On the home front, for the third time in 3 months, the central government has hiked the excise duty on petrol and diesel. The centre has hiked duty by Rs 2 a litre for both branded and unbranded petrol and diesel.
The Indian equity market is likely to flat with a negative bias with SGX Nifty, an indicator of the market opening, trading at 8346.00, down13.00 points at 7:45 am.
Yesterday, on the very first day of the year 2015 the market was lacklustre as frontline indices recouped (marginal) losses in late trade to close flat with a positive bias. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.65 percent and 1.25 percent, respectively.
The 30-share BSE Sensex rose 8.12 points to 27507.54 and the 50-share NSE Nifty advanced 1.30 points to 8284 amid low volumes.
Most of the Asian markets too were trading flat in the morning. The US and European markets were closed for the New Year.
On the home front, for the third time in three months, the central government has hiked the excise duty on petrol and diesel. The centre has hiked duty by Rs 2 a litre for both branded and unbranded petrol and diesel. Government says the move could yield Rs 6,000 to 7,000 which will be used to fund infrastructure projects.
Some of the stocks that could be in focus are TVS Motor s, IOC, Ranbaxy.
TVS Motor could be in news because the December Sales marginally lower than estimates. The scooter growth for the company moderated on high base. However, the 3-wheeler segment saw strongest growth of 61%.
IOC will begin commissioning of Paradip Refinery. The company will begin commissioning of its long-delayed refinery from Q1 of 2015. The refinery was to cost Rs 29,777 cr but delays have taken the cost to Rs 4,500 cr.
In case of Ranbaxy, the OTC brands are likely to get a push from Sun Pharma.