Markets likely to open lower on Fed stimulus woes

Indian stocks are likely to open lower in early trades today tracking weak global cues. Rupee movement, corporate results and the developments at the monsoon session of Parliament will dictate the stock market trend.

At 800 hrs Indian Standard Time the SGX Nifty was down 41 points at 5,675.

According to technical experts, the Nifty may seek support around 5,665-5,650, while face resistance around 5,710-5,725.

Overnight, stocks on Wall Street retreated from record levels during a quiet trading day on Monday, while the dollar fell against the yen as investors weighed the likelihood of when the Fed will pare its economic stimulus.

Asian shares measured by MSCI Asia-Pacific ex-Japan eased 0.1%. In Tokyo, the Nikkei share average shed 0.9 percent on the back of the firmer yen, which lowers income for exporters such as carmakers.

Back home, Bombay Dyeing, Tata Power, Unitech, Welspun Corp, Jindal Saw, Bosch, Bajaj Electrical and Crompton Greaves are set to unveil April-June 2013 quarter results today.

STOCKS TO WATCH

Sanofi India has inked a pact with Suzlon Energy for a 2.1 megawatt windmill installation, to generate renewable power for captive consumption at its Ankleshwar manufacturing site.

Rashtriya Chemicals and Fertilisers (RCF) reported 31.28% decline in net profit to Rs 4.48 crore in the first quarter ended June 30 due to lower income and increase in finance cost.

The disinvestment department has shelved plans to sell a stake in power equipment maker BHEL, citing valuation concerns and a depleting order book.

Indiabulls Financial Services has alleged that real estate major HDIL 's promoters, Sarang and Rakesh Wadhwan, have failed to pay interest worth Rs 3.5 crore accrued on their personal loan worth Rs 46 crore.

Bajaj Auto gave a week's ultimatum to the top management and the union to resolve the 42-day-old strike at the Chakan plant, failing which he warned that the company will be forced to move the board to shift production to other plants.