Indian markets are likely to move in a range in the early part of Wednesday amidst mixed global cues. The SGX Nifty at 15,623 (8 am IST) signals a flat opening for Nifty futures on Tuesday closed at 15,618.95.

Asian and US markets (overnight) present mixed cues. Most Asia-Pacific stocks such as Japan, Korea, Australia and Taiwan are ruling slightly ahead while Chinese markets are red. While Dow closed a tad higher, tech-focused Nasdaq and broader S&P 500 indices edged down marginally on Tuesday.

According to Ajit Mishra, VP-Research, Religare Broking, "We may see further consolidation in the benchmark in the following session. However, there’ll be no shortage of trading opportunities on the stock-specific front so traders should maintain their focus on identifying the sectors/stocks and accumulate them on dips. With the earnings season largely behind us, the markets would focus on global markets and upcoming monetary policy review meet for cues".

According to Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, Barring the initial movement in the first half, the index remained in a slender range of merely 70 points, which is a clear indication of no real movement in index.

"Since we are trading in an uncharted territory some sort of in between breather is quite evident. We may even see a couple of profit booking sessions as well and even if that happens it should be treated as a general phenomenon because market cannot keep rising every day. The undertone remains bullish and till the time we do not see some reversal signs, one should use every decline as a buying opportunity," he added.

Stocks to Watch

Reliance Industries has fixed record date for final dividend on June 14 . The dividend, if declared at the AGM will pe paid within week of conclusion of AGM . RIL's 44th AGM will be held on June 24.

Gujarat Gas/GSPL : The board has approved the acquisition City Gas Distribution business for Amritsar and Bhatinda Geographical Area as a going concern, on slump sale basis, from Gujarat State Petronet Limited for an aggregate cash consideration of Rs 163.31 crore. The acquisition of CGD Business for the Amritsar and Bathinda Geographical areas would result in growth opportunities in line with strategic directions of the Board of Directors of the company, Gujarat Gas said.

Pan Electronics India has announced the commencement of commercial production of Mettalised Film in Peenya Industrial Area, Bangalore from June 1. The company has received consent to operate from concerned departments from Karnataka State. The company has orders amounting to Rs. 1.12 crore from 8 different customers, it said.

Smruthi Organics Ltd has announced that it has commenced sale of pharmaceutical formulations from June 1, 2021.

Patel Engineering: Pursuant to the framework issued by the Reserve Bank of India, the company and its consortium lenders have executed the implementation of the One Time Resolution (OTR) Plan on May 31, 2021.

NCC has received one new order for Rs 234 crore (exclusive of GST) in May. This order pertains to Building Division and is received from a State Government agency and does not include any internal order, the company said in a note to the stock exchanges.

Results Calendar : Bigblock Construction, Burnpur Cement, Dhunseri Ventures, Garodia Chemicals, Jenburkt Pharmaceutials, Jindal Poly Investment, Konnodor Industries, Lyka Labs, Motherson Sumi, MTAR Technologies, Muthoot FInance, NRB Bearing, Octware Tech, Panacea Biotec, Polo Hotels, Prerna Infrabuild, PVR, Ratnamani Metals, Ridhi Synthetics, Ramachandra Leasing, Sprayking Agro, Waaree Tech and YashManagements will declare their quarterly results on Wednesday (June 2).

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