Dalal Street is likely to open marginally in the negative territory on account of flattish global cues and below par Q2 numbers from the banking giant State Bank of India.
Wall Street closed flat on Monday as US Dollar rose sharply against a basket of currencies.
Officials from several countries have criticized the Fed's bond-buying program amid concerns that it will spark asset bubbles in emerging economies. Representatives in Germany, Brazil, South Africa and China have voiced objections to the plan and argued that it could lead to a surge in commodity prices.
Asian markets are trading in marginally the red on Tuesday morning.
State Bank of India disappoints
State Bank of India's Q2 net profit turned was at Rs 2,501.37 crore, up from Rs 2,490.04 crore a year earlier. The poor show was due to meeting higher provisioning norms. Both the treasury and corporate banking faired poorly.
The dismal show might hit the banking sector badly and one should wait and see how the street takes the numbers.
All time highs in question ?
With poor results from SBI, it would be a herculean task for the markets to cross the highs now. We believe only one stock should make the difference and it is none other than Reliance Industtries which is looking terrific on charts. Other stock that grabbed our attention yesterday was Unitech on the positive side.
We believe it is only a matter of time before the Markets conquer new highs. Stay invested