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Indian markets are likely to open flat on caution ahead of the expiry of July derivative contracts due later in the day.
The S&P 500 and Nasdaq ended higher on Wednesday after the Federal Reserve gave a rosier assessment of the U.S. economy while reaffirming that it is in no hurry to raise interest rates. The U.S. central bank also, as expected, reduced its monthly asset purchases to $25 billion from $35 billion.
The Dow Jones industrial average .DJI fell 31.75 points, or 0.19 percent, to 16,880.36, the S&P 500 .SPX gained 0.12 points, or 0.01 percent, to 1,970.07, and the Nasdaq Composite .IXICadded 20.20 points, or 0.45 percent, to 4,462.90. The S&P 500 had traded lower ahead of the Fed announcement.
Asian markets are trading firm on Thursday following robust US economic data and as investors braced for Argentina to default on its debt for the second time in twelve years. SGX Nifty is quoting at 7,777.50 levels down by 11 points.
Stocks to watch:
Piramal Enterprises, in partnership with Dutch pension fund manager APG Asset Management, will make their first investment in the infrastructure sector within six months.
Lupin, India’s fourth-largest drug maker by sales, posted a higher-than-expected profit in the first quarter of FY15, on the back of higher sales in the US and India.
Mangalore-based private sector lender Karnataka Bank has posted a 29.16 per cent increase in net profit to Rs 121.63 crore for the quarter ended June 30, compared with Rs 94 crore in the corresponding quarter of the last year.
Public sector lender Bank of India (BoI) has posted a 16.4 per cent drop in net profit at Rs 805 crore for the first quarter ended June 2014 on mostly fall in treasury income. It had declared a net profit of Rs 964 crore in the corresponding period last year.
Sun Pharmaceutical Industries and Ranbaxy Laboratories might have to let go some of their products to secure the competition watchdog Competition Commission of India’s (CCI) approval for the proposed combination of the country’s two leading drug makers.
Reliance Industries Ltd (RIL), India's largest private-sector company, is open to offloading up to 30 per cent stake in its telecom venture, Reliance Jio, to a global strategic partner - a move to unlock value. But the stake sale will be done only after the telecom company has acquired a sizeable customer base.
Auto component firm Amtek Auto reported a 60.56 per cent jump in standalone net profit at Rs 86.08 crore for the third quarter ended June 30 on the account of higher sales.
