Market seen opening higher; TCS Q1 eyed

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 17 points at the opening bell. Software major TCS unveils its Q1 June 2013 results today, 18 July 2013. Also Axis Bank and Kotak Mahindra Bank will declare their Q1 June 2013 results today, 18 July 2013. Asian markets were mostly lower today after IMF said that downside risks' to China's 7.75% growth estimate have risen after a gauge of manufacturing weakened in June.

Steel stocks may decline on reports ArcelorMittal has decided to scrap the 12-million-tonne-a-year plant in Odisha following delays in getting land and securing captive iron ore resources.

Mahindra & Mahindra turns ex-dividend today, 18 July 2013, for total dividend of Rs 13 per share for the year ended 31 March 2013 (FY 2013).

IDFC turns ex-dividend today, 18 July 2013, for dividend of Rs 2.60 per share for the year ended 31 March 2013 (FY 2013).

Glenmark Pharmaceuticals turns ex-dividend today, 18 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).

Key benchmark indices logged modest gains in highly volatile session of trade on Wednesday, 17 July 2013. The S&P BSE Sensex was up 97.50 points or 0.49% to 19,948.73, its highest closing level since 15 July 2013.

Foreign institutional investors (FIIs) sold shares worth a net Rs 26.09 crore on Wednesday, 17 July 2013, as per provisional data from the stock exchanges.

Asian markets were mostly lower today after IMF said that downside risks' to China's 7.75% growth estimate have risen after a gauge of manufacturing weakened in June. Key benchmark indices in China, Hong Kong, Singapore and South Korea were down 0.53% to 1.05%. Key benchmark indices in Japan, Taiwan and Indonesia were up 0.32% to 0.49%.

The International Monetary Fund (IMF) said risks are increasing that China's economic growth this year will fall short of its 7.75% growth forecast after a gauge of manufacturing weakened in June. The world's second-biggest economy is becoming increasingly vulnerable to risks from an expansion of non-traditional sources of credit and borrowing by local governments, the IMF said.

US stocks posted tepid gains Wednesday, with the S&P 500 up for a ninth session in ten after Federal Reserve Chairman Ben Bernanke said the rate of bond purchases is flexible.

In testimony on Capitol Hill, US Federal Reserve Chairman Ben Bernanke said the Fed's $85 billion in monthly bond buys are by no means on a preset course and can be curbed further or extended, depending on the economic climate. The central bank's stimulus program is meant to keep interest rates down and encourage borrowing.

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