The Indian markets after teaching an all-time highs for quite sometime are going through correction phase, and on Wednesday, taking weak global cues from the US and Asian stock markets that opened in red, Indian market is also expected to open on a flat note. At 0715 hours IST, the Nifty Futures on the Singaporean Stock Exchange was trading at 17,412, up 38.25 points, or 0.22 per cent, signaling a positive start for the Indian markets. The Wall Street opens higher as consumer price growth slows, The Dow Jones Industrial Average rose 37.27 points, or 0.11 per cent, at the open to 34,906.90. The S&P 500 opened higher by 10.60 points, or 0.24 per cent, at 4,479.33, and the Nasdaq Composite gained 62.87 points, or 0.42 per cent, to 15,168.45 at the opening bell. On the other hand Asian bourses like Hong Kong stocks fall at open of trade Wednesday morning, The Hang Seng Index fell 0.73 percent, or 186.27 points, to 25,315.96. The Shanghai Composite eased 0.33 percent, or 12.11 points, to 3,650.49, while the Shenzhen Composite Index on China’s second exchange gave up 0.47 percent, or 11.70 points, to 2,477.19. On the other hand, Tokyo stocks also opened lower on Wednesday as investors sought to lock in profits after recent rallies, with falls on Wall Street also weighing on the market. The benchmark Nikkei 225 index was down 0.65 percent, or 200.30 points, at 30,469.80 in early trade, while the broader Topix index slipped 0.81 percent, or 17.18 points, to 2,101.69.
On Thursday, the Sensex closed 69 points, or 0.12 percent, up at 58,247.09 while the Nifty finished with a gain of 25 points, or 0.14 percent, at 17,380. Mid and smallcap indices hit their fresh record highs in intraday trade today. The BSE Midcap index closed 1.09 percent higher while the smallcap index ended with a gain of 0.63 percent.
Here are some stocks that would be in focus today:
Reliance Infrastructure: The company said that it will receive Rs 7,100 crore from the Delhi Metro Rail Corporation (DMRC) after a recent Supreme Court judgement, the company’s chairman Anil Ambani told shareholders. The payment from DMRC will be utilised for debt repayment and the company, which has a standalone debt of Rs 3,808 crore, will become debt free.
Maruti Suzuki: The country’s largest carmaker Maruti Suzuki India (MSI) on Tuesday said its premium hatchback Swift has crossed 25 lakh cumulative sales milestone in over 16 years of its launch in the country.
Setco Automotive: 16.25 percent stake pledged by promoter entity Setco Engineering against loan taken has been released.
Liberty Shoes: Investor Seetha Kumari sold 2.57 percent stake in the company via open market transactions, reducing shareholding to 2.73 percent from 5.3 percent earlier.
Dynacons Systems & Solutions: The company won an e-governance contract worth Rs 7.46 crore for development & management of GMDMA website, disaster management app and command & control system along with comprehensive maintenance of automatic weather stations, flow level sensor from the Municipal Corporation of Greater Mumbai.
Power Finance Corporation: UBS Group AG increased stake in the company to 5.67 percent from 3.4 percent earlier, through the rights issue.
LIC Housing Finance: Life Insurance Corporation of India’s stake in the company increased to 45.239 percent from 40.313 percent post preferential allotment.
Jindal Steel & Power: CRISIL has upgraded its rating from ‘A’ with ‘stable’ outlook to ‘A+’ with ‘Positive’ outlook on the long term bank facilities and from “A2+” to “Al+” for short term bank facilities of the company.
-Infra to get Rs 7,100 cr from DMRC post SC ruling; defence manufacturing new engine of growth: Anil Ambani