RBI board meet, stock-specific actions and trends in global markets are likely to play a key role in deciding market direction on Monday.
All eyes will be on RBI board meet today. Over the past few days, the government and the RBI have had discussions in a bid to arrive at a common ground on at least two demands of the government — easing PCA norms for some banks along with aligning the regulatory capital requirement of banks with international norms and a special dispensation for MSMEs.
On the global front, Asian shares inched cautiously higher amid conflicting signals on the chance of a truce in the Sino-US trade dispute, while a new-found air of concern on the global outlook at the Federal Reserve undermined the dollar, Reuters reported.
Here's a list of top stocks that may remain in focus today -
Dr Reddy's: Dr Reddy's said the US drug regulator has completed the audit of its Srikakulum plant with zero observations.
Oil India: The company's board on Monday will consider the proposal for buyback of the fully paid-up equity shares of the company, and issuance of debt securities in domestic/overseas markets.
JSW Steel: According to a report by PTI, the company plans to pump in over Rs 50 billion to strengthen its downstream manufacturing capacity and is also keen to pursue stressed downstream assets that will come up for bidding in the next round.
Jet Airways: Tata Sons said on Friday it was in preliminary talks with struggling Jet Airways but has not made a proposal to acquire a stake, cooling speculation that a deal was imminent. A deal with Jet would transform Tata from a fringe player into the country’s dominant, full-service international carrier, but would also give it a loss-making company that is struggling to stay afloat and owes money to vendors and employees alike, said a Reuters report.
YES Bank: Rating agency Icra has placed long-term rating for private lender YES Bank on watch with negative implications. The rating action factors in the Reserve Bank of India's (RBI) directive to the private bank to appoint a new chief executive to replace existing MD & CEO Rana Kapoor. RBI's order could constrain the lender's ability to raise capital in the near term.
BSE: Asia’s oldest bourse has decided to snap ties with S&P Dow Jones, which manages and operates benchmark Sensex, and plans to develop indices through its own in-house development team.
IDBI Bank: Eleven state-owned banks including IDBI Bank under Prompt Corrective Action (PCA) regime are inching towards gaining stable asset quality. Sequentially, the asset quality profile of these banks seems to be gaining some stability, said a Business Standard report.
Power Grid Corporation: The company's board has approved increasing shareholding limit of foreign portfolio investors to 35 per cent of the paid-up capital.
Deepak Nitrate: It has confirmed that the Income Tax department carried out search operations, without disclosing additional details.
IT stocks: IT major Cognizant said growth and not profit, is it's new priority. According to its mid-term strategy beginning next year, the company expects to grow between 7 per cent and 11 per cent, retain its 19 per cent operating margin and promises to spend at least $600 million on acquisitions every year.
Concor: As per news reports, Container Corporation of India (Concor) has announced the development of an Integrated Logistics and Manufacturing Zones (ILMZ) spread over 1,000 acres in Andhra Pradesh.
Infosys: Infosys has completed forming a joint venture (JV) with the Singapore-based global investment firm Temasek to service its clients across South East Asia in the digital space, said the software major on Friday.