Rs 1.27 a litre and of diesel by Rs 1.17, effective on Saturday. The oil marketing companies including BPCL and HPCLare likely to remain in focus.
Financial Technologies (FTIL) has hired the services of Aakriti Promotions and Media, an Ahmedabad-based brand solutions and public relations firm.
Essar Shipping reported a consolidated net loss of Rs 115.71 crore for quarter ended June 30, 2015. The company's consolidated net loss in the corresponding period of the previous fiscal was Rs 140.16 crore.
Hindalco Industries reported a net profit of Rs. 107.19 crore for the quarter ended June, against a profit of Rs. 327.50 crore in the year-ago quarter, hurt by high finance and depreciation costs.
Tata Motors reported 8.25% decline in global sales, including that of Jaguar Land Rover, at 73,535 units in July. It had sold 80,151 units in the same month last year.
Cipla reported an over two-fold jump in its consolidated net profit to Rs 650.61 crore for the quarter ended June 30, 2015 mainly on account of robust sales.
HDFC will sell 9% stake in HDFC Life to its British joint venture partner Standard Life for a little over Rs 1,700 crore.
