Markets may extend losses; TCS numbers in focus

Investors would remain cautious ahead of the corporate earnings results season, starting from today

Markets are likely to extend losses tracking mixed cues from the global markets amid Chinese and Greece crisis. Further, investors would remain cautious ahead of the corporate results season, which will be starting from today.

The first quarter corporate results season will kick off today with TCS announcing its Q1 results. Also, the government is scheduled to announce Index of Industrial Production (IIP) data on Friday.

Meanwhile, Chinese markets seem to have recovered from Wednesday’s turmoil. However, Wall Street edged lower overnight.

The corporate earnings season and the progress in monsoons would dictate the sentiment on Dalal Street.

On Wednesday, the Sensex plunged by 484 points or 1.7% at 27,687 and the Nifty settled below the 8,400 mark at 8,363, down 147 points or 1.7%.

GLOBAL MARKETS

Asian markets extended losses on Thursday as concerns over China's market turmoil spread, while the yen shot to a seven-week high.

Japan's Nikkei .N225 dropped 1.8% while Shanghai Composite is trading with 1% gains. The SGX Nifty has made marginal losses in the early morning trades.

U.S. shares slid sharply overnight on fears of turmoil of Chinese stock market.

STOCKS TO WATCH

TCS: TCS is to kick off the corporate earnings season by announcing its Q1 results today.

RIL: Reliance Industries has closed the sale of its interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners L.P. RIL said in a press statement.

Tata Motors: Concerns over China's meltdown saw investors dumping the Tata Motors' stock, which closed 6.17 per cent lower on the Bombay Stock Exchange on Wednesday.

Eros International: Eros International Plc, the Bollywood film producer and distributor, is in advanced talks to sell a stake in its Eros Now unit to Singapore-based Fullerton Fund Management Co

Bajaj Corp: Bajaj is expected to announce its Q1 results today.

Essar oil: Rosneft, Russian Oil Company has signed a preliminary agreement with the Essar group, to buy a 49% stake in Essar Oil's Vadinar refinery and supply 100 million tonnes of oil to the latter for the next 10 years, according to some media reports.

With Reuters input