The Indian markets will today majorly look at their global peers for market trend. The SGX Nifty was trading with around 100 point cut at 11,230 levels at 7:20 AM, signalling a weak start for the Sensex and Nifty. In the US, major indices closed lower overnight after falling late in the session on growing uncertainty about a stalemate in Washington over a fiscal stimulus deal. The Dow Jones Industrial Average fell 0.38 per cent, the S&P 500 lost 0.8 per cent, and the Nasdaq dropped 1.7 per cent.
Asian stocks were flat to lower on Wednesday. Australia's ASX200 dipped 0.3 per cent in early deals while Hong Kong's Hang Seng and South Korea's Kospi were trading with marginal cuts.
Back home, the index of industrial production contracted by 16.6 per cent in June compared to 33.8 per cent in May, aided by the conditional relaxation in industrial activity leading to a graded pick-up. Investors will await the CPI inflation data for July which will be released today.
On the Covid-19 front, India recorded more than 53,106 cases in 24 hours, taking its tally of total cases to 23.28 lakh, according to Worldometer. As many as 46,188 have died from the disease.Russian President Vladimir Putin on Tuesday said the country has registered the world's first Covid-19 vaccine which has proven efficient during tests, offering a lasting immunity from the coronavirus.
Apart from this, investors may focus on stock-specific developments, especially for the ones declaring their corporate results.
Shriram City Union Finance reported standalone profits for the quarter ending June at Rs 192.27 crore while total income stood at Rs 1,414.57 crore against Rs 1,487.27 crore registered in the same period last fiscal.
Highways builder Ashoka Buildcon reported a 6.7 per cent increase in its standalone PAT to Rs 69 crore for the quarter while total income came in at Rs 621 crore.
A total of 137 companies, including Aurobindo Pharma, Ashok Leyland, and Tata Power are scheduled to announce their June quarter results today.
And, in the end, a quick look at other top news.
The Ministry of Defence yesterday approved the acquisition of 'Make in India' equipment worth Rs 8,722 crore. This is expected to provide a major fillip to the indigenous aerospace and defence industry, and put the sector in focus in today's session.
Rail-related stocks might also trade actively today after the Railways yesterday stated that all regular passenger train services will remain suspended till further notice, although 230 special trains will continue to be in service.
IT major Wipro has completed the acquisition of Belgian firm 4C for 68 million euros. 4C will be consolidated as part of Wipro's Salesforce practice, which provides solutions globally around multiple Salesforce clouds and its ecosystem of products.
And, Adani Ports and Special Economic Zone yesterday said its board has approved a proposal to raise up to Rs 3,000 crore through issuance of non-convertible debentures. The fund will be raised in one or more tranches.