 "Market to open lower on global cues; Feb WPI eyed")
The market is expected to start on a weak note tracking the weakness in Asian markets and subdued sentiment as Ukraine concerns resurface. The Nifty stock futures at the Singapore Stock Exchange --SGX Nifty was last seen trading 40.50 lower at 6484 levels, indicating a weak start to the last trading day of the week ended 14 March, 2013.
Investors will also focus on wholesale price-indexed (WPI) inflation data for the month of February. The WPI inflation in the month of January stood at 5.05 per cent.
Global concerns resurfaced as latest reports indicate that Russia's Defense Ministry announced new military operations in several regions near the Ukrainian border on Thursday, even as Chancellor Angela Merkel of Germany warned the Kremlin to abandon the politics of the 19th and 20th centuries or face diplomatic and economic retaliation from a united Europe. Sunday's Crimean referendum on joining the Russian Federation will be closely eyed.
Around the globe
US stocks tumbled overnight, with the Dow and the S&P 500 suffering their worst day since early February, on rising concerns over Ukraine and Russia and new signs of a slowdown in China. Selling accelerated in afternoon trading after Russia launched military exercises near its border with Ukraine, showing no sign of backing down in its plans to annex its neighbor's Crimea region despite a stronger-than-expected push for sanctions from the EU and the United State
Japanese stocks skidded 2.7% to a one-month low on Friday morning as concerns over Ukraine and slowing growth in China rattled investors, underpinning the safe-haven yen and hurting exporters. The Nikkei share average fell 395.04 points to 14,420.94 in mid-morning trade after dropping to a low of 14,408.62 earlier, the weakest since February 17
Domestic markets a day earlier, traded in the positive zone on lower CPI for February slipped to 8.1 percent from 8.79 percent in January, which is near to RBI's comfort level of 8 percent. Moreover, Indian markets traded near to record high in the noon trade on the back of support from Bank, Oil & Gas and PSU. Rate sensitive counters registered major gains on hopes that the RBI will keep policy rates unchanged in the policy meet scheduled to be held on 1st April whereas IT sectors tanked over 3% on the back of weak guidance by index heavyweight Infosys.
Stocks in focus
In a setback to the country’s largest drug maker Sun Pharmaceuticals, the US FDA has issued an “import alert” for all products manufactured at its cephalosporin facility located at Karkhadi, Gujarat. The company manufactures active pharmaceutical ingredients (API) and formulations in this unit.
Following reports, Sun Pharma shares dipped more than six per cent intra-day on the BSE. Shares were closed at Rs 573.6, down 5.03 per cent. The plant accounts for less than one per cent of its overall sales.
RBI allowed Tech Mahindra to raise FIIs shareholding to 48%, said reports. The stock will remain in focus today.
Other news
Among other events that hold signifance, the Central Bureau of Investigation (CBI) registered a preliminary inquiry against former Securities & Exchange Board of India (Sebi) chairman C B Bhave and Financial Technologies India Ltd (FTIL) promoter Jignesh Shah , as well as former Sebi member K M Abraham, over alleged irregularities in grant of sanction to the MCX Stock Exchange (MCX-SX) in 2008 and renewal of recognition in 2009 and 2010.
The CBI probe is to ascertain how MCX-SX was given permission despite opposition from the finance ministry when Bhave was head of the regulatory authority.
The investigating agency also filed a first information report (FIR) naming Shah, also a promoter of National Spot Exchange Ltd (NSEL), besides officials of Projects and Equipment Corporation (PEC), for alleged criminal conspiracy and cheating.
According to late-night reports, Shah was questioned for over two hours by CBI at its Ballad Estate office in South Mumbai. He was allowed to go home at 11.30 pm.
The Indian Navy is poised to join the search for Malaysian Airlines Flight 370, which disappeared off radar screens without a trace on Saturday. The aircraft's fate, and that of 239 people on board, is now washing up in India after the Malaysian military belatedly revealed on Wednesday that it had detected an unidentified aircraft - possibly Flight 370 - heading towards the Andaman Sea.
This is regarded as India's maritime stamping ground, and the Andaman & Nicobar Command (ANC), based in Port Blair, has swung into action. Two navy warships, a coast guard patrol vessel and several search and rescue aircraft are ready to join the multi-national search underway.
