Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses. Lupin, Procter & Gamble Hygiene and Health Care and Syndicate Bank among others will announce their January-March 2014 quarter results today, 7 May 2014.
BPCL announced after market hours on Tuesday, 6 May 2014 that Bharat PetroResources (BRPL), a wholly owned subsidiary of BPCL advised that Anadarko Mozambique Area 1, the operator of the offshore Area 1 block to the Rovuma Basin, Mozambique, announced on 5 May 2014, in its Q1 2014 results, that successful appraisal drilling activities in the Orca field increased he total estimated recoverable resources in Offshore Area 1 to a range of 50 to 70 plus trillion cubic feet of natural gas. In addition, the consortium continued to advance the Mozambique LNG project by adding incremental non bidding LNG off take agreements.
The consortium members in the block are Anadarko Mozambique Area 1 (26.5% PI), BRPL Ventures Mozambique BV (10% PI), Beas Rovuma Energy Mozambique (10% PI), ONGC Videsh (10% PI), Cove Energy Mozambique Rovuma Offshore (8.5%PI) and Mitsui B&P Mozambique Area 1 (20% PI). The balance 15% PI is with Empressa Nacional de Hidrocarbonetos BP (BNH) the national oil company of Mozambique, who are carried through the exploration phase.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Key benchmark indices edged higher for the second day in a row on Tuesday, 6 May 2014 with the market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 5 May 2014. The S&P BSE Sensex was up 63.30 points or 0.28% to 22,508.42 on that day, its highest closing level since 28 April 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 45.93 crore on Tuesday, 6 May 2014, as per provisional data from the stock exchanges.
Asian shares fell on Wednesday as the heightened possibility of Ukraine slipping into civil war dampened risk sentiment. Key benchmark indices in Japan, Hong Kong, China, Singapore, South Korea and Taiwan were down 0.44% to 2.3%. Indonesia's Jakarta Composite rose 0.15%.
US stocks fell broadly on Tuesday, closing at session lows, with AIG pulling financial shares lower after disappointing earnings and as a slide in Twitter took down other names in the technology and internet space.
US Federal Reserve Chairwoman Janet Yellen's congressional testimony is scheduled later in the global day today, 7 May 2014.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled tomorrow, 8 May 2014.
The European Central Bank (ECB) will hold monetary policy meeting tomorrow, 8 May 2014, in Brussels, Belgium. The ECB is expected to keep its key policy rates on hold.
The global economy will strengthen over the coming two years, but urgent action is still required to further reduce unemployment and address other legacies from the crisis, according to the OECD's latest Economic Outlook.
Advanced economies are gaining momentum and driving the pick-up in global growth, while once-stalled cylinders of the economic engine, like investment and trade, are starting to fire again, OECD Secretary-General Angel Gurr said while launching the Outlook during the Organisation's annual Ministerial Council Meeting and Forum in Paris.
GDP growth across the 34-member OECD is projected to accelerate to a 2.2% rate in 2014 and 2.8% in 2015, according to the Outlook. The world economy will grow at a 3.4% rate in 2014 and 3.9% in 2015.
Among the major advanced economies, recovery is best established in the United States, which is projected to grow by 2.6% in 2014 and 3.5% in 2015. The euro area will see a return of positive growth after three years of contraction: 1.2% in 2014 and 1.7% in 2015. In Japan, growth will be dented by the launch of much-needed fiscal consolidation measures, and is expected to hover at 1.2% in 2014 and 2015.
The BRICS (Brazil, China, India, Indonesia, Russia and South Africa) are projected to see GDP growth of 5.3% this year on average and 5.7% in 2015. China will again have the fastest growth among these countries, with rates just below 7.5% in 2014 and 2015.
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