Markets likely to open flat on mixed global cues

Textile and telecom companies will be in focus as the Cabinet is likely to announce measures for both the sectors

Markets are likely to open flat, amid mixed global cues, with textile and telecom companies in focus ahead of the Cabinet meet later today which is likely to announce new measures for both the sectors.

At 8:35am, the early indicator SGX Nifty was down 7 points at 8,214.

GLOBAL MARKETS

Asian markets were trading mixed with Japanese shares losing the most on profit taking after recent gains while the uncertainty ahead of the referendum on Thursday as Britain decides to vote whether to stay in the EU or not also weighed on investor sentiment. Japanese benchmark Nikkei was down over 1% while Hang Seng eased 0.4%. Chinese shares witnessed lacklustre trades with the Shanghai Composite flat with positive bias while Straits Times was up 0.5%.

US stocks ended with marginal gains after comments on the economy from the US Federal Reserve Chair Janet Yellen with technology shares leading the gains. The Dow Jones industrial average ended up 25 points at 17,830, the S&P 500 ended up 6 points at 2,089 and the Nasdaq gained 7 points to settle at 4,844.

STOCKS IN FOCUS


Textile and telecom companies may extend gains as the Cabinet is likely to meet today to unveil more measures to get spectrum proceeds and give a boost to the labour-intensive textile industry.

ITC will be in action after chairman Y C Deveshwar will step down from executive role at the FMCG major and will slip into a non-executive role from February 2017.

Tech Mahindra may firm up after the committee of Board of Directors of the Company on June 21, 2016 approved the proposal to acquire Bio Agency Limited, a UK based entity.

Max Ventures and Industries Ltd formed after demerger of the erstwhile Max India Ltd will list on the BSE and NSE today.

Tata Power will be in action after its 100% subsidiary Tata Power Renewable Energy (TPRE) has won 30 MW solar gird connected PV project in Maharashtra under the National Solar Mission.

Muthoot Finance may extend gains after the company said it has completed acquisition of Muthoot Insurance Brokers Pvt Ltd (MIBPL) by transfer of equity shares from its existing shareholders for a consideration of Rs 20 crore.

Kwality is likely to be in focus after the company said its board will meet on June 24, 2016, inter alia, to raise funds upto Rs. 300 crore by way of term loan and issue of non-convertible debentures.