Pre-Market: Shares may open higher, SGX Nifty gains

Indian markets are expected to open higher on Tuesday morning after Reliance Industries posted better-than-expected second quarter numbers.

At 8:15AM, SGX Nifty rose 1 per cent at 6,206.

Asian stocks rose, with the regional index heading for a five-month high, as Senate leaders said they’re optimistic they will forge a deal to reopen the US government and avoid a breach of the debt limit this week.

China’s Shanghai Composite added 0.4% to 2,236, Japan’s Nikkei rsoe 0.5% to 14,479 while Hang Seng was up 0.6% to 23,355.

Overnight, US stocks ended higher on hopes of a budget deal.

The day’s gains were broad, with eight of the S&P’s 10 sectors higher. The two decliners were sectors considered defensive: telecom and utilities. About 55 percent of stocks traded on the New York Stock Exchange closed higher while 59 percent of Nasdaq-listed shares closed up.

Domestically, key earnings to be watched out for today include HDFC Bank and Tata Consultancy Services.

STOCKS TO WATCH

Reliance Industries posted upbeat results in the second quarter as company managed to surprise the Street with its revenues and profit numbers. Despite continued volatility in refining and petrochemicals business on a sequential basis, year-on-year sales grew 14.2% and net profit grew 1.5%, driven largely by petrochemicals and refining. Even though other income declined by nearly Rs 500 crore sequentially, RIL’s net profit rose 2.6%.

Telecom operator Reliance Communications will start selling Apple’s iPhone 5s and iPhone 5c smartphones from November 1.

Tata Teleservices today launched a festive offer for its postpaid customers across the country wherein they will get gifts such as free data, branded tablets and LED TV on new activations.

SGX Nifty

sgxnifty.org@imediaone.com

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