If Nifty stays above 6000, which 8 stocks will be in focus???
The index rose 73.90 points or 1.25 percent to finish at 6009, continuing its uptrend for the second consecutive session. The BSE Sensex advanced 282.41 points or 1.44 percent to end at 19958.47 after hitting an intraday high of 19991.94.
On the macro front, industrial production delivers a rude shock as it contracts 1.6 percent in May and retail inflation for June rises to 9.87 percent. Meanwhile, the June wholesale price index (WPI) is expected today.
Oil marketing companies (OMCs) will be in focus today as weak rupee forces the OMCs to hike petrol prices again by Rs 1.55 per litre.
Stock in news
Meeting between Bajaj Auto management, labour union and Commissioner ends inconclusive. The company says that Labour minister will summon the management this week
Sources indicate that EIL has filed prospectus to sell 10 percent stake via follow on public offer (FPO). The government aims to raise Rs 500 crore via the FPO.
The Tamil Nadu Chief Minister appoints a team to discuss modalities of divestment in Neyveli Lignite . Further discussion on NLC divestment will be held today.
According to reports Kuwait Airways enters fray to buy stake in Spicejet. It is likely to pick stake short of the 25 percent mark. The deal value is pegged around Rs 1000 crore.
Sadbhav Engineering gets orders worth Rs 184 crore from Gujarat government.
Sources say YES Bank's Rana Kapoor writes to RBI seeking declassification of Madhu Kapoor as non-promoter. Rana Kapoor says Madhu Kapoor does not hold management/board position Rana Kapoor's request part of the Dilution Plan submitted to RBI in 2012.
Earnings
Exide's April-June quarter earnings will be announced today. A CNBC-TV18 poll sees profit rising 5 percent to Rs 160 crore from Rs 152 crore.
Revenue may rise over 7 percent as the company will benefit from demand uptick in 4-wheeler replacement battery segment and that will offset slowdown in OEM batteries and industrial battery segment. Margins are likely to be stable since despite the lead prices rising by 7 percent YoY in rupee terms in first quarter, this will be offset by price hikes taken in Q4 to the tune of 5-6 percent, which are expected to aid margins in Q1 due to lag effect.
Revenue may rise over 7 percent as the company will benefit from demand uptick in 4-wheeler replacement battery segment and that will offset slowdown in OEM batteries and industrial battery segment. Margins are likely to be stable since despite the lead prices rising by 7 percent YoY in rupee terms in first quarter, this will be offset by price hikes taken in Q4 to the tune of 5-6 percent, which are expected to aid margins in Q1 due to lag effect.
Oberoi Realty too will report numbers today. It expects a drop in sales, firstly on account of a general slowdown coupled with a delay in receiving the nod for Esquire and secondly on account of exhaustion of inventory at Splendour.
Global cues
In Asia, China has reported second quarter gross domestic product (GDP) at 7.5 percent (Y-o-Y) and up 1.8 percent Q-o-Q. This is inline with what was being estimated.
Asian markets are mixed ahead of China's second quarter GDP as well as industrial production data expected today. Japanese markets are shut for trade.
Federal Reserve Chairman Ben Bernanke is to appear for the semi-annual congressional testimony on Wednesday and Thursday.
The euro is holding above 1.30 to the dollar. The dollar index is around 83 levels. In commodities, Brent Crude is trading close to USD 109 after touching a low of USD 107.28 per barrel. Nymex too saw a one dollar gain but it's still below the 16-month high.
From precious metals space, gold is trading at USD 1280 an ounce.
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