Flat opening seen; OPEC, ECB meet in focus

Rupee movement will be monitored after it hit 1-week low of 67.46 against the dollar on reports stating that Raghuram Rajan doesn't want second term

Markets are likely to open the session on a flat note on the back of mixed Asian cues. Participants will keenly watch out for the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled today.

Meanwhile, rupee movement will be closely monitored after it hit 1-week low of 67.46 against the US dollar on reports stating that Raghuram Rajan doesn’t want second term.

GLOBAL MARKET

Asian equities are trading in a mixed manner with China’s Shanghai Composite trading 0.1% higher Hong Kong’s Hang Seng trading with modest losses. Meanwhile, Japan’s Nikkei has taken a hit and has slumped over 2% on the back of a strengthening Yen.

US markets closed in the positive territory supported by better-than-expected manufacturing data. On the flip side, European markets ended in the red on caution ahead of the European Central Bank's meeting scheduled later today.

CORPORATE NEWS

Indian automobile manufacturer Mahindra's South African subsidiary has launched a new compact utility vehicle here with the company trying to reach out to the youth with its latest offering and capture a bigger market share in the country.

Tata Motors reported a 1% growth in sales at 40,071 units in May compared with 39,496 in the same month last year. 

Tata Steel UK has completed the sale of its 4.5-million-tonne of long products division to Greybull Capital.

Reliance Industries has invested $16 million (about Rs 107 crore) in US-based tech start-up NetraDyne.

TVS Motor Company's total two wheeler sales increased by 13% to 238,320 units in May 2016 from 210,843 units recorded in May 2015. Domestic two wheeler sales grew by 17.9% increasing from 175,533 units in May 2015 to 206,886 units in May 2016. 

Zee Learn informed the exchanges that it has decided to put on hold the proposed merger of Tree House & Accessories with itself.

Country's largest two-wheeler maker Hero MotoCorp reported a 2.32% increase in sales at 5,83,117 units in May.

Several lenders, including SBI, Punjab National Bank, ICICI Bank and Canara Bank revised their marginal cost of funds-based lending rates (MCLR) for June by up to 0.15% for one-year tenor.