Market may edge higher in early trade

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 14 points at the opening bell. Asian stocks rose today, 11 November 2014.

Among corporate news, Hindalco Industries will be in focus after its US subsidiary Novelis Inc. yesterday, 10 November 2014, said its consolidated net profit jumped 65% to $38 million on 17% increase in net sales to $2.8 billion in Q2 September 2014 over Q2 September 2013. Novelis said its net profit excluding certain tax-effected items rose 14% to $42 million in Q2 September 2014 over Q2 September 2013. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 1% to $230 million in Q2 September 2014 over Q2 September 2013. The increase was primarily driven by higher shipments and cost benefits from using recycled metal inputs. These favorable drivers were partially offset by continued pricing pressures in the Asian markets, a higher fixed cost base due to expansions ahead of revenue generation, and unfavorable currency fluctuations late in the second quarter. "It's an exciting time at Novelis as we continue to transform our business with a more sustainable focus on growing high recycled content premium products," said Phil Martens, President and Chief Executive Officer for Novelis.

Power Grid Corporation of India is set to announce its Q2 results today, 11 November 2014.

The government will unveil industrial production data for September 2014 tomorrow, 12 November 2014. Growth of industrial output remained subdued at 0.4% in August 2014 compared with 0.4% (revised) increase in July 2014.

The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for October 2014 tomorrow, 12 November 2014. CPI for urban and rural India eased to 6.46% in September 2014, from 7.73% in August 2014.

The government will release the inflation data based on wholesale price index (WPI) for October 2014 on Friday, 14 November 2014. WPI eased to 2.38% in September 2014, from 3.74% in August 2014.

Amid a divergent trend among various index constituents, key benchmark indices eked out small gains. The S&P BSE Sensex rose 6.10 points or 0.02% to settle at 27,874.73, its highest closing level since 5 November 2014.

Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 10 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 355.30 crore on that day.

Asian equity markets were higher today, 11 November 2014 following another record close on Wall Street yesterday, 10 November 2014. Key indices in China, Hong Kong, Japan, Singapore, South Korea, Taiwan, and Indonesia were up 0.03% to 1.06%.

US stocks stepped modestly higher yesterday, 10 November 2014, with health-care companies leading the charge that again lifted benchmarks to records, as investors tracked corporate results as the earnings season starts to wind down.

Federal Reserve Bank of Boston President Eric Rosengren said yesterday, 10 November 2014, the US central bank should refrain from raising short-term term interest rates until there is stronger evidence price pressures are beginning to rise. "Monetary policymakers should remain patient about removing accommodation until it is clear that we are on the path to achieving both our 2% inflation target and maximum sustainable employment," Mr. Rosengren said.

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