MARKETS LIVE: Cipla\, Lupin and Axis Bank among top stocks to watch

MARKETS LIVE: Cipla, Lupin and Axis Bank among top stocks to watch

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Corporate earnings for December quarter and the ongoing three-day Reserve Bank of India (RBI)’s monetary policy meeting are likely to have a major influence on the domestic stocks on Wednesday. On the global front, US President Donald Trump’s State of the Union address will be closely watched to see if he drops any hints of progress on trade tariffs. The speech is being delivered now.  

This apart, crude oil prices and movement of rupee against the US dollar will also steer the sentiment.


STOCKS IN FOCUS


Tata Group stocks: The income-tax department has withdrawn the exemption granted to Sir Dorabji Tata Trust, one of the oldest and biggest philanthropic organisations in the country, in a move that could adversely hit the $103-billion salt-to-software Tata group.


RCom: Reliance Communications has sought relief from RBI diktat to speed up Reliance Jio deal. Under the circular, 100 per cent of the members of the committee of creditors have to accept the offer of debt resolution.


Axis, UCO and Syndicate Bank: The RBI on Tuesday fined three lenders – Axis Bank, UCO Bank and Syndicate Bank for violating various rules set by the central bank.


RESULTS TODAY


Over 125 companies are scheduled to release their December quarter results later in the day. Some of the prominent names include Adani Ports, Adani Power, Cipla, Graphite India, Indraprastha Gas, Lupin, JSW Steel, Muthoot Finance and Manappuram Finance. 

Snapping its two-day losing streak, the rupee ticked higher by 23 paise to close at 71.57 per US dollar Tuesday amid fresh foreign fund inflows and gains in domestic equities.


GLOBAL MARKETS

Asian shares started cautiously on Wednesday as investors waited to see if US President Donald Trump’s State of the Union speech. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday. In the overnight trade, US stocks settled higher. The Dow ended Tuesday up 0.68 per cent, while the S&P 500 gained 0.47 per cent and the Nasdaq 0.74 per cent.

(with Reuters input)

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