RTTNews - Monday, the Indian market is likely to open higher on the back of favorable Wall Street and Asian cues following upbeat U.S. corporate earnings and positive housing data.
Hopes about the government pushing through key financial sector reforms, better-than-expected quarterly earnings of Indian companies and the revival of FII buying may also help keep underlying sentiment firm, while concerns about a delayed monsoon and intermittent profit taking may limit the scope for a sharp rise.
Continuing its upward movement for another day, crude oil finished at its best level in 11 days on Friday. Light sweet crude oil for August settlement rose $1.54 to settle at $63.56 per barrel. In Asian trading on Monday, the commodity was last trading firm at $64.14 a barrel, up nearly 1% amid gains in Asian stocks and the weakness of the dollar against the euro.
Last week, the benchmarks, the Sensex and the Nifty, rose over 9% each, after the government reaffirmed its commitment on stock sale in public sector enterprises and other reforms. Short covering after a sharp 10% fall in the previous week and strong fund buying amid favorable global cues also offered some support.
In corporate news, Reliance Industries and RNRL could be in the spotlight amid reports that Anil Ambani has written to the Prime Minister accusing the oil ministry of siding with Mukesh Ambani's RIL ahead of the hearing of a gas-sale dispute in the apex court on Monday.
Apollo Hospitals reported a net profit of Rs 44.8 crore for the first quarter ended June compared to a net profit of Rs 29.27 crore in the corresponding period last year. Pennar Industries clocked a 24% year-over-year rise in its June-quarter net profit.
Natco Pharma stopped the production and marketing of breast cancer drug Albupax on instructions from the Drug Controller General of India (DCGI) after tests showed that it might cause damage to the liver.
SAIL plans to borrow at least Rs 5,000 crore through long-term debt in the current fiscal year to part finance its expansion plans.
With a 22% year-over-year rise in its net profit, Tata Consultancy Services (TCS) beat market estimates but cautioned that the business environment continues to be weak. TCS expects to achieve $3 billion revenue from its back office practice in the next five years.
Suit maker Hartmarx Corp's sale to London-based Emerisque and Indian apparel company S Kumars Nationwide has been postponed for a few days, as the buyers are seeking to renegotiate some aspects of the deal, reports suggest.
Infosys' product division, which markets Finacle banking solution, has reportedly bagged two major orders from Europe and North America.
Financial Technologies India sold its five per cent stake in Multi Commodity Stock Exchange (MCX-SX) to IFCI at Rs.35 per share.
Essar Group is in talks with United Arab Emirates-based investor consortium, the Dhabi Group, for investing in the telecom business of its African assets, reports suggest.
The British government won't guarantee the much-awaited £340 million loan for Tata Motors' luxury car maker, Jaguar Land Rover, unless it has a say in the company's future plans, Business Secretary (Minister) and head of the Department for Business, Enterprise and Regulatory Reform (BERR), Peter Mandelson reported to have said.
For comments and feedback: contact email@example.com