 "Stock market: A roller coaster ride for Indian equities")
Markets are likely to open on a flat-to-positive note mirroring mixed global cues. Meanwhile, stock specific action is likely to dictate the trend on the bourses post the Union Budget announcements tabled yesterday.
GLOBAL MARKET
Asian shares are trading positive on Tuesday, helped by China's stimulus. Meanwhile, jump in oil prices has lifted the mood. However, lackluster US and European data on worries about global growth momentum has dented capped the momentum. The People's Bank of China (PBOC) said that it cut its reserve requirement ratio, or the amount of cash that banks must hold as reserves, by 50 basis points.
Most Asian markets are trading mixed this morning. Japan's benchmark Nikkei was trading 0.70% lower, Hong Kong's Hang Seng and China’s Shanghai Composite were up 0.6% each. SGX Nifty is up 0.6%.
CRUDE OIL
US oil prices rose on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, feeding hopes the oil selloff would end.
STOCKS IN FOCUS
Axis Bank has bought 4.99% stake in Max Life Insurance for Rs 95.75 crore. The bank now owns 5.99% stake in Max life Insurance.
Oil marketing companies IOC, BPCL, HPCL are likely to remain in focus. State-run Indian firms have slashed petrol prices by Rs.3.02 a litre, but raised diesel by Rs.1.47, both in Delhi, with corresponding changes in other states.
Lupin will see some action after its wholly-owned Japanese subsidiary, Kyowa, plans to set up a manufacturing plant at Tottori, Japan as part of expansion plans in the country.
BEML has bagged the prestigious order valued at Rs 900 crore for the supply of Metro Coaches to Kolkata East-West Metro Line.
