INDIAN BENCHMARKS are likely to see a soft opening on account of weak global cues following mixed trend in other Asian markets, while investors will keep a close eye on macro-economic data which will be out later today. The government will unveil data on industrial production for July later today. Industrial production registered a contraction of 2.2 per cent in June.
FUTHER, shares of UltraTech and JP Associates are expected to see some gain on account of sale of its Gujarat cement unit to UltraTech Cement for Rs 3,800 crore. UltraTech will pay Rs 150 crore in stock, Rs 1,650 crore in cash and assume debt worth Rs 2,000 crore. Jaypee Group has said that the deal will help JP Associates reduce its outstanding debt by 15 percent. IDFC is likely to see some gains after the RBI lifted restrictions placed on FIIs on purchasing shares as the foreign shareholding in the company had gone below the prescribed limit.
Trend in FII flows: The FIIs were net buyers of Rs 3272cr in the cash segment on Tuesday while the domestic institutional investors (DIIs) were net sellers of Rs. 1695cr, as per the provisional figures released by the NSE.
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