Home / Financial News / Markets may open lower; RIL, SBI, Axis Bank, Bharti Airtel in focus

Markets may open lower; RIL, SBI, Axis Bank, Bharti Airtel in focus

Markets are likely to open lower tracking the weakness in their Asian peers. Sentiments may remain subdued given the sustained fall in global crude prices and absence of any major cues while investors are likely to exercise caution ahead of the release of inflation and industrial production data due on Friday. 
 
At 8:30AM, the early indicator SGX Nifty was down 36 points at 8,353.

Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 221.52 crore on Tuesday, as per provisional stock exchange data
 
Sustained decline in global crude prices and weakness in US markets pulled down Japanese shares. Nikkei has lost over 1.5%. Concerns about Chinese economic growth have dragged Chinese shares. Hang Seng and Shanghai indices have lost 0.3% and 0.6% each.

Meanwhile, China’s annual consumer inflation eased to a five-year low of 1.4% in November from 1.6% in October, the lowest since November 2009, signalling persistent weakness in the world’s second-largest economy and giving policymakers more room to ease policy to support growth.
 
US markets closed mixed on Tuesday amid weak global cues and concerns over political uncertainty in Greece. Though, boosted by gains in energy and technology shares, S&P 500 index managed to pare early losses and end the session on a flat note while Nasdaq Composite index ended higher by 0.5%. The Dow Jones industrial average fell  0.3%.
 
 
Stocks to watch
 
SBI will be in focus as the bank has ruled out a cut in lending rates till credit demand picks up, to compensate for loss in interest income.
 
Axis Bank will be in focus as the bank has introduced a fixed home loan product for the tenure of 20 years, priced at 10.4 per cent.
 
Reliance Industries is in news after entering into a definitive agreement for a joint venture in business with China’s Shandong Ruyi Science and Technology Group (Ruyi). According to the agreement, RIL will transfer its existing textile business under the Vimal brand into a newly incorporated company in which RIL will hold 51 per cent stake. The remaining 49 per cent stake will be sold to Ruyi.
 
Bharti Airtel will be in focus on news that TDSAT has set aside a penalty of Rs 650 crore imposed on the company by Department of Telecommunication.

Spicejet may come under renewed pressure as the Directorate General of Civil Aviation (DGCA) has refused to relax its restriction on SpiceJet’s advance bookings and once again asked the airline to submit in writing a credible funding plan by December 15.

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