Mumbai: Indian markets may hit a high note on Wednesday as exit polls projected that the BJP was likely to sweep in Rajasthan, Madhya Pradesh, and may see a close finish in Delhi and Chattisgarh. If the comes true, the outcome would point to a Narendra Modi wave translating into actual reality less than six months before the general election. Asian markets were trading on a cautious note ahead of interest rate decisions in the eurozone and highly-anticipated US jobs report on Friday. Hong Kong’s Hang Seng was down 0.4%, China’s Shanghai Composite was trading flat and Japan’s Nikkei Stock Average declined 0.5%. US markets ended marginally lower after private payroll processor ADP, said that 215,000 jobs had been created in November — well ahead of expectations of184,000 jobs in October, reports Financial Times. The final jobs data which will be out on Friday will have implications on Fed’s decision to taper the stimulus. The S&P 500 and the Dow Jones Industrial Average were down 0.2% each, while Nasdaq Composite ended in the green. In India, Wipro shares will be in focus as the company is planning to log out of the manufacturing business. Wipro said that it would discontinue sagging manufacturing of desktops, laptops and servers, and shift some of the employees in the division to other roles. Power Grid Corporation shares will be in the limelight after the follow-on-public offer was fully subscribed on the second day with 786.1 million bids received. The sale of a 17% stake could fetch around Rs.7,083 crore at the upper end of price band. The National Spot Exchange and suspects in the Rs.5,574 crore settlement crisis at the commodities bourse risk their assets being liquidated to help pay investors their dues, reports Mint. Investors may get back their dues on a proportionate basis after the proposed asset liquidation. Foreign direct investment to India will get a boost as Vodafone Group Plc plans to invest $3 billion in India in next two years. The money will be deployed for network expansion in rural areas, despite the Rs.12,000 crore tax dispute with the government. Wockhardt shares will be in the limelight after instructions from US Food and Drug Administration to conduct a global assessment of its entire manufacturing process. Wockhardt was banned from selling some medicines to the US from two of its factories this year. Mahindra & Mahindra Ltd is developing the world’s first hybrid technology that can be deployed in cars with manual transmission and increase fuel efficiency by almost 20% by February, reports Economic Times. United Spirits Ltd shares will be in focus as it has started appointing investment bankers for the sale of Whyte & Mackay brands after Britian’s anti-trust authority expressed competition concerns in the blended whiskey market in that country, reports Economic Times. Lastly, record 66% Delhiites voted in assembly polls, considered the litmus test for Congress, as the BJP and AAP made it a tight triangular contest.
Posted on: Thu, 05 Dec 2013 03:31:46 +0000
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