Market may open sharply lower tracking weak Asian stocks

The market may open sharply lower tracking weak Asian stocks after Federal Reserve Chairman Ben S. Bernanke said after a two day policy meet on Wednesday, 19 June 2013 that the central bank may reduce bond purchases later this year should the US economy strengthen. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 70 points at the opening bell.

Bank of India turns ex-dividend today, 20 June 2013, for dividend of Rs 10 per share for the year ended 31 March 2013.

Bharti Infratel turns ex-dividend today, 20 June 2013, for final dividend of Rs 3 per share for the year ended 31 March 2013.

Havells India turns ex-dividend today, 20 June 2013, for dividend of Rs 7.50 per share for the year ended 31 March 2013.

Central Bank of India turns ex-dividend today, 20 June 2013, for final dividend of Rs 2.50 per share for the year ended 31 March 2013.

Dena Bank turns ex-dividend today, 20 June 2013, for dividend of Rs 4.70 per share for the year ended 31 March 2013.

Indian Overseas Bank turns ex-dividend today, 20 June 2013, for dividend of Rs 2 per share for the year ended 31 March 2013.

Union Bank of India turns ex-dividend today, 20 June 2013, for dividend of Rs 8 per share for the year ended 31 March 2013.

Petronet LNG turns ex-dividend today, 20 June 2013, for dividend of Rs 2.50 per share for the year ended 31 March 2013.

Key benchmark indices settled a tad higher on Wednesday, 19 June 2013 after staging intraday recovery on hopes of further liberalisation of foreign direct investment (FDI) regime. The S&P BSE Sensex advanced 22.42 points or 0.12% to settle at 19,245.70 on that day, its highest closing level since 17 June 2013.

Foreign institutional investors (FIIs) sold shares worth a net Rs 544.97 crore on Wednesday, 19 June 2013, as per provisional data from the stock exchanges.

Asian stocks slumped on Thursday after Federal Reserve Chairman Ben S. Bernanke said the central bank may reduce bond purchases later this year should the US economy strengthen. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, Taiwan and South Korea fell by 1% to 2.35%.

Activity in China's vast manufacturing sector weakened further in June to a 9-month low as new orders faltered, a preliminary survey of purchasing managers showed on Thursday, reinforcing signs of tepid economic growth in the second quarter. The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September 2012.

US stocks fell sharply on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank may scale back its bond purchases this year, depending on the economic outlook.

Bernanke said yesterday the central bank may start dialing down its unprecedented bond-buying program this year and end it entirely in mid-2014 if the economy finally achieves the sustainable growth the Fed has sought since the recession ended in 2009. In its announcement, the Federal Reserve after a two day policy meet on Wednesday said it would continue to purchase $85 billion in bond purchases each month, but noted that the outlook for the economy and the labor market has improved since the fall. The Federal Open Market Committee (FOMC) reiterated that it was ready to hike or cut the pace of its asset buys, depending on the labor market and inflation.

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