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Markets likely to rebound in early trades today on value buying at lower levels after the sharp decline in the previous sessions which pushed the benchmark indices to two-month lows. However, gains may be capped as foreign institutional investors have turned net sellers.
At 8:15AM, the SGX Nifty was trading at 6,014 down 24 points.
Stocks on Wall Street rebounded on Tuesday as investors bought shares valuations of which turned attractive after the sharp sell-off recently. Stock witnessed a sell-off after weaker-than-expected US factory output, growth concerns in China and emerging market concerns.
The Dow Jones ended up 72 points at 15,445.24, the S&P 500 ended up 13 points at 1,755.20 and the tech-laden Nasdaq ended 35 points higher at 4,032.
European shares ended weak on Tuesday on the back of disappointing earnings from major corporates.
The FTSE-100 ended down 16 points at 6,449, DAX slipped 59 points at 9,128, CAC-40 ended marginally up 10 points at 4,117.
Asian stocks firmed up on Wednesday tracking overnight gains on Wall Street. However, gains were capped at higher levels as investors turned cautious ahead of the non-farm US payroll data on Friday.
Japan's benchmark Nikkei was up 0.4%, Straits Times gained 0.5%, while Hong Kong's Hang Seng was trading flat with negative bias.
STOCKS IN FOCUS
Telecom shares will be in action after the price of spectrum in the 900 MHz band jumped an average of 54.2 per cent as compared with the original reserve price the government had set at the end of Tuesday, the second day of the telecom spectrum auction.
Hindustan Motors will see some action after the company got shareholders approval for sale or disposal of it Chennai Car Plant. The company sought shareholders approval for a special resolution, to partially of fully dilute stake in the Plant.
Tech Mahindra may gain after its net profit for the quarter ended December 2013 rose about three times to Rs 1,010 crore, compared with Rs 321.5 crore in the corresponding period last year, on account of exceptional gains. Excluding these gains, the net profit stood at Rs 663 crore.
Engineers India will see some activity after the Company has informed that, the Empowered Group of Ministers ("EGoM") in its meeting held on February 04, 2014 has fixed the Price Band of Rs. 145 to Rs. 150 and the discount of Rs. 6 per share on the issue price to the retail Investors and employees of the Company.
Cummins India will be under pressure after the diesel engines manufacturer's net profit has dropped by 38 per cent to Rs 147.23 crore during the quarter ended December 31, 2013 against Rs 234.08 crore posted over the same period last year.
