Top 8 stock market action to look out for today

The Nifty is seen consolidating its gains on Thursday as flat cues from Wall Street and Asia fail to provide a strong directional trend. Commodity markets are tepid too, with crude oil showing a brief uptick after a fall in US inventories.

Major indices closed with losses of 0.02 percent to 0.12 percent on Wall Street late on Wednesday. Asian indices are exhibiting a mild uptick in Japanese, Australian and Korean markets.

US stocks gave up early gains and snapped a four-day winning streak after US Fed Chair Janet Yellen said a rise in interest rates is likely later this year. Traders and investors expect the Federal Reserve to be cautious with its plans to raise rates as it may hurt economic growth in the short term.

Back to Indian markets, the Nifty which closed at 8,524, up 70 points on Wednesday, is seen facing a resistance in the 8,567-8,637 point zone and has a strong support at the 8,350 level. Major earnings are likely to be the guide path for equities today as well. Nifty Futures are already trading at 8,550 levels in Singapore.

Meanwhile, the trend looks mildly positive in the foreign purchases space: FIIs bought a net 408 crore rupees worth of shares in the cash market on Wednesday, their 3rd day of purchases. Domestic funds, meanwhile, were net sellers of 50 crore worth of Indian equities. In the derivatives space, 1,088 crores worth of Index Futures were purchased. Stock Futures purchased amounted to 372 crores and 803 crore rupees worth of Index options were bought.

STOCKS TO WATCH:

MARUTI: Bags a contract to supply 2,071 Gypsies to the Indian Army.

PIPAVAV SHIPYARD: The Russian Govt has selected Pipavav Shipyard to execute India's $3 billion order to construct several warships for the Navy, ET reports.

BHARTI INFRATEL: In talks with Vodafone and Idea Cellular to buy out their tower assets in India for $1.6 bn, says Business Standard

ADANI POWER: Bags 3 transmission projects worth `3,666 cr from Chattisgarh government.

ASIAN PAINTS: To set up a `2,300 crore water-based paint plant in Karnataka.

ZEE ENTERTAINMENT: CLSA raises price target to `459 from `441 and maintains `Buy' recommendation on the media giant after it reported a 25 percent rise in advertising revenue.

CADILA HEALTH: Credit Suisse raises its price target to `1,800 from `1,600 while maintaining its Neutral stance on the pharma company.

FORTIS HEALTH: Citigroup raises its target to `235 from `180 for the hospital chain, while maintaining its `Buy' stance on the stock.

(Image credit: Indiatimes)