Equity market on Wednesday is likely to react to the twin macroeconomic data, index of industrial production (IIP) and consumer price index (CPI) inflation, that were released post market hours on Tuesday.
Official data showed India's retail inflation eased to a 19-month low of 2.05 per cent on lower food prices, whereas the country's industrial output in December 2018 was the slowest in the last 17 months at 2.4 per cent.
On the global front, positive sentiment on US-China trade talks may boost the sentiment. US President Donald Trump said on Tuesday he was open to postponing the March 2 deadline for tariffs if Washington and Beijing can reach a trade deal soon.
STOCKS IN FOCUS
Sun Pharma: The company on Tuesday posted a fourfold jump in its net profit for December quarter at Rs 1,241.85 crore from Rs 321.57 crore in the corresponding quarter last fiscal year.
Coal India: The state-run coal miner posted a 50 per cent increase in its net profit at Rs 4,566.74 crore for the quarter ended December 31, 2018, beating Street estimates.
Allahabad Bank, HDFC Bank and others: The RBI on Tuesday said it has imposed penalties on seven lenders, including Allahabad Bank, Bank of Maharashtra, HDFC Bank, Andhra Bank and IDBI Bank for violation of various banking norms.
Tata Motors: The auto company on Tuesday reported 12 per cent fall in global sales, including that of Jaguar Land Rover (JLR), at 1,00,572 units in January this year.
Over 525 companies are scheduled to release their December quarter earnings later in the day. Some of the prominent names include Fortis Healthcare, Lemon Tree Hotels, NBCC, Oracle Financial Services, Quick Heal Technologies, Bharat Forge.
Registering sixth straight session of gain, rupee strengthened by 48 paise to close at one-month high of 70.70 against the dollar on Tuesday.
Stocks in Asia rose in the early trade amid positive sentiment on the US-China trade front. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while South Korea’s KOSPI gained 0.5 per cent and Japan’s Nikkei climbed 1 per cent.
In the overnight trade, US stocks ended with sharp gains where both the Dow and Nasdaq rallied 1 per cent each.
Oil prices rose by around 1 per cent on Wednesday as producer club OPEC said it had deeply cut supply in January and as US sanctions hit Venezuela’s oil exports. US West Texas Intermediate (WTI) crude oil futures were at $53.64 per barrel at 07:08 am, up 54 cents, or 1 per cent, from their last close. International Brent crude futures were up 0.9 percent, or 53 cents, at $62.95 per barrel.
Non-retail portion of Axis Bank offer for sale subscribed over 2.5 times'
nvestors lapped up the offer for sale (OFS) of Axis Bank on Tuesday. The non-retail portion was subscribed 2.56 times, institutional investors bid for 116.9 million shares against 45.6 million reserved for them.
On Tuesday, the Specified Undertaking of Unit Trust of India (SUUTI) informed the exchanges it has decided to exercise the greenshoe option to sell an additional 26 million or 1.02 per cent of equity shares in the company.
NCLT yet to fire fully with over half of admitted cases still unresolved
It’s two years since the Insolvency and Bankruptcy Code (IBC) was set in place, but we still have some distance to go. Of the 1,484 cases admitted at the NCLT (up to end-December 2018) under the corporate insolvency resolution process (CIRP), 898 are yet to be resolved. Of these, 31 per cent have already exceeded the 270-day timeline, the maximum timeframe for the resolution process under the IBC.