 "10 things you should know before the opening bell")
Global cues:
Asian markets were in a hesitant mood on Monday ahead of figures that are expected to show a slight slowdown in regional powerhouse China, while Deutsche Bank soured sentiment by reporting a surprise loss and falling revenues. In muted early action MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.2 percent, and Australia’s market .AXJO eased 0.3 percent.
The S&P 500 and Nasdaq declined on Friday as results from Intel (INTC.O) and General Electric (GE.N) were the latest to dampen the view on fourth-quarter earnings. Volatility picked up late in the session, thanks in part to selling related to options expiration, analysts said. The initial reads on earnings have been mixed, and yet U.S. stocks are hovering near all-time highs. This week, investors will see whether the first companies out of the gate were a harbinger of what’s to come.
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The U.S. dollar started Monday near a two-month high, having enjoyed a solid comeback last week after a string of mostly upbeat data convinced markets the Federal Reserve will continue its gradual withdrawal of stimulus. The dollar index stood at 81.215 .DXY, after rising 0.7 percent last week to as high as 81.295.
Business/Stock news:
Reliance Industries Ltd shares will be in the limelight today. The company reported a higher than predicted estimated for the December quarter at Rs 5,511 crore, the same level as last year. Higher profit from the petrochemical business and investment income helped the oil and gas major maintain its profit.
Biocon will also be in focus. Biocon will start selling breast cancer CANMab in India from early February. The drug has been developed jointly with US based company Mylan.
Wipro Ltd shares will continue to remain in focus after T.K. Kurien, CEO of the IT major said that the company would perform better in the next fiscal year. Wipro estimates revenue in the range of $1.71-1.75 billion for the March quarter, indicating a growth in the range of 2-4%.
State-owned life insurer LIC has pared its stake in IT major Infosys to 3.71 per cent during the October-December quarter, raising about Rs 2,600 crore.
Economy news:
According to HT reports, petroleum ministry officials have readied the much-talked about Cabinet note for raising the number of subsidised LPG cylinders from nine to 12 a year. The decision has raised concerns that it may affect government’s finances.