Find out: Cues, stocks that will decide market course

Moneycontrol Bureau

US markets started off on a high note as optimism over the Greek austerity measures aimed at securing the second tranche of the bailout package boosted investor confidence. The S&P 500 closed above 1350 and the Nasdaq rallied to end near a 11-year high.

Back home, it was a rangebound session for the Nifty which closed shy of 5400 mark. The Sensex gained 24 points to end at 17,772. Asian market today opened flat, with the Kospi, Nikkei amd Taiwan down 0.2%.

In the currency space, the euro was muted in early Asia trade today and the dollar index steady around 79 mark. Crude prices declined marginally from yesterday's levels and are currently around USD 117 per barrel. Gold remains rangebound at USD 1730 per ounce.

Moody's downgrades ratings for six EU countries including Italy, Portugal and Spain. The ratings agency also warned that it may cut the triple-A ratings of France, the United Kingdom and Austria.

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Stocks in News

In macro data back home, the January inflation numbers will be announced today. A CNBC-TV18 poll sees it at 6.53% down from 7.41% in December.

In key earnings today, a CNBC-TV18 poll shows Tata Motors posting 36% revenue growth on strong JLR sales but profits may be muted on forex losses. From the cement space, JP Associates' profit may surge 41% while sales may grow 18%. Kingfisher, IVRCL and Voltas are also result candidates today.

Sources say the government is likely to push through the auction of 5% stake in ONGC and BHEL in the next EGoM on Wednesday. The EGoM will discuss the method of allocation of shares and decide between proportionate, discretionary and priority pricing.

The Supreme Court will be hearing the case on Mathura entry tax today. Indian Oil Corporation had provisioned Rs 6,168 crores in its third quarter as entry tax for the same.

Tata Communication says that they need USD 500-600 million worth equity over the next three years to retire their debt, which currently stands at USD 1.5 billion.

The Reserve Bank yesterday aligned bank rates with that of the Marginal Standing Facility. This means the bank rate will be 9.5% from 6% effective Monday. This move, however, should not be viewed as a policy stance change but a one-time technical adjustment.

The Business Standard reports that the government has allowed LIC to increase its stake in public sector companies to beyond 10% of the current cap.

 The Economic Times reports that telecom regulator TRAI wants to bring down FDI on tower companies to 74% from the present 100%.

The Mint reports that Lanco Infra is set to exit the energy business and that it has already given the mandate for selling the business to audit and consulting firm Ernst and Young (E&Y).

ICAI imposes life ban plus Rs 5 lakh penalty on Satyam ex CFO and current PW Auditor Vadlamani Srinivas over the Rs 14,000 crore fraud.

Akzo Nobel India Board is set to meet today to consider a buyback proposal and review the royalty agreement with Akzo Nobel NV. They will also announce the quarterly results in this meet.

In a notice to the Exchange, IRB Infra says that it has raised Rs 3,300 crore debt for its Ahmedabad-Vadodara highway project from a consortium of lenders.

Muthoot Finance to raise Rs 500 crore via public issue of non-convertible debentures.

SBI may raise USD 0.5-1 billion in the first quarter of FY13 via medium-term loans.