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Markets are likely to open higher on Wednesday tracking firm Asian cues after better-than-expected first quarter growth from China. However, further gains are likely to be capped amid selling by foreign institutional investors.
At 8:30AM, the SGX Nifty was trading flat at 6,747.
Asian markets were trading firm after China's GDP in the first quarter (Jan-Mar) of 2014 was better-than-expected at 7.4%. The Nikkei continued to rebound from its recent lows and was up over 2%, while Straits Times was up 0.2%. Shares in Hong Kong also firmed up 0.4% after the slide yesterday while Shanghai Composite was trading flat with nea
US stocks ended higher on Tuesday led by major corporates such as Coca- Cola global pharma giant Johnson & Johnson. The Dow Jones ended up 0.6% at 16,262.56, S&P 500 gained 0.7% and the tech-laden Nasdaq ended up 0.3%.
Stocks in Focus
Reliance Industries will be in focus after the Supreme Court resumes hearing in the KG-D6 gas pricing case.
IOC will be in action after it cut petrol prices by 70 paise per litre. Other state-owned oil marketing companies will witness action.
Development Credit Bank will see some action after the bank plans to raise Rs 300 crore via QIP.
Crompton Greaves may continue to witness trading activity on reports that Hitachi is likely to pick up promoter stake in the company.
Jubilant Foodworks will be in action after FIIs can now acquire 55% of the equity against 49% earlier.
IL&FS Transportation Network's board has approved a rights issue of equity shares of face value Rs 10/each.
AstraZeneca Pharma India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 15, 2014, deferred consideration of seeking approval of shareholders of the Company through Postal Ballot for the delisting of equity shares of the Company proposed by the Promoters of the Company.
MindTree will be in action as the board will consider third interim dividend and bonus issue at its meeting today.
TCS will be in focus ahead of its fourth quarter earnings to be released later today.
