After snapping their six-day bull run on Tuesday on account of profit-booking, it seems benchmark indices will return to their winning ways amid indications of a strong start. At 7.10 am, Nifty futures on the Singapore Exchange traded 32 points higher at 15,149.
The global market setup was mixed. In the overnight session, while Nasdaq extended its runs to fresh highs, S&P 500 and Dow ended slightly lower as investors rotated out of large-cap tech names into other sectors.
The Dow Jones Industrial Average 0.03%, the S&P 500 0.11% and the Nasdaq Composite added 0.14%.
In Asia, the stocks inched higher although concerns about the sustainability of a recent risk rally are likely to cap gains. The Australian S&P/ASX 200 Index was last up 0.5% and e-mini futures for the S&P 500 rose 0.14%. Japan’s Nikkei 225 slipped 0.31%.
Meanwhile, in international markets, Bitcoin was down 0.1% at $46,354 after its stupendous rally in the last few days. The cryptocurrency was headed toward $50,000 on Tuesday but paused at $48,216.
Back home cryptocurrency investors, however, might be in for a rude shock. A high-level Inter-Ministerial Committee has suggested banning all private cryptocurrencies, except any virtual currencies issued by the state, finance minister Nirmala Sitharaman said in response to a question in Rajya Sabha.
Earlier in the day, Minister of State For Finance Anurag Thakur had told Rajya Sabha that the government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them.
Now, a look at the stock-specific developments that are likely to sway the market today:
Eicher Motors, Titan Company, GAIL India and Hindalco Industries are 4 Nifty companies among 330 firms that are slated to post their quarterly results today.
Tata Steel reported a consolidated net profit of Rs 3,698 crore in the December quarter as against a loss of Rs 1,029 crore in the corresponding period last year on the back of increased revenue, which was aided by both higher steel prices and volumes.
InterGlobe Aviation, the parent of the country's largest airline IndiGo, has settled with Sebi a case of alleged corporate governance lapses and listing norms violations that were raised by the company's co-promoter Rakesh Gangwal.
Glenmark Pharmaceuticals on Tuesday said its board will meet later this week to consider buyback of its Singapore-listed foreign currency convertible bonds.
Telecom operators Bharti Airtel, Reliance Jio and Vodafone Idea on Tuesday submitted applications to participate in the Rs 3.92 lakh crore spectrum auction scheduled to start from March 1, according to official sources.
Berger Paints Q3 profit jumped 51% YoY to Rs 274.8 crore against Rs 182.3 crore posted in the same period last year.
Burger King India's net loss widened to Rs 29 crore against Rs 21.7 crore posted in the same period last year. Meanwhile, the revenues were down 28% YoY at Rs 163.1 crore.
Alembic Pharma, City Union Bank, Granules India, Gujarat Gas, L&T Technology Services and Mphasis to be part of F&O From March Series.