Firm opening on the cards on positive Asian stocks

The market is likely to open firm on positive Asian cues. The stock market had remained closed on Monday, 9 September 2013, on account of Ganesh Chaturthi. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could surge 46 points at the opening bell. Asian stocks rose Tuesday, ahead of a fresh round of Chinese economic data and signs that Syrian tensions are easing.

Shares from telecom sector will be in focus on reports the telecom regulator has reduced the base price for spectrum and the proportion of revenue that operators have to share with the government. The regulator reduced the base price by 37% to Rs 1497 crore for pan-Indian spectrum.

Bharat Heavy Electricals (Bhel) said after market hours on Friday, 6 September 2013 that consequent upon the merger of Bharat Heavy Plate & Vessels (BHPV) with the company the BHPV plant is renamed as Heavy Plates & Vessels Plant (HPVP) and designated as the 17th manufacturing unit of Bhel located at Vishakhapatnam, Andhra Pradesh.

Jindal Steel & Power after market hours on Friday, 6 September 2013 announced buyback of its shares worth Rs 1000 crore at the maximum price of Rs 261 a share. The buyback process will be through open market transaction and will open on 16 September 2013. The company said in a statement to the stock exchanges that at the maximum quantity of shares that can be bought back would be 3.83 crore equity shares. The company's board had approved the resolution for buy back on 30 August 2013.

Key benchmark indices surged on Friday, 6 September 2013 as a strengthening rupee boosted sentiment. The S&P BSE Sensex jumped 290.30 points or 1.53% to settle at 19,270.06, its highest closing level since 14 August 2013.

Foreign institutional investors (FIIs) bought shares worth a net Rs 800.71 crore on Friday, 6 September 2013, as per provisional data from the stock exchanges.

The Reserve Bank of India said on Thursday, 5 September 2013 that it will release the next Mid-Quarter Review of Monetary Policy 2013-14 at 11 IST on 20 September 2013 instead of 18 September 2013 as indicated in the First Quarter Review of Monetary Policy 2013-14. This will be followed by Governor Dr. Raghuram Rajan addressing the media in the afternoon.

Asian stocks rose Tuesday, ahead of a fresh round of Chinese economic data and signs that Syrian tensions are easing. Key benchmark indices in China, Hong Kong, Indonesia, South Korea, Singapore, Taiwan and Japan rose by 0.07% to 1.96%.

US markets ended higher on Monday as upbeat data from China boosted sentiment about the health of the global economy.

Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.

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