The market may extend recent gains to hit fresh record high on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 55 point at the opening bell. Asian stocks rose today, 24 November 2014, after US indexes reached another record on Friday, 21 November 2014, as China's unexpected interest-rate cut stoked optimism in the global economy.
The market remain volatile this week as traders roll over positions in the futures & options (F&O) segment from November 2014 series to December 2014 series. The November 2014 derivatives contracts expire on Thursday, 27 November 2014.
Among corporate news, the Reserve Bank of India (RBI) on Friday, 21 November 2014, placed restrictions on further purchases of shares of Power Grid Corporation of India (PGCIL) by foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs). The RBI said that investment by FIIs/RFPIs in PGCIL under the portfolio investment scheme has reached has reached the trigger limit of 28%. Therefore, further purchases of equity shares of PGCIL by FIIs/RFPIs will be allowed only after obtaining prior approval of the RBI, it said. There is a cap of 30% holding by FIIs/RFPIs in PGCIL.
ACC and Ambuja Cements will be in focus after the Competition Commission of India (CCI) on Saturday, 22 November 2014, invited comments from any person(s) adversely affected or likely to be affected by the proposed combination between Holcim and Lafarge S.A. Swiss cement major Holcim and French cement major Lafarge have announced a merger at the global level to form LafargeHolcim. In India, Holcim is active through its two subsidiaries viz. ACC and Ambuja Cements. Lafarge is active in India through its two unlisted subsidiaries viz. Lafarge India and Lafarge Aggregates & Concrete India. The CCI has formed a prima facie opinion that the combination is likely to have an appreciable adverse effect on competition in India.
Bharat Heavy Electricals (Bhel) after market hours on Friday, 21 November 2014 in a clarfication with regard to news item titled "BHEL plans to set up two power plants of Rs 3000 crore in Russia" said that Bhel has not communicated the subject information to media persons. Further, Bhel said that the subject matter is at a proposal stage only and as such it is not a price sensitive information.
Ranbaxy Laboratories after market hours on Friday, 21 November 2014 in a clarification with regard to news item titled "Ranbaxy fails to block rivals in generic fight" said that as the company has earlier informed to the stock exchanges that the company has filed a complaint against the USFDA in D.C. Federal Court and has also asked the Court for a temporary restraining order to prevent any further action by FDA until Ranbaxy's case is decided. The Court has not granted Temporary Restraining Order to block FDA approval for other ANDAs for generic version of Nexium and Valganciclovir. However, the Court ordered the parties to the suit to agree up on a schedule for filing additional legal briefs addressing Ranbaxy's request for a preliminary injunction by Friday, 21 November 2014, Ranbaxy Laboratories said in a statement.
The White House on Friday, 21 November 2014, said that at the invitation of India's Prime Minister Narendra Modi, US President Barack Obama will travel to India in January 2015 to participate in the Indian Republic Day celebration in New Delhi as the Chief Guest. This visit will mark the first time a US president will have the honor of attending Republic Day, which commemorates the adoption of India's constitution. The US President will meet Modi and Indian officials to strengthen and expand the US-India strategic partnership, the White House said.
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The Reserve Bank of India is scheduled to release the current account deficit (CAD) numbers for Q2 September 2014 today, 24 November 2014. CAD narrowed sharply to 1.7% of GDP in Q1 June 2014, from 4.8% of GDP in the corresponding period previous year.
Investors' focus will remain on further policy announcements, if any, by the government. The month-long winter session of Parliament will start today, 24 November 2014.
The Indian government will announce data on gross domestic product (GDP) for Q2 September 2014 after trading hours on 28 November 2014. India's GDP grew 5.7% in Q1 June 2014 over the corresponding period of the previous year.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Key equity benchmark indices surged on Friday, 21 November 2014, as European stocks nudged higher after European Central Bank (ECB) President Mario Draghi's comments sent a strong signal that the ECB is ready to step up asset-buying. The S&P BSE Sensex jumped 267.07 points or 0.95% to settle at 28,334.63 on that day, a record closing high.
The provisional data released by the stock exchanges after trading hours on Friday, 21 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 122.50 crore on that day.
Asian stocks rose today, 24 November 2014, after US indexes reached another record on Friday, 21 November 2014, as China's unexpected interest-rate cut stoked optimism in the global economy. Key benchmark indices in China, Hong Kong, Singapore, Indonesia, South Korea, and Taiwan were up 0.13% to 1.88%. Japan's stock markets were closed for a holiday.
China cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy. The one-year lending rate was reduced by 0.4 percentage point to 5.6%, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75%, the People's Bank of China said on 21 November 2014.
The minutes of Bank of Japan's monetary policy meeting will be released today, 24 November 2014.
The Dow Jones Industrial Average and the S&P 500 index rose to record highs Friday, 21 November 2014, after China's central bank cut interest rates and the European Central Bank's president reiterated that the institution was ready to expand its stimulus program.
The United States' Markit PMI Composite data and Markit Services PMI data, both for November 2014 are scheduled to be released later in the global day today, 24 November 2014.
In Europe, European Central Bank President Mario Draghi on Friday, 21 November 2014, surprised by declaring his commitment to fighting deflation.
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