Indian Shares Seen Rising After Holiday Break * Markets are likely to open flat amid mixed cues from Asia and overnight losses on Wall Street Markets are likely to open flat amid mixed cues from Asian and US markets ending tad lower in overnight trades. The early indicator SGX Nifty was trading 9 points higher at 7,935. Indian shares are seen opening higher on Tuesday as trading resumes after a long holiday weekend. Pro-democracy protests appear to have subsided in Hong Kong, commodities are inching higher and the U.S. dollar steadied after sharp overnight losses, signaling improving risk sentiment ahead of central bank decisions in Japan and Australia. Closer home, investors await industrial output and service sector data this week for further clues on the health of the domestic economy. Infosys, Indias second-largest IT services exporter, is set to unveil its quarterly earnings results on October 10, with analysts expecting the company to retain its earlier annual guidance of 7-9 percent for this fiscal. Meanwhile, the CII Business Confidence Index for July- September 2014 quarter has climbed to a three-year high of 57.4, up from 53.7 in April-June quarter and 49.9 in January-March quarter, on the back of political stability and improving macro-economic environment. The determination shown by the new government at the Centre to provide an impetus to growth along with reviving the feel good factor has sent the business confidence index soaring for the second quarter in a row, CII Director General Chandrajit Banerjee said. Oil marketing companies such as BPCL, HPCL and IOC will be in focus after Brent crude slips to $92/barrel. Tata Motors, Hero MotoCorp, Ashok Leyland, TVS Motor will be in focus post September sales numbers. IFC to invest nearly $100 million in Ballarpur Industries overseas arm Bilt Paper B.V. -BPBV (formerly Ballarpur International Graphic Paper Holdings B.V.). Infosys could be in focus after Jack Palmer has filed a lawsuit seeking damaged for alleged wrongful termination. Ranbaxy will be in focus after it announced launch of Absorica in dosages of 25mg and 35mg in the US. Asian Markets Asian stocks are trading mixed ahead of central bank decisions in Japan and Australia. The markets in Japan, Hong Kong and South Korea are little changed, while Australias S&P/ASX 200 index is losing a percent. The Chinese market remains closed for holidays. Bank of Japan Governor Haruhiko Kuroda said today that a weak yen has a positive effect on exports and capital expenditure and the central bank is ready to ease its monetary policy further if necessary. The Reserve Bank of Australia is expected to keep its cash rate unchanged but there will be greater attention on governor Glenn Stevens comments on the Australian dollar. U.S. And European Markets U.S. stocks drifted lower overnight, partly offsetting the strong upward move seen last Friday, as investors eyed the start of the third-quarter earnings season and waited for minutes from the Federal Reserves policy meeting last month for clues about the likely timing of any interest rate hike. The Dow slipped 0.1 percent, the tech-heavy Nasdaq dropped half a percent and the S&P 500 shed 0.2 percent. Meanwhile, Hewlett-Packard Co said it woud split the company into two with computer and printer business and corporate hardware and services operations.While the former has been lagging for a few years due to popularity of new-age form factors, the latter has been growing at a faster clip. European stocks closed mostly higher on Monday, as industrial metal prices gained ground on further signs that the U.S. economy is gaining traction. Downbeat German manufacturing data revived concerns about the strength of the economic recovery in the euro zone, limiting overall gains to some extent. The German DAX rose 0.2 percent, Frances CAC 40 edged up 0.1 percent and the U.K.s FTSE 100 advanced 0.6 percent.
Posted on: Tue, 07 Oct 2014 03:18:47 +0000
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