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Benchmark shares indices are likely to open higher, amid firm Asian cues, with financials and index heavyweight ITC in focus ahead of its earnings later today. However, upsides may be capped as profit is likely to emerge at higher levels.
At 8:30AM, the SGX Nifty was up 38 points at 8,747.
Asian shares were trading mixed with shares in Japan witnessing profit taking after gains in the previous two sessions even as investors adopted a wait-and-watch policy ahead of the Bank of Japan's policy annoucement later today. The Nikkei was down 0.5%. Meanwhile, shares in China extended gains with the Shanghai Composite was up 1.3% and Hang Seng gained 1.1% and Singapore's Straits Times was trading 0.3% higher.
US stocks rebounded from their day's lows to end with marginal gains on Tuesday on expectations that global central banks would announce stimulus measures to boost economy. The International Monetary Fund, in its latest World Economic Outlook report, lowered its forecast for global economic growth by 0.3% for 2015 and 2016 to 3.5% for 2015 and 3.7% for 2016
The Dow Jones industrial average ended up 4 points at 17,515, the broader S&P 500 rose 3 points at 2,022 and the tech laden Nasdaq gained 20 points at 4,655.
European shares jumped on Tuesday on hopes that the European Central Bank at its meeting later this week would announce stimulus measures to boost the economy. The FTSE-100 rose 35 points to end at 6,620, DAX gained 15 points at 10,257 while CAC-40 ended 51 points higher at 4,446.
Stocks in focus
Index heavyweight ITC will be in focus ahead of its earnings later today.
Suzlon Energy will be in focus after its reported sale of German subsidiary Senvion to private equity fund Centerbridge will reduce the Pune-based company’s annual sales in India to about Rs 3,000 crore. For FY14, Senvion contributed Rs 13,759 crore, or 65 per cent of the consolidated revenue.
The South Indian Bank (SIB) on Tuesday said its net profit for October-December quarter fell 37.8 per cent from a year earlier to Rs 87.9 crore, due to higher provisions and lower net interest income.
Natco Pharma in focus on reports that the US Supreme Court has ruled in favour of Teva on copaxone generic.
Rallis India may see some pressure after disappointing third quarter earnings with consolidated net profit down 16% at Rs 25.50 crore.
Excel Cropcare may weaken after its profit after tax slumped to Rs 98 lakhs in the third quarter compared to Rs 13.72 crore in the same quarter last fiscal.
Jet Airways has sought approval of shareholders to raise $300 million (Rs 1,800 crore) through issue of non-convertible debentures to strategic partner and co-owner Etihad Airways.
Crompton Greaves will be in focus after the company announced that it has won an order worth $26 million to reinforce Indonesia's grid.
Praj Industries will also be under pressure on the back of weak third quarter earnings after its net profit fell 51% to Rs 12.3 crore.
