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Markets are likely to have a subdued opening in wake of the negative cues from the global front and the indications from early trading on SGX Nifty.
At 8:26AM, the SGX Nifty is flat at 6,745.
Asian stocks have made modest gains in early trades on Tuesday. China's Shanghai Composite was up two points at 2,029, Singapore's Straits Times was flat at 3,244 and Taiwan's Taiwan Weighted was up eight points at 8,879. However, the markets in South Korea, Hong Kong are Japan shut for the day.
Overnight, US stocks fell broadly, closing at session lows, with AIG pulling financial shares lower after disappointing earnings and as a slide in Twitter took down other names in the technology and internet space. Traders also kept an eye on developments in Ukraine, where supporters of Russia and of a united Ukraine are accusing each other of tearing the country apart. The Dow Jones fell 129 points or 0.78%, to 16,401, S&P 500 lost 16.94 points or 0.9%, to 1,867 and Nasdaq Composite dropped 57.296 points or 1.38%, to 4,080.
As a result, the Asian equities declined in early trades on Wednesday. China's Shanghai Composite was down 0.57% or 11.50 points at 2,016. Hong Kong's Hang Seng shed 0.84% or 185 points at 21,790. Japan's Nikkei tumbled 2.22% or 320 points at 14,136. Singapore's Straits Times declined 0.48% or 15 points at 3,230. South Korea's Seoul Composite fell 0.40% or 7.85 points at 1,951. Taiwan's Taiwan Weighted shed 0.47% or 41 points at 8,870.
Back home, the BSE Sensex rose for a consecutive session on Tuesday to its highest close in a week, as blue-chips such as Reliance Industries gained after foreign investors snapped a five-day selling streak in index futures.
Stocks in Focus
TCS, Infosys and Wipro are likely to be in focus on the news that they are vying for Bharti Airtel's IT services contract said to be worth $1-2 billion, which is likely to close soon.
Medical devices manufacturer Opto Circuits (India) may be in the news on deciding to raise fresh funds of up to Rs 1,500 crore ($250 million) by issuing securities.
Titan Company Ltd may be in the limelight on reporting a moderate growth of 11.3% in net profit to Rs 206 crore for the fourth quarter ended March 31, 2014 compared to Rs 185 crore in the same quarter last year.
ICICI Bank, the country’s largest private sector lender, has trimmed its equity investment in its United Kingdom and Canada arms to seven per cent of its net worth, from 11 per cent in the last four years.
Punj Lloyd on Tuesday said the company had secured the right to construct a road project in Yemen worth Rs 1,270 crore.
ICICI Bank, the country’s largest private sector lender, has trimmed its equity investment in its United Kingdom and Canada arms to seven per cent of its net worth, from 11 per cent in the last four years.
Punj Lloyd on Tuesday said the company had secured the right to construct a road project in Yemen worth Rs 1,270 crore.
