Markets may see a firm opening as oil rebounds

The early indicator SGX Nifty is up 0.75 at 7,424 levels

Markets are likely to see a rebound mirroring a firm trend in the global equities after oil prices spiked up. Meanwhile, a weak US services data dampened hopes of a further rate hike by the Federal Reserve in the near future helping the rally on Wall Street.

GLOBAL MARKET

Asian shares bounced back in today’s trade after a weak US services data dampened hopes of a further rate hike by the Federal Reserve in the near future which in turn hammered the dollar and spurred a rise in the oil prices. Hang Seng and Shanghai Composite have gained between 1.5%-2%. However, Japan’s Nikkei has lost 0.7% as yen strengthened against the dollar.

Wall Street had a strong finish as oil prices bounced back with the Dow .DJI closing up 1.13% while the S&P 500 ending 0.5% higher.

STOCK IN FOCUS

Bajaj Auto and Tata Steel will remain on the investor’s radar as these companies are due to post the quarter earnings today.

Maruti Suzuki will be in focus as it plans to invest over $1billion to revamp its range and launch over 15 new vehicles in three to five years, ahead of new regulations and emission norms coming into force, according to media reports.

Meanwhile, ratings agency Moody's has downgraded JSW Steel by two notches reflecting weaker-than-expected operating performance owing to persistently low steel prices and expectations that weakness in steel price environment will continue in the span of 12-18 months.

Mphasis is likely to hog limelight as private equity firms Blackstone and Apollo Global Management are in the race to acquire Mphasis after Hewlett Packard Enterprise (HP) revived plans to sell its controlling 60.4% stake in the subsidiary in an estimated billion-dollar deal, according to media reports.

Bajaj Finance is likely to see an uptick after it posted a 58% growth in its third-quarter net profit on the back of healthy demand during festive season. 

JM Financial is likely to gain after it reported a 35% rise in its net profit at Rs 117 crore for the quarter ended December 2015 and a 16% rise in revenues at Rs 426 crore mainly due to a rise in its investment banking business. 

Colgate-Palmolive(India) is likely to see some action after it inaugurated its first ever toothbrush production unit of India in Sri City on Wednesday.

NALCO is likely to remain in focus after it developed an all-weather business model to maintain profitability amid slump in the world aluminium market.

Pfizer reported over two-fold jump in its net profit to Rs 40.34 crore for the quarter ended December 2015 on account of robust sales. 

Hexaware Technologies is likely to trade positive after it reported 14% jump in its net profit at Rs 99 crore for the quarter ended December 2015. 

TD Power Systemes posted a consolidated net loss for the quarter stands at Rs. 5.6 crore as against loss of Rs. 0.2 crore (YoY). Meanwhile, the total income stood at Rs 112.8 crore as against Rs. 150.6 Cr (YoY).