The market is poised for weak opening on negative Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 65.50 points at the opening bell. IT major Infosys will declare its Q2 results today, 10 October 2014. On the economic front, the government will unveil industrial production data for August 2014 today, 10 October 2014. Asian stocks dropped today, 10 October 2014 after weak German export data raised fears that a recession at the heart of Europe could slow down the global economy.
IT major Infosys will declare its Q2 results today, 10 October 2014. Investors will keenly watch Infosys' commentary regarding changes in its strategy under the new CEO, Dr. Vishal Sikka, when the company unveils its Q2 September 2014 results. At the time of announcing Q1 June 2014 results in July 2014, Infosys had forecast 7% to 9% growth in the company's revenue in dollar terms for the year ending 31 March 2015 (FY 2015). At that time, the company had forecast 5.6% to 7.6% growth in revenue in rupee terms for FY 2015. The guidance was based on rupee dollar exchange rate of 60. With deprecation of rupee against the dollar since that time, there is a room for upward revision in revenue guidance in rupee terms.
The government will unveil industrial production data for August 2014 today, 10 October 2014. India's Index of industrial production (IIP) growth moderated to 0.5% in July 2014, showing moderation in the pace of growth from 3.9% (revised) increase recorded in the previous month of June 2014.
Key benchmark indices surged on Thursday, 9 October 2014, snapping three day losing streak as firmness in global stocks boosted sentiment. The S&P BSE Sensex rose 390.49 points or 1.49% to settle at 26,637.28, its highest closing level since 24 September 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 9 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 20.89 crore on that day.
Asian stocks dropped today, 10 October 2014 after weak German export data raised fears that a recession at the heart of Europe could slow down the global economy. Key benchmark indices in China, Singapore, Hong Kong, Japan, Indonesia and South Korea fell by 0.24% to 1.39%. Taiwan's markets are shut today.
US slumped on Thursday, 9 October 2014 amid concern over Europe's economy.
Europe's biggest economy, Germany, reported on Thursday, 9 October 2014 that its exports fell 5.8% in August, the worst decline since January 2009.
The Bank of England (BOE) voted on Thursday, 9 October 2014 to keep its main interest rate at a record-low level of 0.50%, with Britain experiencing low inflation and steady economic recovery. The central bank's nine-strong monetary policy committee opted also to maintain the level of its cash stimulus, or quantitative easing, at 375 billion ($608 billion, 476 billion), the BoE said in a statement issued following a regular monthly meeting. Minutes of the meeting, containing reasons behind the decisions, will be published on October 22.
European Central Bank President Mario Draghi on Thursday, 9 October 2014 said there are signs the region's recovery is losing momentum. Meanwhile, Federal Reserve officials said the US economy may be at risk from a global slowdown as the International Monetary Fund this week cut its outlook for global growth.
The IMF and World Bank begin their annual meetings in Washington today, 10 October 2014 as finance ministers and central bankers from around the world discuss ways to bolster the global economic recovery, weather the latest bout of geopolitical instability and lift incomes in poor countries.
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