Find out: Top stocks, cues to watch out for today

Moneycontrol Bureau

It was a lackluster session on Wall Street following a handful of mixed earnings reports. Fed chairman Ben Bernanke's comments on jobs growth didn't help sentiment either. European markets ended stable, while key Asian markets opened down 0.2-0.4%, cautious ahead of US jobs data.

Back home, the indices absorbed some intra day volatility to close firm. The Nifty added another 30 points to get to 5270 while the Sensex gained 131 points to close above 17,430.

In the currency space, the euro could head for a weekly decline as Greece and its creditors struggle to reach an agreement on a debt swap, curbing demand for the shared currency. Euro is currently trading around 1.31 to the dollar. The rupee hit a three-month high yesterday against the dollar touching the 48 mark before closing at 49.16.

In other asset classes, crude prices gain trimming the biggest weekly decline in more than a month. The Nymex is inching back to USD 97 per barrel levels while the Brent is around USD 112 per barrel. Among precious metals, gold rose to a two-month high on a larger-than-expected fall in new US claims for unemployment benefits.

Global cues

Weekly claims for unemployment benefits in the US fell to a seasonally-adjusted 367,000, signaling some optimism in the nation's weakened jobs market. Meanwhile, non-farm productivity increased slower-than-expected at 0.7%.

Fed chairman Ben Bernanke says that rising federal budget deficits are posing a significant threat to the US economy and could cause a crisis if not brought under control.

Listen to the accompanying audio for more pre-market cues..

All eyes today will be on us non-farm payrolls numbers which is expected to add 150,000 jobs for January. Meanwhile the unemployment rate level is expected to remain unchanged at 8.5%. Other data expected today is the factory orders, which is expected to drop to 1.5 % for December, and ISM non-manufacturing index which may rise to 53.3 levels.

EU officials say that a deal between Athens and private bondholders is very close, but the focus now has turned to the public sector. Greece's finance minister says that the European Central Bank must take part in a debt swap deal. Meanwhile, the Greek prime minister is locked in talks with the opposition to approve more austerity for Greece. Reports suggest that eurozone finance ministers aim to okay the second tranche of Greek aid by Monday.

Spanish bond yields rose overnight after the latest bond auction failed to see robust demand, but still yields at the sale were lower than the previous auctions.

Meantime, Madrid moved to reform its banks saying they must raise 50 billion euro in extra funds to compensate for the losses in property sector. Spain also wants to see more consolidation and get banks to write down two years off deteriorating assets by setting high provisions.

Domestic newsmakers

There is a question mark on ONGC's divestment plans after the Finance Ministry once again postponed taking a decision. Sources say that the divestment is unlikely now because the government is unclear on auction guidelines

Onto the cancelling of the new 2G licenses by the Supereme Court, RBI sources indicate that they are not worried as yet about bank exposures to the telcos. They expect spectrum fees to be returned and that the banks will have given loans against collateral.

In a CNBC-TV18 exclusive, Coal India and NLC will pay a dividend of Rs 6,124 crores for FY12. Coal India proposes an interim dividend of Rs 5,400 crores by March.

Remaining with the oil and gas sector, Oil India says that they would consider special interim dividend and bonus issue on February 11. Neyvelli Lignite plans to pay Rs 439.51 crore as dividend to the coal ministry for 2011.

Reports indicate that Andhra Bank's board could mull preferential allotment of shares to Jaypee development. The board is expected to meet on February 10 to discuss the same.

In earnings to watch, Dr Reddy's revenues are expected to see a 35% surge to Rs 2562 crore while PAT may see an over 55% rise year on year. Watch out for Thermax and Escorts in trade today. Thermax numbers came in below expectations with net profit at Rs 95 crore versus Rs 100 crore year on year. Escorts too reported a weak performance.

Oil and gas big boy Reliance Industries has received a USD 400 million loan from Italy's Sace Group for meeting its expansion plans.

The Economic Times reports that Fortis Health may list its non-core business in Singapore, raising Rs 300 crore.

Esab India prices its open offer at Rs 529 share.

The board of JK Lakshmi Cement is set to meet on February 7 to consider and approve its buy back.

Syndicate Bank will decide share issue on preferential basis to the government on February 11.

Aanjaneya Lifecare acquires Hyderabad-based Apex Drugs and Intermediates for Rs 250 crore.

Fame India rights issue will open on February 7 and close on February 21. The issue price is Rs 44 and the ratio is 58 shares for 100 shares held.

Anisha Mappat
anisha.mappat@network18online.com