Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 40 points at the opening bell. Asian markets were trading mixed on Wednesday.
State Bank of India after market hours on Tuesday, 8 October 2013 announced revision in the interest rate on bulk deposits (Rs 1 crore and above). Accordingly, the interest rate for bulk deposits for the tenors 7 days to 60 days will be 8.5% per annum with effect from 10 October 2013.
Tata Motors on Tuesday, 8 October 2013, formally announced the launch of the new Tata Nano CNG emax. The Tata Nano CNG emax is powered by a fuel efficient, state-of-the-art engine, with CNG and Petrol bi-fuel system options. The car has the lowest carbon footprint of 75.6 g/km and is the most fuel efficient car in India with a mileage of 36 km/kg. The Tata Nano CNG emax will now be available across CNG markets like Delhi, Gujarat, parts of Maharashtra and Lucknow.
DLF after market hours on Tuesday, 8 October 2013 said that on 8 October 2013 subsidiaries of the company, namely, DLF Home Developers and DLF Projects have divested 60% stake in Star Alubuild (Star Alubuild), a subsidiary at an enterprise value of Rs 79.8 crore. Star Alubuild specializes in designing, engineering, fabrication and installation of curtain walls for commercial buildings, retail malls and doors & windows for projects throughout India. Accordingly, Star Alubuild ceased to be subsidiary of the company, DLF said. The transaction is a part of DLF's objective of divesting its non core assets.
The board of directors of Reliance Infrastructure will meet today, 9 October 2013, to consider raising long term resources through borrowings in the domestic/international market for the purpose of refinancing of rupee debt, capital expenditure etc.
Reserve Bank of India governor Raghuram Rajan on Tuesday, 8 October 2013 said in an interview to a newspaper that the news on the economy will only start getting better from now, reflecting a growing view that the economy has bottomed out. Rajan cited that rising exports, strong agricultural production and revival of stalled projects will aid in the recovery, and the law makers in the US would be able to arrive at a fiscal deal.
The International Monetary Fund said that India's economic growth will grow lower than sub-Saharan Africa. It projects gross domestic product (GDP) to grow at 4.25% in the current fiscal because of regulatory, infrastructural, and financing issues. IMF said that robust farm production will be offset by anaemic growth in manufacturing and services sector as monetary tightening will crimp demand.
Key benchmark indices edged higher on Tuesday, 8 October 2013 after the Reserve Bank of India's (RBI) surprise announcement on Monday evening to improve liquidity conditions in the banking system. But, the market gave away a lion's part of the initial strong gains. The S&P BSE Sensex advanced 88.51 points or 0.44% to settle at 19,983.61, its highest closing level since 20 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 226.32 crore on Tuesday, 8 October 2013, as per provisional data from the stock exchanges.
Asian markets were trading mixed on Wednesday. Key benchmark indices in China, Singapore and Japan rose by 0.2% to 0.28%. Key benchmark indices in Taiwan, Hong Kong and Indonesia fell by 0.03% to 0.7%.
US stocks fell sharply on Tuesday hit by growing jitters over the budget impasse in Washington, with the partial government shutdown extending into a second week with few signs of a deal to end it or raise the nation's debt ceiling.
President Barack Obama on Tuesday pressed House Republicans to reopen the government and raise the U.S. debt ceiling, insisting he wouldn't talk with his political opponents until after those two disputes are settled. Meanwhile, House Speaker John Boehner said Tuesday that Obama and Democrats need to negotiate over the U.S. debt ceiling and shutdown.
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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