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Wednesday November 25, 09:30 AM
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BSE Sensex seen choppy, Reliance watched
MUMBAI (Reuters) – The BSE Sensex (^BSESN : 16034.22 -7.96
) is expected to start little changed on Wednesday with no clear direction from Asian markets, but trading will be volatile ahead of expiry of derivatives contracts on Thursday.
Reliance Industries (RELIANCE.NS : 990.7 -2.55) will be watched after the energy major said it had reopened 900 gas stations, which were shut down when state firms were selling heavily subsidised fuel.
China Petroleum & Chemical Corp and U.S. buyout firm TPG have weighed a bid for bankrupt chemicals company LyondellBasell Industries that could rival Reliance's offer of about $12 billion, Bloomberg reported.
The MSCI's measure of Asian markets other than Japan was up 0.3 percent by 0313 GMT, while Japan's Nikkei was almost unchanged.
The Nifty (^NSEI : 4780.95 -11.7) India stock futures in Singapore were up 0.1 percent.
"We should open mostly unchanged with the foreign cues coming in mixed. But we could see some bounce back due to (derivatives contracts) expiry tomorrow but upside will be limited," said Ambareesh Baliga, vice-president of Karvy Stock Broking.
On Tuesday, the 30-share BSE index closed down 0.29 percent at 17,131.08.
STOCKS TO WATCH
* MphasiS Ltd (MPHASIS.NS : 722.75 -0.1), after the mid-sized IT firm posted a 34 percent rise in quarterly net profit, aided by new outsourcing contracts won mainly due to its partnership with Hewlett-Packard.
* Unitech Ltd (UNITECH.BO : 72.4 +1.35
), after the Economic Times reported India's second-largest real estate firm has sought approval from the government and the central bank to raise $700 million through foreign currency bonds.
(Reporting by Ami Shah and Bharghavi Nagaraju; Editing by Ranjit Gangadharan)
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