The market may surge as Asian stocks jumped on Thursday after the Federal Reserve after a two-day policy meeting on Wednesday unexpectedly refrained from reducing U.S. economic stimulus. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could surge 176 points at the opening bell.
Sun Pharmaceutical Industries turns ex-dividend today, 19 September 2013, for dividend of Rs 2.50 per share for the year ended 31 March 2013.
Maruti Suzuki India after market hours on Wednesday, 18 September 2013 said that a minor fire was reported earlier on Wednesday from one of the heat treatment furnaces at Maruti Suzuki Manesar Powertrain plant. The fire was quickly extinguished, the company said. There was no injury to anyone due to this incident. Also, there was no loss of production. Work in the plant remains normal, Maruti Suzuki said in a statement.
NMDC turns ex-dividend today, 19 September 2013, for final dividend of Rs 4 per share for the year ended 31 March 2013.
NMDC after market hours on Wednesday, 18 September 2013 said that the conveyor belt no.31 of Bailadila Iron Ore Mine, Bacheli Complex, Chhattisgarh has been attacked by some miscreants in the early hours of 18 September 2013. It is informed that around 150 metres of the conveyor belt has been burnt, NMDC said. The belt restoration work has already been taken up and it is expected that within three days the belt would be repaired. The scheduled dispatches of iron ore are continuing and this incident will not affect the production/dispatches, the company said in a statement.
At its upcoming mid-quarter monetary policy review tomorrow, 20 September 2013, the Reserve Bank of India will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures. The RBI will release Mid-Quarter Review of Monetary Policy 2013-14 at 11:00 IST on Friday, 20 September 2013. This will be followed by Governor Raghuram Rajan addressing the media in the afternoon on that day.
Key benchmark indices surged on Wednesday, 18 September 2013 as European stocks and US index futures rose ahead of the outcome of the two-day meeting of the Federal Open Market Committee which concludes on Wednesday, 18 September 2013. The S&P BSE Sensex jumped 158.13 points or 0.8% to settle at 19,962.16 on that day, its highest closing level since 11 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 580.13 crore on Wednesday, 18 September 2013, as per provisional data from the stock exchanges.
Asian stocks jumped on Thursday after the Federal Reserve unexpectedly refrained from reducing U.S. economic stimulus on Wednesday. Key benchmark indices in Hong Kong, Indonesia, Japan and Singapore rose by 1.32% to 4.43%. The stock markets in Mainland China, Taiwan and South Korea were closed today for a holiday.
Japan's exports rose the most since 2010 in August, boosting Prime Minister Shinzo Abe's growth drive. Japanese exports rose 14.7% on year in August, the Ministry of Finance said Thursday, as the nation's efforts to boost outbound shipments thanks a weaker yen was met with fiscal tightening in the U.S. and decelerating growth in emerging economies.
U.S. stocks climbed to record highs on Wednesday and the benchmark 10-year Treasury yield fell sharply after the Federal Reserve abstained from reducing its bond buys. The Federal Open Market Committee after two-day policy meet on Wednesday said it wants more evidence of an economic recovery before paring its $85 billion-a-month bond buying program. Fed Chairman Ben S. Bernanke said there is no fixed schedule for tapering and it could still start this year should data confirm the central bank's basic outlook.
In fresh quarterly projections, the Fed cut its forecast for 2013 economic growth to a 2% to 2.3% range from a June estimate of 2.3% to 2.6%. The downgrade for next year was even sharper. It cited strains in the economy from tight fiscal policy and higher mortgage rates as it explained why it decided to maintain asset purchases at the current pace. The tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market, it said in a statement. Nevertheless, the Fed said the economy was still making progress despite tax hikes and budget cuts in Washington. Taking into account the extent of federal fiscal retrenchment, the committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy, it said.
Meanwhile, the US Commerce Department reported that housing starts rose 0.9% to a smaller-than-expected 891,000 annual pace in August.
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