Opening Bell: Here's what is expected from Nifty today - Moneycontrol.com

The SGX Nifty suggests the market may open at 6038.50 up 38 points. The market closed Tuesday flat after recouping all its losses in the last couple of hours of trade.

The Indian equity market is likely to rebound today, aided by a similar bounce back seen in the Wall Street. The SGX Nifty suggests the market may open at 6038.50 up 38 points. The market closed Tuesday flat after recouping all its losses in the last couple of hours of trade. Weaker-than-expected US manufacturing data led to a 200-points fall at market opening on Tuesday.

Encouraging earnings and steady emerging market currencies pulled the markets with the Nasdaq and the S&P 500 closing 0.7 percent higher, while the Dow Jones Industrial Average climbed 0.5 percent.

Taking a cue from the US markets, Asian markets too made a comeback with Japan's Nikkei leading gains. European market, however, closed mixed over disappointing earnings.

In other asset classes, crude prices gained in early Asian trade on the expectation that US oil storage at a key delivery point would show a large drop with a persistent cold snap driving demand for heating fuels in the world's largest economy. Precious metal gold dipped for a second session as modest rebounds in equities dampened safe-haven interest in the metal.

Key events for today

Pharma major  Ranbaxy is likely to post a 4 percent rise in sales to Rs 2815 crore. The profits are expected to come in at Rs 98 crores versus a loss of 492 crores. The company's margins will be a key variable this quarter.

BHEL  is expected to post a 12.5 percent decline in topline while profits may dip 45 percent. The margins are seen lower at 9.2 percent year-on-year.  

And in the telecom spectrum auction, airwaves are selling like hotcakes as telcos continue to haggle for 2G spectrum. On the second day auctions, the government had bids crossing Rs 41,000 crore- way beyond the government's target. Delhi and Mumbai circles remain the most wanted.

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