The Ministry of External Affairs (MEA), the lead agency in such situations, has cleared India's participation, and is in touch with the Malaysian foreign ministry to find out what they need.
Investors will also focus on wholesale price-indexed (WPI) inflation data for the month of February. The WPI inflation in the month of January stood at 5.05 per cent.
Global concerns resurfaced as latest reports indicate that Russia's Defense Ministry announced new military operations in several regions near the Ukrainian border on Thursday, even as Chancellor Angela Merkel of Germany warned the Kremlin to abandon the politics of the 19th and 20th centuries or face diplomatic and economic retaliation from a united Europe. Sunday's Crimean referendum on joining the Russian Federation will be closely eyed.
Also Read
China's industrial output rose 8.6 percent in the first two months of 2014 from a year earlier, missing market expectations, with growth in retail sales also weaker than expected. Annual growth in factory output in the first two months of the year is the weakest since March 2009.
Around the globe
US stocks tumbled overnight, with the Dow and the S&P 500 suffering their worst day since early February, on rising concerns over Ukraine and Russia and new signs of a slowdown in China. Selling accelerated in afternoon trading after Russia launched military exercises near its border with Ukraine, showing no sign of backing down in its plans to annex its neighbor's Crimea region despite a stronger-than-expected push for sanctions from the EU and the United State
Japanese stocks skidded 2.7% to a one-month low on Friday morning as concerns over Ukraine and slowing growth in China rattled investors, underpinning the safe-haven yen and hurting exporters. The Nikkei share average fell 395.04 points to 14,420.94 in mid-morning trade after dropping to a low of 14,408.62 earlier, the weakest since February 17
Domestic markets a day earlier, traded in the positive zone on lower CPI for February slipped to 8.1 percent from 8.79 percent in January, which is near to RBI's comfort level of 8 percent. Moreover, Indian markets traded near to record high in the noon trade on the back of support from Bank, Oil & Gas and PSU. Rate sensitive counters registered major gains on hopes that the RBI will keep policy rates unchanged in the policy meet scheduled to be held on 1st April whereas IT sectors tanked over 3% on the back of weak guidance by index heavyweight Infosys.
Stocks in focus
In a setback to the country’s largest drug maker Sun Pharmaceuticals, the US FDA has issued an “import alert” for all products manufactured at its cephalosporin facility located at Karkhadi, Gujarat. The company manufactures active pharmaceutical ingredients (API) and formulations in this unit.
Following reports, Sun Pharma shares dipped more than six per cent intra-day on the BSE. Shares were closed at Rs 573.6, down 5.03 per cent. The plant accounts for less than one per cent of its overall sales.
RBI allowed Tech Mahindra to raise FIIs shareholding to 48%, said reports. The stock will remain in focus today.
Other news
Among other events that hold signifance, the Central Bureau of Investigation (CBI) registered a preliminary inquiry against former Securities & Exchange Board of India (Sebi) chairman C B Bhave and Financial Technologies India Ltd (FTIL) promoter Jignesh Shah , as well as former Sebi member K M Abraham, over alleged irregularities in grant of sanction to the MCX Stock Exchange (MCX-SX) in 2008 and renewal of recognition in 2009 and 2010.
The CBI probe is to ascertain how MCX-SX was given permission despite opposition from the finance ministry when Bhave was head of the regulatory authority.
The investigating agency also filed a first information report (FIR) naming Shah, also a promoter of National Spot Exchange Ltd (NSEL), besides officials of Projects and Equipment Corporation (PEC), for alleged criminal conspiracy and cheating.
According to late-night reports, Shah was questioned for over two hours by CBI at its Ballad Estate office in South Mumbai. He was allowed to go home at 11.30 pm.
The Indian Navy is poised to join the search for Malaysian Airlines Flight 370, which disappeared off radar screens without a trace on Saturday. The aircraft's fate, and that of 239 people on board, is now washing up in India after the Malaysian military belatedly revealed on Wednesday that it had detected an unidentified aircraft - possibly Flight 370 - heading towards the Andaman Sea.
This is regarded as India's maritime stamping ground, and the Andaman & Nicobar Command (ANC), based in Port Blair, has swung into action. Two navy warships, a coast guard patrol vessel and several search and rescue aircraft are ready to join the multi-national search underway.
The Ministry of External Affairs (MEA), the lead agency in such situations, has cleared India's participation, and is in touch with the Malaysian foreign ministry to find out what they need.