Markets may open higher boosted by a surprise rate cut by RBI and tracking the firm trends in their Asian peers.
At 8:40AM, the early indicator SGX Nifty was upn 119 points at 8,445.
Data released on Wednesday showed that Wholesale price index (WPI) -based inflation rose marginally to 0.11 per cent in December from zero per cent the previous month, mainly on account of an increase in prices of food items. .
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 69.74 crore on Wednesday, as per provisional stock exchange data.
Asian markets are trading higher. Japan’s Nikkei has gained around 1.2%. boosted by the rebound in crude oil prices and a pause in rising yen. Chinese markets are marginally higher. Hang Seng index has gained around 0.2% while Shanghai Composite index has gained around 0.1%.
Overnight, the US markets closed lower for the fourth straight session on concerns over global economic growth. Fall in copper prices to a five and half year low and weak retail sales data too checked the risk-appetite. Dow Jones Industrial Average declined over 1% while S&P 500 and Nasdaq Composite indices fell around 0.5% each.
Stocks to watch
TCS is in focus ahead of the release of its quarterly results due later today.
Infosys is in focus after its CEO Vishal Sikka annoucned that the company will invest around Rs 1,500 crore in Indian startups following his meeting with Prime Minister Narendra Modi.
ITC is in focus as according to media reports, the company is planning to set up a biscuits and confectionary manufacturing plant in Odiasha with an investment of around Rs 440 crore. Meanwhile, foreign brokerage, Goldman Sachs has removed ITC from its conviction list.
NTPC is in focus as a committee under the Ministry of Environment and Forests has recommended state-owned NTPC Limited to consider shifting the location of its proposed 4,000 Mw power plant from the current site at Vishakhapatnam as the area is “ecologically sensitive”.
Bajaj Finserv posted a consolidated net profit of Rs 347 crore in Q3 FY 15 versus Rs 281 crore in the same quarter of the previous fiscal representing a growth of 23%.
NIIT Technologies may come under pressure after reporting 9.2% fall in its net profit at Rs 48.2 crore for the quarter ended December 31, 2014.
Indian Oil Corporation is in focus as media reports suggest that the government is likely to sell 10% of its stake in the OMC.