The Indian markets are set to open higher today on the back of firm cues from Asian indices. At 7:30 AM, the SGX Nifty was trading 50 points up at 11,430 levels. This was after Asian shares regained some footing on Tuesday with Australia's ASX200 rising 1 per cent while Japan's Nikkei and Hang Seng index both were up half a per cent each.
However, geo-political concerns might put a lid on the indices' gain. According to reports, an incident of firing took place on the Line of Actual Control in Eastern Ladakh sector where troops of India and China have been engaged in a stand-off for over three months. Investors will track the developments on this front, and any further escalation might pressure the indices.
Investors will also react to the Kamath Committee's recommendations for Covid-19-related debt restructuring. The committee has recommended financial ratios for 26 sectors which could be factored in by lending institutions while finalising a resolution plan for a borrower.
Apart from these, investors will continue to track global cues, Covid-19 related newsflow and stock-specific developments, including corporate results.
A surge of over 75,000 cases on Monday took India's tally of Covid-19 cases to 42.7 lakh with 72,816 deaths.
On the results front, a total of 38 companies including SML Isuzu and Future Consumer are set to announce their June quarter earnings today.
Apart from these, aviation stocks might trade actively today after rating agency Icra said air passenger traffic in the country logged a 26 per cent month-on-month growth at 2.6 million passengers in August, with airlines scaling up capacity by 27 per cent over July.
Meanwhile, the government is planning to sell 15 per cent stake in defence company Bharat Dynamics through an offer for sale today and tomorrow. The centre which owns 87.75 per cent stake in the company is looking to offload 2.71 crore shares at floor price of Rs 330 per share.
And now a quick look at other top news
ITC will examine an “alternative structure” for its hotels business, Chairman Sanjiv Puri has said. Puri said the firm is focusing on an asset-right strategy and will look at some alternative structuring vehicles for value creation.
According to a Business Standard report, Reliance Industries has started preliminary talks with Facebook and private equity fund KKR to make an investment in its retail business too.
The Rs 700-crore IPO of Happiest Minds Technologies was subscribed nearly 3 times on Monday, the first day of the issue. This was the highest first-day subscription for an IPO this year.
Vodafone Idea on Monday said it will seek shareholders' approval to raise the borrowing limit to Rs 1 lakh crore, at the annual general meeting scheduled to be held on September 30.