The Indian stock markets are expected to open in red on Tuesday following the sluggish global cues. The benchmark BSE Sensex crashed over 551 points to 27,561.38, its weakest closing in over five weeks on Monday, on concerns that stricter norms for participatory notes may hit foreign investments and a major slump in Chinese stocks.
“A rocky start to the week was expected given the numerous event risks lined up for the next fortnight. The Chinese markets’ fall gave an acute bearish bias at open on Monday, which was exacerbated by MAT and PN themes, as both has a potential on FII flows. With more companies’ earnings to be announced in the coming days, the focus is likely to shift and the nervousness that has dominated on Monday is likely to subside,” Anand James, Co Head Technical Research Desk, Geojit BNP Paribas said.
Here are the stocks that are likely to be in focus today
Tech Mahindra: The stocks of the IT major will be in focus today after the company reported a 7.2% rise in the net profit at Rs 676.07 crore, on the back of forex gains and lower taxes, for the quarter ended June. Revenues grew 22.9% to Rs 6,293.8 crore in the quarter from Rs 5,121.50 crore in the same period last year. Tech Mahindra shares closed on Monday at Rs 519 apiece, up 1.59 per cent from its previous close on the BSE.
PFC: The government’s 5 per cent stake sale in power sector lender Power Finance Corporation (PFC) was lapped up by investors, fetching about Rs 1,600 crore to the exchequer. Despite a steep decline in broader markets, the offer for sale (OFS) for 6.60 crore Power Finance Corp (PFC) shares received bids for 15.42 crore shares worth Rs 3,747 crore.
Ambuja Cement: The cement maker, in which Swiss building material major Holcim has a majority stake on Monday reported 45 per cent fall in its standalone net profit at Rs 226.4 crore for the second quarter ended June, 2015. Shares of the company on Monday fell by 2.52 per cent to settle at Rs 234.30 apiece on the BSE.
Axis Bank: Axis Bank on Monday signed a $200-million, seven-year bilateral loan agreement with the Asian Development Bank.
ICICI Bank: The largest private sector lender has put two stressed assets with an exposure of Rs 1,000 crore on the block to be sold to asset reconstruction companies.
Along with the above the stocks of Blue Star, GSFC, ABCIL, RPG Life, HDFC, Union Bank, Syndicate Bank, PNB, Dish TV, Maruti, Pidilite, Andra sugar, IDBI and PI Industries may remain in focus today as they will announce their earnings on Tuesday.