Mumbai: US markets ended lower with the S&P 500 falling for the fourth consecutive day as uncertainty over the outlook for US monetary and fiscal policy loomed, reports Financial Times. Investors are yet to get clarity on future tapering after Ben Bernanke decided not scale down asset purchases last week. The Dow Jones Industrial Average was down 0.4%, S&P 500 fell 0.3% while the Nasdaq Composite closed flat. Asian markets opened on a weak note on Wednesday tracking marginal losses on Wall Street. Japan’s Nikkei Stock Average was down 0.2%, Hong Kong’s Hang Seng gained 0.2% and China’s Shanghai Composite was down 0.1%. All eyes are on Japan’s small business confidence and corporate services price index for September. In India, Reliance Industries Ltd (RIL) shares will be in focus as the government is yet to consider a proposal that may disallow RIL from charging a higher price if and when it starts compensating customers for the shortfall in gas supply from KG D6 basin, reports Mint. Metal and mining company shares may see some action after the cabinet committee on economic affairs approved the auction route for allotment of coal blocks. This will kick-start a transparent process of allocating coal blocks to private bidders, reports Mint. Tata Sons and Singapore Airlines have defined their roles in the joint venture to start Tata SIA Airlines Ltd. Tata Sons will leverage the strength of its group companies and Singapore Airlines Ltd will invest $49 million from internal accruals to provide expertise and access to its global network. Cyrus Mistry, chairman of Tata Group has bought shares in four group companies over the last few days, a move that experts say signals confidence in his own companies, reports Economic Times. Mistry acquired shares of Tata Power Co. Ltd, Tata Global Beverages Ltd, Indian Hotels Co. Ltd and Tata Motors Ltd. The government will seek a review of the Supreme Court’s interim order on direct benefit transfer scheme via the Aadhaar route in order to win votes for the next general elections. Cairn India Ltd shares will be in focus as Vedanta group has commenced talks to buy London-based Cairn Plc’s 10% residual stake in oil and gas producer valued at around Rs.6,000 crore, reports Business Standard. Airline stocks such as Jet Airways India Ltd and SpiceJet Ltd may see some action after Indigo Airlines reported a sixfold increase in profit to Rs.787 crore for FY13 on revenues that rose 65.4% to Rs.9,458 crore. Indigo reported profits even as the airline industry is estimated to have lost $1.95 billion. Lastly, the Congress-led UPA triggered a fresh face-off between the executive and the judiciary after the cabinet signed off on an ordinance on Tuesday to undo a Supreme Court order that disqualified convicted lawmakers and legislators. The government move may not go down well with the electorate ahead of the elections.
Posted on: Wed, 25 Sep 2013 03:35:56 +0000
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