The Indian equity market is likely to open marginally in the green today with the SGX Nifty trading at 8429.00, up 15 points at 8:00.
Global cues, meanwhile are mixed with the US markets ending flat as investors mulled the slowdown in Europe. European markets closed with sharp losses and Asia too is trading in the red.
In other asset classes, Britain’s pound fell to a 14-month low against the dollar on Wednesday as investors pushed back rate-increase expectations to late 2015 after the Bank of England forecast low inflation. The dollar rose more modestly against other major currencies.
In commodities, WTI crude closed at a three-year low with prices under pressure from the growing oil glut created by the US shale boom and the restart of Libya’s largest operational oilfield. Brent slipped below USD 80 dollars per barrel,.
And precious metals space, gold hovers around USD 1160 an ounce.
Back home, it was a double delight for the Indian economy with inflation easing for the third straight month-cooling down to 5.5 percent in October . The growth engines have started to fire as the factory output has expands by 2.5 percent in September.
Meanwhile, the government has given final touches to the blueprint for auctioning coal blocks. Coal Secretary Anil Swarup has said if corporates lose coal blocks they owned at auctions, they’d have an option to swap them. He has also added that the legal framework for commercial coal mining is already in place but the government is yet to take a final decision.
In more bureaucratic development, DIPP secretary Amitabh Kant has said he expects big ticket FDI investments in railways and defence. He has also vowed to improve India’s ranking over the ease of doing business “significantly” next year.
And in earnings corner, Tata Steel disappointed in the second quarter. A weak performance in South East Asia has dragged the company’s revenues lower and profits have gotten a leg up due to the sale of land.
Realty major DLF is expected to report another weak quarter as limited launches and weak Gurgaon market are likely to impact earnings. The revenues may come in at Rs 1970 crore.
Hindalco, meanwhile, may see a 33 percent topline growth due to higher sales volume in both aluminum and copper segment. Pharma major Sun Pharma is likely to see subdued growth.