Markets are likely to see a flat start with a volatile day ahead of the November F&O expiry. Early indicator SGX Nifty was up five points at 8,483.
Oil is going to be closely tracked as the OPEC meets today. There are speculations that the OPEC oil cartel will maintain output at this week’s closely watched meeting despite a global supply glut.
In Asia, stocks inched higher on Thursday as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing U.S. data, which tripped up the dollar.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3% though Japan’s Nikkei retreated 0.4% on the yen’s rebound.
Overnight, US stocks rose on Wednesday boosted by tech shares, with the S&P 500 and Dow industrials closing at records, while the energy sector was once more the largest weight on the market as crude prices continued to flirt with multi-year lows.
The Dow Jones industrial average rose 12.81 points, or 0.07%, to 17,828, the S&P 500 gained 5.8 points, or 0.28%, to 2,073 and the Nasdaq Composite added 29.07 points, or 0.61%, to 4,787.
Stocks to Watch
Tata Power: The Central Electricity Regulatory Commission has approved the company’s tariff petition for its 1,050-MW Maithon Power project in Jharkhand
Indian Overseas Bank: Moody’s has downgraded teh bank’s financial strength rating from “D-” to “E+”. The action reflects the bank’s weakening asset quality and capital profile.
Crompton Greaves: PE players Temasek, Capital International are keen to acquire a minority stake in Crompton Greaves Consumer Products – the proposed de-merged consumer business division of Avantha Group
Dr Reddy’s Laboratories: Received inspectional observations from the US Food and Drug Administration (FDA) for one of its active pharmaceutical ingredients (APIs) manufacturing plants located in Srikakulam district of Andhra Pradesh
Cox & Kings: Cut its debt and halved its interest outgo through a mix of asset sale, refinancing of loans and Rs 1,000 crore capital raising through qualified institutional placement (QIP) route
SpiceJet: Has informed aviation ministry that it has cleared all service tax and income tax dues for 2013-14