Markets likely to open flat tracking muted global cues

Markets are likely to make a flat opening tracking mixed trend across the globe. The early indicator, SGX Nifty is trading flat at 8,271.

Standard & Poor’s (S&P) on Monday retained the lowest investment grade for India, dashing the government’s hope for a rating upgrade for at least for two years — this year and the next.

The agency retained India’s rating at ‘BBB-’ with stable outlook and expressed the hope that the country’s economic growth would average at eight per cent during 2015-18.

On Monday, benchmark share indices continued their winning streak for the third straight session on Monday led by Reliance Industries after it posted better-than-expected second quarter earnings.

EARNINGS CALENDAR

ACC, Hero Moto, Bajaj Finance, Biocon, Mphasis and Jyoti Labs will unveil their second quarter earnings today.

GLOBAL MARKETS

Asian equities fell across the board on Tuesday after commodity prices languished in the wake of China growth woes and dampened risk sentiment, while the euro hovered near a 10-day low ahead of a European Central Bank meeting that could open the door for more monetary easing.

The Canadian dollar, already under pressure from sliding crude oil prices, faced extra headwinds as Canada's Liberal Party, was tipped to won Monday's general election which would pave the way for increased government spending.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.4%.

Shanghai shares dropped 0.4% and South Korea's Kospi dipped 0.1%. Japan's Nikkei bucked the trend and gained 0.3%.

Australian stocks lost 0.4% as worries about China weighed on mining and energy stocks following Monday's China GDP data.

STOCKS TO WATCH

UltraTech Cement on Monday reported a three per cent growth in consolidated net profit at Rs 4,27 crore for the quarter ended September, helped by increased sales and better operating margins.

Hindustan Zinc Ltd (HZL) today reported a 5 per cent growth in its net profit at Rs 2,285.26 crore for the quarter ended September 30, 2015 helped by volume growth and cost optimisation.

ICICI Bank, India’s largest private sector lender, has outpaced its peers to record the highest number of mobile banking transactions

Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is busy executing a dozen-odd projects at an investment of around Rs 12,000 crore to expand its network of crude oil and products pipeline by 54 per cent to 17,000 km by 2019.

SKS Microfinance posted a 37.2 per cent increase in its net profit at Rs 77.86 crore for the second quarter ended September 30, 2015.

Tractor and utility vehicle market leader Mahindra & Mahindra (M&M) announced on Monday that it has forayed into pulses retailing under the brand ‘NuPro’ with a launch price of tur at Rs 210 a kg against the prevailing price range of Rs 180 and Rs 220 a kg.

With Reuters input