 "Deutsche Bank cuts Sensex target to 28,000")
Markets are likely to turn choppy after making a higher opening tracking positive global cues.
The markets will remain volatile ahead of the near-month September derivatives contracts expiry on Thursday, as traders roll-over positions to the October 2015 series. The early indicator, SGX Nifty is up by 20 points at 7,998 levels.
According to Angel Broking's report, "The trend deciding level for the day is 26,133 / 7,958 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally up to 26,293 – 26,394 / 8,007 – 8,037 levels. However, if NIFTY trades below 26,133 / 7,958 levels for the first half-an-hour of trade then it may correct towards 26,033 – 25,872 / 7,928 – 7,878 levels."
Meanwhile, Finance Minister Arun Jaitley said on Monday he hopes the economy will grow faster this year than last, and expects that Asia's third-largest economy will not see a big hit from China's slowdown.
According to SBI Research, benign food inflation, sufficient transmission of policy rates and the spread of monsoon makes a case for at least 25 basis points (bps) cut in repo rate by the Reserve Bank.
Further, the rupee is seen as weakening from current levels and again breaching 66 to a dollar, in a poll conducted by Business Standard. The median forecast of 10 experts showed the rupee at 66.1 a month down the line. Two respondents said it could touch 66.5.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs 154.87 crore on 21st September 2015. Domestic institutional investors bought shares worth Rs 104.08 crore.
GLOBAL MARKETS
Asian shares rose on Tuesday and the dollar held steady as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, with Australia up 1.1 percent and South Korea 0.1 percent. Japanese markets are shut through Wednesday.
The US dollar retained most of its overnight gains in early Asian trade. It remained at 95.917 against a basket of six currencies.
US stocks rose overnight as St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart separately made the case for an increase in U.S. interest rates this year, boosting financial shares.
STOCKS TO WATCH
Ashok Leyland plans to list its financing arm in the second half of next year and could raise up to Rs 6.5 bn.
Bain Capital, the global private equity (PE) giant, acquired a 10.2 per cent stake in L&T Finance Holdings in two separate deals on Monday.
Godrej & Boyce is eyeing a turnover of Rs 10,000 crore this financial year, as a revival in sentiment is expected to bolster its business.
Engineering giant Larsen & Toubro (L&T) has set its succession plan rolling by elevating S N Subrahmanyan as deputy managing director (MD) and president from October 1.
Information technology (IT) major Infosys has won a Rs 1,400-crore contract from GST Network (GST-N) to build the IT system so that the goods and services tax (GST) regime is rolled out on schedule.
Tata Power, which has a consumer base of half a million in Mumbai, will seek the Maharashtra Electricity Regulatory Commission (MERC)’s approval to strengthen its distribution network in the city.
Amtek Auto has missed the deadline payments on the Rs 800 crore worth of bonds that matured on Monday.
MMTC has informed the BSE that its board of directors had approved the proposal for sale of 10 per cent stake in Indian Commodity Exchange (ICEX), the now defunct bourse it jointly promoted with Indiabulls Financial Services.
State-owned NTPC is set to issue Rs 700 crore of tax-free bonds — 40 per cent will be for retail investors. The issue will open on Wednesday.
With Reuters input
