Asian markets positive in early trades
Markets are likely to react to corporate results and the monetary policy Review later this week. Investors will also look towards the derivatives expiry on Thursday as well as the PMI data on Friday. All eyes would be on auto on cement stocks as they come out with their monthly sales figures for the month of January.
US markets had ended on a high note Friday, as investors welcomed a batch of better-than-expected corporate results. Dow went up half a per cent as Nasdaq and S&P added 0.6% each.
In Asia, most markets traded in green as shanghai Composite, Hang Seng added half a per cent each. However, Nikkei shed 0.35% at 10,887. At 700 hrs IST, the SGX Nifty was down three points at 6074.
In individual stocks, Mindtree has been invited to participate in seven contracts, each with a total value of $20-100 million, as a precursor to bidding for such contracts. These are multi-year projects, mostly deals coming for renewal and some fresh ones, spread across North America and Europe.
Godrej Consumer Products has entered into an agreement with private equity firm Creador to divest its non-core foods business in Indonesia. This may bring the stock into focus.
Sesa Goa has finalised the capital expenditure plan for its Liberian iron ore mining project and plans to begin shipments from it from February 2014.
Also watch out for Ashok Leyland, as the company is planning to offload stake in some of its subsidiaries and also in IndusInd Bank Ltd. It hopes to garner about Rs 500 crore from the stake sale over the next 12 months.
Adani Power, Bank of India, JSW Steel and Reliance Infra are set to announce results later today.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE