Markets are likely to see a positive opening today following increase in the country’s growth rate in June quarter which was announced on Friday.
Besides cautious sentiment may prevail as the Supreme Court will decide the fate of coal blocks and announcement of current account deficit data this week.
On the global front, Japanese shares edged up on Monday, led by gains in some mid- and small-cap shares, but the advance was mostly capped on worries the Japanese economic recovery from a tax hike earlier this year may be weaker than initially thought.
The Nikkei share average rose 0.2 percent to 15,455.44, reversing its fall last week from a high around 15,628, and taking heart from Wall Street’s advance on Friday with the S&P 500 index closing at a record high ahead of Monday’s Labor Day holiday.
The early indicator, SGX Nifty was flat at 8,027 at 0820 hrs.
STOCKS TO WATCH
ITC, which plans to become a pan-Indian dairy entity, is going to set up plants across six states – Bihar (the first plant will be commissioned in Munger this year), Uttar Pradesh (possibly in Saharanpur), Punjab (in Kapurthala), Maharashtra, Andhra Pradesh and Telangana.
When Tata Steel this month announced a non-cash write-down of Rs 1,577 crore for its Benga (Mozambique) project investment, the total write-offs made by Cyrus Mistry since taking charge as Tata Sons chairman reached Rs 13,201 crore ($ 2.2 billion).
Wockhardt Ltd has received Qualified Infectious Disease Product (QIDP) status from the US Food and Drug Administration (FDA) for two of its drugs, WCK 771 and WCK 2349.
The government is likely to soon approve disinvestment of Coal India Ltd this week which may fetch the exchequer Rs 22,000 crore.
BHEL is exploring new business models apart from scouting for overseas opportunities in Russia, Kazakhstan and other countries.