Pre-Market: Nestle, SBI, BHEL, M&M in focus

RBI yesterday lowered its growth estimate for the fiscal to 7.6% amid monsoon concerns, higher inflation and crude prices

Markets are likely to open lower tracking losses in the global peers. Also, the sentiments  are likely to dampen after the RBI yesterday lowered its growth estimate for this fiscal to 7.6% amid concerns on below-normal monsoon resulting in possibility of higher inflation coupled with rising crude oil prices.

KEY EVENTS 

India Meteorological Department on Tuesday revised down this year's monsoon forecast to 88 per cent of the long-period average.

The Reserve Bank of India slashed its key policy rate by 25 basis points on Tuesday in line with the street expectations .

STOCKS IN LIMELIGHT

Emami has acquired ayurvedic hair oil brand Kesh King from SBS Biotech, a Himachal Pradesh company, for Rs 1,651 crore.

Reliance Industries is likely to stay in focus after Mumbai court issued summons to RIL chairman Mukesh Ambani and five top executives of the company for alleged violation of certain Companies Act provisions.

Sun Pharmaceutical Industries will remain on the radar after it entered into an agreement with AstraZeneca Pharma India to distribute the latter's Axcer brand, used for treatment of acute coronary syndrome.

Several banks led by market leader SBI slashed lending rates by up to 0.3% after RBI cut key policy rate.

State Bank of India (SBI) reduced its base rate or minimum lending rate to 9.70% from 9.85% effective June 8. Following the tandem, Allahabad Bank cut base rate 0.30% while Dena Bank, Punjab & Sind Bank reduced their base rate by and 0.25% each.

Mahindra & Mahindra has decided to offer Google Inc's Android Auto technology in its vehicles, according to official reports

Bharat Heavy Electricals Limited (BHEL) achieved the largest order in its history for setting up a 4,000 megawatt (5x800 Mw) super-critical thermal power project from Telangana State Power Generation Corporation (TSGENCO). The order is worth Rs 17,950 crore..

Power GridBSE Corporation (PGCIL) is planning to invest Rs 22,500 crore this current year to fuel its expansion plans. 

Nestle is likely to remain the limelight after the Delhi government said it has decided to initiate a case against Nestle, for sale of an unsafe product (magi noodles). Further, it is considering to fine the company for misbranding as it did not declare MSG on the label.

GLOBAL MARKETS

Equity markets in Asia are trading mixed as a widespread spike in debt yields dented the allure of risky assets, while the euro stood tall after surging on upbeat euro zone inflation data and hopes that Greece will reach a deal with its creditors.

US stocks ended lower as investors remained cautious ahead of the jobs report on Friday amid Greek debt crisis.

With Reuters inputs