Stocks in Focus

Markets are likely to open marginally higher, amid firm global cues, with select corporates such as SBI in focus ahead of first quarter earnings later today. However, metal stocks are likely to witness pressure after China devalued its currency, the yuan.  

On Monday, markets witnessed a sell-off in late trades after reports that the Goods and Service Tax Bill is unlikely to be passed in the ongoing monsoon session.

At 8:35AM, the early indicator SGX Nifty was up 17 points at 8,542.

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Among the major corporates that will announce their first quarter earnings include Bosch, HPCL, Tata Steel, NMDC, SBI and Sun Pharma among others.

Among others, metal stocks are likely to be under pressure after China devalued its currency, yuan which would hurt Indian exporters.

Adani Power may firm up after it posted a net loss of Rs 135.1 crore for the quarter ended June 30, 2015 on a standalone basis, improving from the net loss of Rs 179.7 crore in the corresponding period last year, on the back of a marginal increase net income during the quarter under review.

Vedanta is likely to see some action after the company on Monday announced the reopening of Codli,  its largest mine in Goa, marking the resumption of iron ore mining in the state after nearly three years.

Wockhardt is likely to gain after the pharma major’s profit rose five times to Rs 114 crore in the quarter ended June against Rs 20 crore in the year-ago period, driven by revenue growth in India and the UK markets.

Adani Ports and Special Economic Zone may firm up after it posted a profit after tax of Rs 619 crore for the quarter ended June 30, 2015, as against a PAT of Rs 505.1 crore in the corresponding quarter last fiscal, up 22.5% on the back of a 23% rise in total income during the quarter.

Nestle India may be under pressure after reports suggest that the Centre is set to seek a compensation of around Rs 426 crore from Swiss food major Nestle over the alleged damages caused by Maggi noodles to Indian consumers.

GLOBAL MARKETS

Asian markets were trading mixed with shares in China witnessing profit taking after sharp gains in the previous session. The Shanghai Composite was down 0.2% and the Nikkei eased 0.2% while Straits Times slipped 0.5%. However, shares in Hong Kong edged higher and the Hang Seng was up 1.3%.

Major US share indices ended over 1% higher on Monday on renewed buying interest in commodity stocks while the recent acquisition plan by Warren Buffett also aided sentiment. According to reports Berkshire Hathaway Inc plans to acquire aerospace and energy equipment manufacturer Precision Castparts Corp. The Dow Jones ended up 242 points or 1.4% at 17,615, the tech-laden Nasdaq ended up 58 points or 1.2% at 5,101.80 and the broader S&P 500 ended up 1.3% at 2,104.18.