The situation seems better at least at start today. US stocks climbed amid reports that Germany and France have agreed to shore up the eurozone bailout fund. But, another report has denied the same stating that the debate on the size of the EFSF may continue for a while. Consensus view is unlikely anyways.
Asian markets are holding firm. European indices finished mixed following the fresh downgrade of Spain and a Moody's warning to France over its "AAA" rating outlook. Apart from corporate results, investors will also keep an eye on US inflation, housing data and Fed’s beige book survey.
Biocon, Bajaj Finserv, HDFC Bank, Crompton Greaves, Dish TV and Hindustan Zinc will be in focus before their earnings. Hero MotoCorp will also be in the spotlight after its Q2 results.
Overall, earnings have been mixed so far - both from domestic as well as offshore firms. For the Nifty, 5095 could turn out to be an important resistance.
Although markets have lost some steam this week equities are less likely to tumble much unless fresh global headwinds hit us hard. At best expect sideways consolidation before any fresh move on either direction.
FIIs were net sellers of Rs. 2.85bn (provisional) in the cash segment on Tuesday, according to NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs. 1.32bn on the same day.
FIIs were net sellers of Rs. 2.22bn (provisional) in the F&O segment, according to NSE web site.
The foreign funds were net buyers at Rs. 3.97bn in the cash segment on Monday, as per SEBI data. Mutual funds were net sellers at Rs. 2.29bn on the same day.
Results Today: Ajmera Realty, Alembic, Bajaj Finserv, Bajaj Finance, Biocon, Crompton Greaves, Dish TV, Essar Ports, HDFC Bank, Hindustan Zinc, IGL, Infotech Enterprises, JB Chemicals, Mastek, Rallis India, Raymond, Torrent Power, WWIL, Zee Learn and Zee News.
The Union Finance Ministry ruled out a rights issue for SBI in FY12 but assured the bank that its capital requirements would be met by March 31, 2012.
Separately, the Government has said that state-run banks will need Rs. 3.5 lakh crore in the coming decade, and that the Centre will provide nearly Rs. 260bn to them during FY12.
Sun Pharmaceutical has proposed to acquire 100% of Israel's Taro Pharmaceutical Industries.
GVK Airport Holdings Pvt Ltd, an arm of GVK Power & Infrastructure Ltd (GVKPIL), has acquired an additional 13.5% stake in Mumbai International Airport Pvt Ltd (MIAL).
The Government has decided to cut supply of Reliance Industries’ KG-D6 gas to some power plants such as GMR’s Tanir Bavi and Lanco’s Kondapalli units, which sell electricity at market rates.
The TDSAT has directed Bharti Airtel to pay 50% of the Rs500mn penalty imposed by the DoT in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections.
TCS will give out offer letters to 45,000 fresh engineers in 2012-13 through its annual campus recruitment drive.
Macquarie Group and SBI are drawing up plans to raise US$1-1.5bn for their second fund to invest in infrastructure assets and companies in India.
Two promoters of IRB Infrastructure have sold around 10% stake through secondary market transactions in the past one week to raise around Rs. 4.57bn to revoke pledge on the shares held by them.
Hindustan Dorr-Oliver (HDO), a listed subsidiary of Hyderabad-based infrastructure firm IVRCL, is eying more acquisitions in Europe, group chairman E Sudhir Reddy has been quoted as saying.
Lupin hopes to finalise two marketing alliances with a multinational company and a domestic company by March to market adult vaccines and enhance its market share in chronic diseases segment, Shakti Chakraborty, group president, domestic formulations has been quoted as saying.
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