 "Volatility seen ahead of Dec F&O expiry")
Markets are likely to remain rangebound amid lack of institutional participation while volatility cannot be ruled ahead of the expiry of December F&O contracts on Thursday.
At 8:40am, the early indicator SGX Nifty was up 2 points at 7940.
"The Indian markets are expected to open with a flat note tracking the global cues. The US markets on Tuesday ended higher as of the rise in the tech and energy stocks. The Asian markets were trading mixed. For the Nifty resistance is seen at 7944 above 7974 and 7996 while support is seen at 7899 below 7858 and 7829," Geojit BNP Paribas Financial Services said in a note.
On Tuesday, markets ended flat, amid lacklustre trades, as investors maintained a cautious stance ahead of the expiry of December F&O contracts on Thursday.
Foreign institutional investors were net buyers in equities worth Rs 8.5 crore on Tuesday, as per provisional stock exchange data.
GLOBAL MARKETS
Asian stocks were trading mixed tracking overnight gains in the US even as volumes continued to remain low. Shares in Japan trimmed early gains and were up 0.3% while China's Shanghai Composite was up 0.2%. However, Straits Times and Hang Seng were trading with marginal losses.
US stocks gained over 1% on Tuesday with technology shares leading the gains while firming up of crude oil prices boosted energy stocks. The Dow Jones ended up 1.1% at 17,721, the S&P 500 gained 1% at 2,078 and the Nasdaw ended up 1.3% at 5,108.
STOCKS IN FOCUS
HDFC Bank will be in focus after it reduced its base rate, or minimum lending rate, by five basis points (bps) to 9.3 per cent, making it on a par with that of State Bank of India.
HDFC may see some action after Standard Life received FIPB approval to hike stake in HDFC Life Insurance from 26% to 35%. The foreign insurer will pay Rs 1,705 crore for the nine per cent stake it is buying, valuing the company at Rs 18,951.4 crore.
Amtek Auto may see some pressure after the Securities and Exchange Board of India (Sebi), on Tuesday imposed a penalty of Rs 5 lakh on Amtek Auto for failing to redress investors’ grievances.
United Spirits will be in focus on reports that the company will seek shareholders’ nod to report sick to the Board of Industrial and Financial Reconstruction (BIFR) as its accumulated losses as on March 31, touched 86 per cent of peak net worth during the past four financial years.
SKS Microfinance may gain after the company said it has completed third securitization transaction of Rs.372.47 crore in FY16.
SpiceJet may see some action after the airline on Tuesday launched SpiceVacations.com to offer customised travel packages to passengers.
