The term Nifty Stock Exchange of Singapore rose 15 points, the 5704th
Asian markets were gloomy Tuesday morning that the impasse on the agreement of U.S. debt kept investors on edge. Japanese Nikkei Stock Average traded flat at 10,054. Hong Kong Hang Seng gained 0.7%, but China's Shanghai Composite dropped 0.2%.
In India, economists expect the Reserve Bank of India to raise interest rates by 25 basis points in the current policy. "Another trip is possible in September, if central banks want to make sure the bite is actually the tail of the inflation," said HDFC Bank in the weekly note. In the latest macro-economic report also said that the RBI monetary tightening will continue until there is sufficient evidence of trends in inflation closer to the comfort zone of 4-4.5%.
Index heavyweight Reliance Industries will again be in the spotlight today, after the June quarter earnings missed analysts' expectations by a small margin. The oil and gas conglomerate reported net ever more lucrative on the back of improved refining margins, which offset the decline in gas production from KG D6 basin.
Net income increased 17% to Rs 5661 crores against Rs 4851 crores reported in the same period last year. Reuters survey estimated net profit of Rs 5720 Croé. Gross refining margins, the benefit of converting raw refined products increased to $ 10.3 per barrel compared to $ 7.33 a barrel during the same period last year.
Analysts expect RIL gas production to improve the experience of British Petroleum. Deven Choksey, KR Choksey the DM said, "a lot of BP, RIL to obtain a higher production capacity, increasing gas production. Fund will help the company to produce a greater amount of inorganic growth acquisitions."
Among the Indian side, Patni Computers was the top loser, down 4.3%, Genpact fell by 2.1% and 1.2% of Infosys shed.
Foreign institutional activities in futures and options has been mastered, FIIs were net buyers of Rs 346 million rupees in P & O, bought index futures of Rs 79 crore and index options of Rs 552 crore, but sells stock futures Rs 291 crore. Preliminary data available on the Bombay Stock Exchange, FIIs were net buyers of Rs 316 crore in cash, while DIIS (domestic institutional investors) were net buyers of Rs 224 crore.
Maruti Suzuki, BHEL, JSW Steel, Cairn India and SKS Microfinance will be closely monitored before the fourth quarter earnings today.