 "Firm opening seen as global stocks shine; HDFC in focus")
Markets are likely to see a firm opening mirroring strength in their global peers after oil prices rebounded on prospects that OPEC and non-OPEC producers may reach a consensus to slash the output citing concerns regarding one of the largest oversupply gluts in decades.
Meanwhile, market participants will closely monitor the US Federal Reserve policy meet outcome later today.
STOCKS IN FOCUS
Max India will be in focus after it announced its demerger into three listed companies, Max Financial Services, Max India and Max Ventures & Industries.
Concor is likely to show action after it posted a drop of 32% in the net profit quoting at Rs 206 crore as against Rs 301 crore in the same quarter last year.
HCL Infosystems reported a 30% increase in second quarter loss to Rs 66 crore, as revenue dropped 21% to Rs 1,147 crore, owing to a decline in the number of system integration (SI) projects during the quarter.
Nilkamal posted a third quarter net profit of Rs 20 crore up 138% as against 9 crore same period last year on the back of drop in the crude oil prices.
Bajaj Auto is likely to have a sentimental impact after Indian naval ship (INS) Vikrant, the first aircraft carrier, which played a pivotal role in the 1971 Indo-Pak war made its way into a commuter bike to be launched by Bajaj Auto next month.
Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi-language daily Hindustan, posted a 28% rise in profit for the quarter ended 31 December on the back of higher advertising and circulation revenue.
HDFC will remain on the investor’s radar as it is scheduled to post its Q3 numbers today.
Kaya Skincare is likely to trade lower after it posted a loss of Rs 1.4 crore compared to Rs 1.88 loss in the previous quarter.
GLOBAL MARKETS
Asian stocks barring China are trading higher mirroring a firm finish on the Wall Street after crude oil prices bounced back on prospects that OPEC and non-OPEC producers may reach a consensus to slash the output citing concerns regarding one of the largest oversupply gluts in decades. Meanwhile, investors are eyeing the US Federal Reserve meet outcome later today. Japan’s Nikkei, Hong Kong’s Hang Seng are up between 1-2.5%. On the flip side, China’s Shanghai Composite extends its previous loss of 7% and is down 1.3%.
US stocks ended over 1% higher on Tuesday tracking a rebound in crude oil prices and encouraging earnings from select corporates. The Dow Jone industrial average ended up 1.8% at 16,167, the broader S&P 500 ended up 1.4% at 1,904 while the tech-laden Nasdaq ended up 1.1% at 4,568.
