Indian markets are likely to trade flat in the morning trades following the global cues. Strength in USD index may is leading to cautious stance by investors. Stock specific action would continue as earnings season picks up and F&O rollovers gain momentum. Technically, the resistances are placed at 8750 and 8800 and supports are at 8620 and 8570.
India Market News
The board of Tata Sons Ltd replaced Cyrus P. Mistry as chairman, less than four years after he took the helm, and named his predecessor Ratan Tata interim chairman for four months.
Maruti Suzuki India Ltd has decided to withdraw from an Indian consortium that was to develop and build six electric and hybrid vehicles, citing "personal plans" of its parent Suzuki Motor Corp.
Emami Ltd, a maker of consumer goods and edible oils, said it is looking to scale up its cement production capacity from 4mn tonnes (mt) to 15-20mt in 3-5 years and unveiled its cement brand Double Bull.
Idea Cellular Ltd posted an 88% y/y slump in net profits for Q2 FY17 to INR 914.6mn, as revenue fell on cheaper voice and data plans rolled out to counter new competition. Revenue dropped 7% y/y to INR 92.9bn.
Reliance Capital reported consolidated net profit of INR 2.5bn for Q2 FY17, up 1% y/y, as it made a provision to beef up reserves in general insurance business. Total income increased to INR 49.2bn in Q2 FY17, more than double from INR 23.7bn in Q2 FY16.
Indiabulls Real Estate reported two-fold increase in consolidate net profit at INR 1.4bn for Q2 FY17. Total income increased to INR 9.1bn for Q2 FY17 from INR 7.9bn in Q2 FY16. Indiabulls Real Estate is developing 11 projects with a total saleable area of 30.51mn sq ft. It has presence in key metros of Mumbai, NCR and Chennai.
Adani Power reported net loss for Q2 FY17 narrowed to INR 1.1bn from INR 4.1bn a year earlier, helped in part by lower finance costs. Consolidated net sales rose just 0.4% to INR 57.6bn, little changed from 57.4bn in Q2 FY16.
The board of state-owned Oil and Natural Gas Corporation Ltd (ONGC) on Thursday will consider issuing a bonus share to increase liquidity ahead of government disinvestment.
State-owned Syndicate Bank has raised INR 10.0bn by issuing perpetual non-convertible additional tier-I bonds. The bank has issued bonds in the form of unsecured non-convertible (Basel III compliant) perpetual debt instruments in the nature of debentures for inclusion in tier-I capital.
Today's Corporate action
NA
Global Markets Review
Asian shares edged higher on Tuesday while the USD stood firm as upbeat US earnings boosted Wall Street and factory surveys in the United States and Europe boasted their best readings so far this year.
US equities closed higher on Monday amid a plethora of corporate news, but gains were subdued by a rising USD and falling oil prices.
Crude oil prices dipped on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Brent was down 30 cents at USD 51.5 a barrel while US crude lost 9 cents to USD 50.4 a barrel.
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