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Pre-market: Strong global cues to boost domestic markets

Pre-market: Strong global cues to boost domestic markets

arkets are likely to open higher on Wednesday, amid a rally in global markets, following  the US Federal Reserve policy stance to continue trimming its monetary stimulus measures.

At 8:25AM, the SGX Nifty was up 32 points at 6,106.


Asian stocks were trading higher tracking overnight gains on Wall Street. However, the Shanghai Composite was trading marginally lower ahead of the trade data for January later today. The Nikkei was up 0.9%, Straits Times rose 0.3%, Hang Seng gained 0.8% while Shanghai Composite was down 0.2%.

US stocks surged over 1% to end higher for the fourth straight session on Tuesday as Federal Reserve Chair Janet Yellen's in her first testimony before US lawmakers kept the central bank's policy of trimming the monetary stimulus intact.

The Dow Jones industrial average ended up 193 points, or 1.2%, at 15,995. The Standard & Poor's 500 Index gained 20 points, or 1.1%, at 1,820. The Nasdaq Composite Index rose 43 points, or 1.03%, at 4,191.

European stocks also ended higher on Tuesday on the back encouraging corporate earnings and the announcement by Federal Reserve Chair Janet Yellen that the central bank will continue its strategy of reducing the stimulus measures. The FTSE ended up 81 points at 6,673, DAX rose 189 points at 9,479 and CAC-40 ended up 46 points at 4,283.

STOCKS TO WATCH

GMR Infra will see some pressure after the company's net loss for the third quarter widened to Rs 441 crore from Rs 217 crore in the same quarter last fiscal.

State-owned Hindustan Petroleum Corp Ltd (HPCL) today reported a net loss of Rs 1,734 crore in the December quarter after the government paid less than half of the due oil subsidy.

HPCL had posted a net profit of Rs 147 crore in the same period a year ago.

JK Tyre and Industries reported 55.62% increase in consolidated net profit at Rs 59.03 crore for the third quarter ended December 31, 2013.

TV Today Network reported an increase of 34.46% in standalone net profit at Rs 20.64 crore for the third quarter ended December 31.

Diversified firm Aditya Birla Nuvo Ltd reported a 11.57% rise in consolidated net profit at Rs 345.27 crore for the third quarter ended December 31, 2013.

Companies which will announce their third quarter earnings today include, Apollo Tyres, BPCL, Coal India, Eicher Motors, HT India, NCC, Oil India, Radico Khaitan, Tata Communications and Bata India among others.

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