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Global mkts in green; Diwali cheer may continue on Nifty

Global cues are positive with the Wall Street rally continuing with the S&P 500 and the Nasdaq Composite extending the gains into the fourth day.

The Indian equity market is likely to open smartly in the green today with the SGX Nifty trading at 8016.50, up 66.50.

Global cues, meanwhile, are positive with the Wall Street rally continuing with the S&P 500 and the Nasdaq Composite extending the gains into the fourth day.

European markets too saw significant gains as well on European Central Bank stimulus hopes Asian markets too are trading in the green.

Back home, all eyes will on IT major Wipro’s earnings today. Wipro’s dollar revenue growth is seen at 2.5 percent quarter-on-quarter (QoQ). EBIT margins are expected to decrease by 40-50 bps.

Asian Paints is another corporate that will announce its Q2 numbers. The company’s revenue growth is expected to be stronger than that of the industry given the market share gains.

From the banking space, HDFC and Kotak Mahindra Bank report their numbers today. HDFC may see a 16 percent growth in net interest income (NII) while profits may grow 8 percent. Kotak Mahindra Bank is expected to see a 15 percent rise in profits on a standalone basis as the bank’s loan growth is likely to improve.

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