Trading for the week is likely to begin on a firm note. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 37.50 points at the opening bell. Among macro economic data, HSBC Manufacturing Purchasing Managers' Index (PMI) for October 2014 will be announced today, 3 November 2014. Asian stocks were mixed today, 3 November 2014.
Bharat Heavy Electricals (Bhel) on Sunday, 2 November 2014 said it bagged a contract for the supply and installation of the electrostatic precipitator (ESP) package for the 2x800 megawatts (MW) Darlipali Super Thermal Power Project (STPP). The order, valued at around Rs 220 crore, has been placed on Bhel by NTPC for the upcoming Darlipali STPP in Sundargarh district of Odisha.
Hero MotoCorp reportedly posted 8.05% decline in sales to 5.75 lakh units in October 2014 over in October 2013.
Mahindra & Mahindra reported a 15.39% decline in total sales to 42,776 units in October 2014 over October 2013. M&M's total tractor sales fell 17% to 31,907 units in October 2014 over October 2013.
Airline stocks will also be focus as aviation turbine fuel (ATF), or jet fuel, rates were cut by a steep 7.3% on Saturday, 1 November 2014, the fourth straight reduction in prices since August on back of falling international oil rates. The price of aviation turbine fuel (ATF), or jet fuel, at Delhi was cut by Rs 4,987.7 per kilolitre, or 7.3%, to Rs 62,537.93 per kl.
Shares of PSU OMCs and state-run oil & gas stocks will be in focus. State-run oil marketing companies have cut petrol and diesel prices with effect from 1 November 2014. Indian Oil Corporation (IOCL) on Friday, 31 October 2014, said it has cut retail selling price of petrol by Rs 2.41 per litre at Delhi (including state levies) with corresponding decrease in other states. Retail selling price of diesel was slashed by Rs 2.25 a litre at Delhi (including state levies) with corresponding decrease in other states.
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Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has appreciated slightly since the last price change. The combined impact of both these factors warrant the said decrease in retail selling prices of petrol and diesel, IOCL said in a statement.
Cairn India after market hours on Friday, 31 October 2014, initiated polymer injection at the Mangala field. Mangala Enhanced Oil Recovery (EOR) project, which is amongst the largest polymer flood EOR programmes in the world, commences well ahead of the guidance provided by the company, Cairn India said. The polymer injection activity would gradually be ramped up, the company added.
NMDC's net profit rose 18.83% to Rs 1566.75 crore on 20.32% growth in total income to Rs 3631.89 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 31 October 2014.
NMDC's board of directors at its meeting held on Friday, 31 October 2014, approved interim dividend of Rs 3 per share for the year ended 31 March 2015. The board has fixed 14 November 2014 as record date for the purpose of payment of interim dividend.
JSW Steel after market hours on Friday, 31 October 2014 said that the approval of the Competition Commission of India has been received for the acquisition of Welspun Maxsteel (WMSL) by the company. The company on 31 October 2014 has completed the acquisition of the entire shareholding of Welspun Enterprises (WEL) held in WMSL.
Separately, JSW Steel after market hours on Friday, 31 October 2014 said that the company, is contemplating issuing of debt instruments in the form of US Dollar denominated senior notes (Notes). The Notes, if issued, will be listed on the Singapore Stock Exchange. A Preliminary offering circular (OC) has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of Notes. The Notes will not be offered or sold in India or in the United States of America. The OC contains certain material information about the company that has not been disclosed to the public. In order to comply with the company's disclosure obligations on account of its securities being listed in India, the company would like to make such unpublished information available to the public, JSW Steel said.
Bank of Baroda after market hours on Friday, 31 October 2014 said it has revised the rates of interest payable on term deposits of below Rs 1 crore, applicable to the renewal of existing deposits and fresh deposits, with effect from 1 November 2014. The interest rate on domestic term deposits & NRO deposits of below Rs 1 crore with a maturity bucket of 1 year and above upto 2 years was revised to 8.9% from earlier 9.05%. Interest rate on deposits with maturity of above 2 years and upto 3 years was revised to 8.9% from earlier 9.05%. The interest rate on 1,111 days maturity bucket (Baroda Maha Utsav Deposit Scheme) was revised to 8.75% from earlier 9.05%. Also the maturity buckets for (i) above 3 years and upto 5 years (ii) above 5 years and upto 8 years and (iii) above 8 years and upto 10 years were all revised to 8.75% from earlier 9.05%.
