Markets are likely to make a positive opening tracking firm global cues. The early indicator, SGX Nifty was up 13 points at 6,075 at 0820 hrs.
US stocks ended with modest gains on Monday as investors digested recent market gains and looked ahead to new Federal Reserve Chair Janet Yellen’s first testimony before lawmakers.
The Nasdaq was boosted by strength in large-cap tech and pharma names, but most market participants took a wait-and-see attitude ahead of the testimony, looking for confirmation that the Fed would not change its schedule for ending its support for the economy.
The Dow Jones industrial average was up 7.71 points, or 0.05%, at 15,801.79. The Standard & Poor’s 500 Index was up 2.82 points, or 0.16%, at 1,799.84. The Nasdaq Composite Index was up 22.31 points, or 0.54%, at 4,148.17.
Asian markets settled in for a session of consolidation on Tuesday as investors waited to hear the new head of the US Federal Reserve’s outlook for the economy and policy, with most expecting a reaffirmation of the status quo.
STOCKS TO WATCH
Apollo Tyres, BPCL, Cipla, Coal India, Eicher Motors, H T Media, NCC, Oil India, Radico Khaitan and Tata Comm will unveil their third quarter earnings today.
Exceptional income from the stand-alone business and continued strong performance by Jaguar Land Rover helped Tata Motors nearly treble net profit and exceed analysts’ estimates in the third quarter financials.
State Bank of India (SBI), the country’s largest bank, expects to lend up to Rs 3,000 crore to the telecom players who are bidding for spectrum, for ramping up operations.
Tata Power plans to keep up with its annual investment of Rs 1,500 crore in renewable energy, even as the company’s networth is being eroded by its flagship coal-based project in Mundra.
Apollo Hospitals Enterprise Ltd (AHEL) has posted a growth of 3.47 per cent in net profit at Rs 83.44 crore for the quarter ended December 31, 2013, as against net profit of Rs 80.64 crore registered during the corresponding period of previous financial year, on a standalone basis.
Indian Bank has said that its share holders has approved conversion of Rs 400 crore worth Perpetual Non Cumulative Preference Shares (PNCPS) into equity by issuance and allotment of 3.51 crore shares of Rs 10 each at a conversion price of Rs 114.03 crore to the Government of India.