Market may edge higher in early trade

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 11 points at the opening bell.

India's Index of industrial production (IIP) growth improved to 2.5% in September 2014 compared with 0.5% (revised) increase in August 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The manufacturing sector's output growth rebounded to 2.5% in September 2014, snapping decline for last two sequential months mainly contributing to the improvement in IIP growth. However, the mining sector as well as electricity generation growth decelerated to 0.7% and 3.9%, respectively in September 2014.

The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 5.59% in October 2014, from 7.67% in September 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 5.86% in October 2014, from 5.9% in September 2014.

The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016.

The rate of inflation based on wholesale price index (WPI) is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI inflation data for October 2014 at 12:00 noon on Friday, 14 November 2014.

Among corporate news, Tata Steel's consolidated net profit rose 36.82% to Rs 1254.33 crore on 2.03% fall in total income to Rs 36098.63 crore in Q2 September 2014 over Q2 September 2013. The bottom line was boosted by profit of Rs 1146.86 crore on sale of land at Borivali in Mumbai. The result was announced after market hours yesterday, 12 November 2014.

Reliance Power's consolidated net profit rose 1.02% to Rs 253.07 crore on 29.35% rise in total income to Rs 1884.18 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 12 November 2014.

Among prominent earnings, Cipla, DLF, Hindalco Industries, Hindustan Copper, and HPCL are set to announce July-September 2014 earnings today, 13 November 2014.

Amid a mixed trend in various constituents of the index, key benchmark indices registered modest gains yesterday, 12 November 2014. The S&P BSE Sensex gained 98.84 points or 0.35% to settle at 28,008.90, a record closing high for the index.

Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 12 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 459.47 crore on that day.

Asian markets were mixed today, 13 November 2014, following a lack of strong cues from Wall Street and ahead of key economic data from China. Key indices in Hong Kong, Japan, Taiwan, and Singapore were up 0.05% to 0.34%. Key indices in China and South Korea were off 0.19% to 0.55%.

US stocks wavered yesterday, 12 November 2014, largely erasing a retreat from records, as investors mulled the slowdown in Europe's economy and earnings from Macy's and other retailers.

Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said yesterday, 12 November 2014, financial markets could face less than placid waters in coming years. In his formal remarks, Mr. Kocherlakota repeated his belief that a US central bank rate increase next year would be a mistake. Inflation is unlikely to reach the Fed's 2% target until 2018, and because of this outlook, "it would be inappropriate for the [Federal Open Market Committee] to raise the target range for the fed funds rate at any such meeting" occurring in 2015, he said.

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