The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could surge 67 points at the opening bell. IT major Infosys reports Q2 results today, 11 October 2013. The government will unveil industrial production data for August 2013 after trading hours today, 11 October 2013. Asian markets jumped to three-week highs tracking overnight gains on Wall Street.
IT major Infosys reports Q2 results today, 11 October 2013. At the time of announcing Q1 June 2013 results in July this year, Infosys had retained its guidance of 6% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had raised the guidance in rupee terms due to a steep depreciation of the rupee against the dollar. The company had forecast 13% to 17% growth in revenue in rupee terms for FY 2014, higher than its earlier guidance of 6% to 10% growth which the company had given at the time of announcement of Q4 March 2013 results. The rupee revenue guidance was based on assumption of dollar rupee conversion rate of Rs 59.39 for the rest of the fiscal year.
Reliance Industries (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (Pd VSA) have signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt. The announcement was made after market hours on Thursday, 10 October 2013.
As per the study agreement, both the parties will jointly evaluate the development plan for Ayacucho 8. RIL and PdVSA have also extended the term of the MOU signed between the parties last year by one year for continued cooperation. The signing of the Joint Study Agreement for Ayacucho Block 8 and the extension of MOU marks further strengthening of the long standing relationship between RIL and PdVSA as well as between India and Venezuela.
Banking stocks may be in focus after the Reserve Bank of India (RBI) on Thursday said banks can borrow from international and multilateral institutions up to 100% of their equity capital or $10 million, whichever is higher, till 30 November 2013 to fund their business needs. However, banks cannot opt for such borrowings for capital augmentation, RBI said in a notification.
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Such borrowings shall be eligible for the concessional swap facility offered by the Reserve Bank, the apex bank said. The RBI opened the swap facility for foreign currency deposits to encourage dollar inflow into the country. The central bank's move will enable banks to mobilise more funds from abroad at a time liquidity in the domestic banking system remains tight. Currently, banks are allowed to borrow from their head office or overseas branches.
The government will unveil industrial production data for August 2013 after trading hours today, 11 October 2013. Industrial production growth is seen decelerating to 2.4% in August 2013 from 2.6% in July 2013, as per the median estimate of a poll of economists carried out by Capital Market.
Key benchmark indices eked out small gains after witnessing intraday volatility on Thursday, 10 October 2013. The S&P BSE Sensex garnered 23.65 points or 0.12% to settle at 20,272.91, its highest closing level since 19 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 614.27 crore on Thursday, 10 October 2013, as per provisional data from the stock exchanges.
Asian markets jumped to three-week highs tracking overnight gains on Wall Street. Key benchmark indices in China, Singapore, Japan, South Korea, Hong Kong, Taiwan and Indonesia rose by 0.5% to 1.4%.
US stocks jumped on Thursday, with the Dow Jones Industrial Average notching its best single-day point gain since December 2011, after House Republican leaders offered a temporary fix to cut the odds of a U.S. default a week before U.S. borrowing authority lapses.
House Republican leaders and President Barack Obama ended a roughly 90-minute meeting at the White House Thursday night without a deal to re-open the government or raise the U.S. debt limit, but agreed to keep talking.
House Speaker John Boehner's office said that Republicans explained their proposal for a six-week extension in the debt limit, and to begin immediate talks on re-opening the government.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the shutdown continues. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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