Sensex Poised for Strong Start; Tech Mahindra, Sun Pharma To Be in Focus

BSE Sensex and Nifty are set to open higher, tracking gains in global markets. The SGX CNX Nifty is trading 1 per cent higher at 8,154, indicating a strong start for Indian stock markets.

Here are top 10 developments:

1) Tech Mahindra will be in limelight after the IT major reported in-line Q2 results. GAIL and DLF also announced their earnings yesterday.

2) Many companies including Ashok Leyland, Bata India, Canara Bank, Fortis, IDBI, Marico and Reliance Infra will report their quarterly earnings today.

3) India's biggest drug maker Sun Pharma could come under pressure after its US subsidiary Taro reported a 15.5 per cent decline in net sales in the September quarter.

4) Market analysts say that domestic equities may face profit-taking at higher levels amid caution over the outcome of Bihar election and disappointment over Q2 corporate earnings.

5) Oil & gas stocks are likely to be in focus after a 4 per cent surge in global crude prices oil prices on Tuesday.

6) Foreign institutional investors (FIIs) have sold in four out of the previous seven sessions, depriving markets of momentum, after they had been heavy net buyers in October.

7) On Tuesday, FIIs sold Indian equities worth Rs 450 crore (net) in the cash market. But Rs 350-crore buying from domestic institutional investors helped support the markets.

8) The rupee will also be in focus after it declined by 5 paise to close at one-month low of 65.64 against the US dollar on Tuesday.

9) Asian shares rose on Wednesday, taking early cues from overnight Wall Street gains. Japan's Nikkei was up 2.4 per cent while China's Shanghai Composite rose 1.9 per cent.

10) The sentiment in Asian markets was also boosted by a jump in China's services PMI index.