)
Don't want to miss the best from Business Standard?
Stock markets are expected to open lower, amid weak Asian cues, on account of profit taking after rising to over 1-month high on Monday.
In a move to check the currency's volatility, the Reserve Bank of India has decided to lower rupee liquidity in the system by capping the liquidity adjustment facility at (LAF) Rs 75,000 crore from Wednesday.
RBI has also decided to conduct open-market sales of government securities worth Rs 12,000 crore on July 18 which will further suck rupee liquidity out of the system.
At 8:30AM IST, SGX Nifty was down 101 points at 5930.
According to the technical charts “Huge built-up was seen in 5800-6000 puts but with IV's remaining at higher levels despite markets going up, we believe its blend of both long and short formation. ”.
Make smarter market moves with The Smart Investor. Daily insights on buzzing stocks and actionable information to guide your investment decisions delivered to your inbox.
Meanwhile Asian shares rose in early trades after lower-than-expected retail sales in US raised hopes that the Federal Reserve will continue with its stimulus.
US retail sales increased 0.4 percent last month, half of the rise economists polled by Reuters had forecast, according to US government released on Monday
Among the key Asian indices, Japan’s Nikkei was up 1% to 14,633, Singapore’s Straits Times gained 0.4% to 3,250 in the opening deals.
Overnight, US stocks rallied on expectations of stimulus.
The Dow Jones industrial average rose 19.96 points, or 0.13 percent, to 15,484.26, a record closing high. The Standard & Poor's 500 Index gained 2.31 points, or 0.14 percent, to finish at 1,682.50, also a record. The Nasdaq Composite Index advanced 7.41 points, or 0.21 percent, to end at 3,607.49 - its highest close since September 2000.
Domestically, companies such as IDBI Bank will report their April-June earnings later today
Following stocks are expected to move on the exchanges today:
Chennai-based Shasun Pharmaceuticals Ltd has signed a Letter of Intent (LOI) with Bangalore-based pharmaceutical firm SeQuent Scientific Ltd to develop, manufacture and sell veterinary products, including active pharmaceutical ingredients (API) and formulations in the global market.
Battery maker Exide Industries Ltd today said its net profit rose by 4.44 per cent to Rs 158.80 crore for the first quarter ended June 30, 2013.
The company had posted a net profit of Rs 152.04 crore during the same period of previous fiscal, Exide Industries Ltd said in a filing to the BSE.
The striking workers at the Neyveli Lignite Corporation (NLC), the largest Navratna Public Sector Undertaking, have decided to withdraw their indefinite strike, that lasted 13 days, after the Securities and Exchange Board of India (SEBI) gave its nod for Tamil Nadu PSUs to buy 3.56% stake for Rs 500 crore.
