Markets are expected to open on a mixed note on global cues. US Fed FOMC meeting begins today. Technically, the supports are placed at 7800 and 7680 and resistances are at 8000 and 8100.
India Market News
Subsidy on petroleum products has come down by nearly 29% in FY16, marking a saving of INR 542.2bn from the year-ago period on the back of low crude prices and market reforms. Latest government data pegs subsidy on domestic LPG (liquefied petroleum gas supplied in refills as kitchen fuels) and kerosene, the only two fuels subsidised by the government, at INR 220.9bn in FY16 against INR 763.1bn FY15.
Foreign direct investment (FDI) inflows to India have scaled a record high. Total FDI inflows touched a new peak of USD 51.6bn in the first 11 months of FY16, compared with the previous high of USD 46.6bn in FY12 and USD 44.3 in FY15, according to the latest data from the Reserve Bank of India.
Investments through participatory notes (P-Notes) into India's capital markets increased to INR 2.23tn in March after hitting 18 month low in the preceding month at INR 2.17tn. This also marks the first rise in investments via P-Notes in four months. Prior to that, since November, the total value of investment through this route in Indian markets had been falling.
UltraTech Cement on Monday reported a 9.9% y/y rise in its consolidated net profit to INR 7.2bn for Q4 FY16. The company's net sales increased 5.1%y/y to INR 68.5bn. The domestic cement sales grew by 15% y/y. The company said that with the commissioning of the new cement grinding plants, the company's cement capacity in the country increased to 66.3mn tonnes per annum (MTPA).
In a move that will not only test the application of the telecom regulator's norms on differential data pricing but also takes the fight further into rival Reliance Jio Infocomm's bastion, Bharti Airtel is close to tying up with a US-based global content provider which would offer it video content on an exclusive basis over the closed electronic communications network (CECN), generally referred to as intranet.
Saudi Aramco is considering proposals to buy stakes in Indian oil refining and petrochemical projects as the world's biggest oil exporter seeks outlets for its oil. In the first quarter, Saudi Arabia was India's biggest exporter of oil.
Hero MotoCorp Ltd plans to invest INR 30.0bn in a factory it is setting up in Andhra Pradesh. The plant is expected to have annual capacity of 1.8 million units.
Equitas Holdings Ltd sold an additional 4% shares to Franklin Templeton Mutual Fund, as part of the exercise to pare its foreign shareholding to be able to set up a small finance bank. With this, the shareholding of Franklin Mutual Fund will go up to 7.9% in Equitas.
Global Markets Review
Asia stocks trading mixed on Tuesday, after energy plays led to a decline in US equities overnight, and as investors likely took to the sidelines ahead of major central bank monetary policy decisions in US and Japan due later in the week.
US crude futures trading up 0.7% at USD 42.9 a barrel, after dropping 2.5% overnight, while Brent futures added 0.6% to USD 44.7, following a 1.4% decline in US hours.
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