The interest rate on NRE term (rupee) deposits of below Rs 1 crore with maturity bucket of (i) 1 year and above upto 2 years and (ii) above 2 years and upto 3 years were revised to 8.9% from earlier 9.05%. Similarly, the interest on maturities (i) above 3 years and upto 5 years (ii) above 5 years and upto 8 years and (iii) above 8 years and upto 10 years were all revised to 8.75% from earlier 9.05%.
Among macro economic data, HSBC Manufacturing Purchasing Managers' Index (PMI) for October 2014 will be announced today, 3 November 2014. Adjusted for seasonal factors, the headline HSBC India PMI - a composite gauge designed to give a single - figure snapshot of manufacturing business conditions - dropped from 52.4 in August to 51.0 in September.
The growth rate of India's eight core industries, which have a combined weight of 37.9% in the Index of Industrial Production (IIP), slowed down to 1.9% in September 2014 due to fall in output of crude oil, natural gas, refinery products and fertiliser, data released by government on Friday, 31 October 2014 showed. The core sector had grown by 9% in September 2013.
Finance Minster Arun Jaitley on Friday, 31 October 2014, said that major priorities of the government will be to revive and sustain higher GDP growth, increase savings, fiscal consolidation, keeping the current account deficit (CAD) at moderate level, reviving investment cycle, encouraging growth in manufacturing sector, augmenting supply response to contain inflation especially food inflation, boosting infrastructure sector and exports, rationalize subsidies and reforms in direct and indirect taxes among others. The Finance Minister was speaking at the first meeting of the Consultative Committee attached to the Ministry of Finance on the subject "Sustaining Growth Momentum - The Road Ahead". Jaitley said that the major priority of the government is to bring back growth momentum into country's economy. He said that the Indian economy has potential for achieving and sustaining higher growth. For 2014-15 the Finance Minster expects GDP growth in the range of 5.5% to 5.9%. He said the recent decline in international oil prices and prices of domestic food items point towards lower inflation in the coming months. The Finance Minister informed that the capital flows to finance the CAD is adequate and further moderation in CAD can be expected in 2014-15 due to lower oil prices.
Trading will be truncated this week as the stock market remains shut tomorrow, 4 November 2014, on account of Muharram. Stock market also remains closed on Thursday, 6 November 2014, on account of Gurunanak Jayanti.
A rally in world stocks triggered by a surprise announcement from the Bank of Japan (BoJ) that it will increase its asset purchases sent key equity benchmark indices in India surging on Friday, 31 October 2014. The S&P BSE Sensex jumped 519.50 points or 1.9% to settle at 27,865.83, a record closing high for the index.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Friday, 31 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1754.73 crore on that day.
Asian stocks were mixed today, 3 November 2014. Key benchmark indices in China, Singapore and Taiwan rose by 0.4% to 0.47%. Key benchmark indices in Hong Kong, South Korea and Indonesia fell by 0.23% to 0.55%. Stock market in Japan was closed for holiday.
A gauge of China's business activity outside of its factory floors dropped to a nine-month low in October, as a property market slowdown continued to drag on economic growth, official data showed today, 3 November 2014. China's official nonmanufacturing purchasing managers' index fell to 53.8 in October from 54.0 in September, data from the China Federation of Logistics and Purchasing showed.
Data released on Saturday, 1 November 2014, showed that China's manufacturing slowed further in October, as a property slump and slowdown in investment growth put the world's second-largest economy on course for the slowest full-year growth since 1990. The government's Purchasing Managers' Index was at 50.8 in October, compared with September's 51.1. Readings above 50 indicate expansion.
In an unexpected move, the Bank of Japan had on Friday, 31 October 2014, expanded the size of its Japanese Government Bond (JGBs) purchases to the equivalent of about 80 trillion yen ($727 billion) a year, an increase of 30 trillion yen from the previous pace. It said it would also buy longer-dated JGBs, seeking an average remaining maturity of 7-10 years. The central bank also said it would triple its purchases of exchange-traded funds and real-estate investment trusts. It also added that the so-called "quantitative and qualitative easing" program would continue "as long as it is necessary".
US stocks jumped on Friday, 31 October 2014 sending benchmark indexes to records, as an unexpected boost in stimulus from the Bank of Japan spurred optimism in the global economy.
Data on Friday, 31 October 2014 showed consumer spending in the US unexpectedly dropped in September as incomes rose at the slowest pace of the year. The Institute for Supply Management-Chicago Inc.'s business barometer rose to 66.2 in October from 60.5 in the prior month. A reading less than 50 signals contraction
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