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Markets opened the session on a lower note mirroring losses in the US markets as investors remain wary of the Chinese economic slowdown. Meanwhile, weakness in the Asian peers continue to prevail as investors feared that fresh rate cuts in China would not be enough to stabilize its cooling economy or halt a collapse in its stock markets.
At 9:15 AM, the sensex opened 320 points lower at 25,711 levels andf the Nifty slipped 84 points at 7,796 mark.
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(updated at 8:30 AM)Markets are likely to open the session on a lower note mirroring losses in the US markets as investors remain wary of the Chinese economic growth slowdown. Meanwhile, weakness in the Asian peers continue to prevail as investors fear that fresh rate cuts in China would not be enough to stabilize its cooling economy or halt a collapse in its stock markets.
Investors will keenly watch whether the government will be successful in holding a special session of Parliament to clear the crucial bill, GST. Meanwhile, movement of rupee and crude oil are likely to dictate the trend on the bourses.
The People's Bank of China cut interest rates and lowered the reserve ratio late Tuesday in a much-anticipated move that some economists said was long overdue. Hang Seng, Starits Times and Shanghai Composite are down between 0.6-4%.
At 8:25AM, the early indicator SGX Nifty is down 100 points at 7,787 levels.
Meanwhile, US stocks slumped in the last hour of trading on Tuesday to erase its early gains, adding fresh uncertainty to markets that had seemed to be on the rebound. Dow Jones slipped 1%.
STOCKS ON THE RADAR
SBI has decided to issue equity shares on preferential basis to the government for capital infusion of Rs 5,393 crore. Indian Overseas Bank and Union Bank of India also confirmed about capital infusion from the government in lieu of preferential allotment of equity shares.
IDBI Bank is set to decide on a road map for the three years ending March 2019, as well as firm up capital-raising plans.
Life Insurance Corp of India (LIC) purchased nearly 90% of Indian Oil shares sold by the government in its Rs 9,379-crore disinvestment. LIC's stake in the state-run oil marketing firm has gone up from 2.52% to 11.11% after its participation in the sale which happened on Monday.
Indian Overseas Bank (IOB) informed the exchanges that its Committee of Directors fixed the issue price at Rs 41.37 per equity share (including premium of Rs.31.37) for allotment of equity shares to the Government of India under preferential issue.
FMCG major Dabur said the USFDA has sought an additional information for its Alwar unit and the company is "in process of submitting the same".
Jindal Steel and Power Ltd (JSPL) will seek shareholders' nod for raising up to Rs 15,000 crore via securities for loan refinancing and capital expenditure.
IL&FS Engineering and Construction Company bagged Rs 190.88 crore project from Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL) for rural electrification works in Uttar Pradesh.
Shares of Power Mech Projects to list on the bourses today. The Rs 270 crore IPO of Power Mech Projects saw 38 times more demand than shares on offer.
IT major, Infosys is likely to see some action on upgrade by a foreign brokerage.
Shares of Power Mech Projects to list on the bourses today. The Rs 270 crore IPO of Power Mech Projects saw 38 times more demand than shares on offer.
IT major, Infosys is likely to see some action on upgrade by a foreign brokerage.
