The market may extend recent losses on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 54.50 points at the opening bell. Asian stocks edged lower today, 16 December 2014, as oil's slump and weaker-than-estimated Chinese manufacturing stoked concern that the global economy may falter.
Among corporate news, Maruti Suzuki India's executive director R.S. Kalsi reportedly said on Monday, 15 December 2014, company plans to raise prices of its cars by 2 to 4% from January due to an increase in input costs.
PSU OMCs and auto stocks will be in focus after state-run oil marketing companies (OMCs) slashed petrol and diesel prices by Rs 2 per litre effective Tuesday, 16 December 2014.
IDBI Bank after market hours on Monday, 15 December 2014, said that the bank will begin the process of inviting bids through advertisement route for sale of its equity holding in National Stock Exchange (NSE), not aggregating 5% of the equity share capital of NSE, to potential investors.
Biocon after trading hours yesterday, 15 December 2014, said that the company was allotted land at Visakhapatnam in Andhra Pradesh in 2007 and that the company is yet to set up manufacturing facility there. Biocon said that the company will intimate to the exchanges with appropriate details in future when a firm plan to set up a Bio-manufacturing facility is taken by the company. Biocon issued the clarification after a news agency said that the company is contemplating setting up a manufacturing facility in Visakhapatnam.
Infrastructure stocks will be in focus after the Reserve Bank of India (RBI) on Monday, 15 December 2014, eased rules for long-term loans by banks to the infrastructure sector and heavy industry, allowing for easier refinancing and more flexible restructuring as part of widely expected measures. The RBI said only loans where the combined exposure by lenders in a single project is more than Rs 500 crore would be eligible under the eased regulations.
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India's merchandise exports rose 7.27% to $25.96 billion in November 2014 over November 2013, data released by the Ministry of Commerce & Industry after trading hours yesterday, 15 December 2014, showed. Imports jumped 26.79% at $42.82 billion in November 2014 over November 2013. Oil imports dropped 9.7% at $11.72 billion in November 2014 over November 2013. Non-oil imports jumped 49.6% at $31.10 billion in November 2014 over November 2013. The trade deficit rose sharply to $16.86 billion in November 2014, from $9.57 billion in November 2013.
Finance Minister Arun Jaitley yesterday, 15 December 2014, said that various welfare programmes of the government for vulnerable sections of the society are essential and working well. In this regard he mentioned about food security and education for all programmes among others. The Finance Minister made those comments while speaking to the students of Stanford University, USA when they called on him in his office yesterday, 15 December 2014.
Meanwhile, Finance Minister Arun Jaitley will reportedly hold discussions with state finance ministers for two days, finishing today, 16 December 2014, in a determined bid to seal a deal on goods & services tax (GST). The fiscal room created by the crash in crude oil prices has given Jaitley space to walk the extra mile in his bid to assure the state governments that they will not lose any revenue once the single levy is imposed, according to reports. The finance ministry will make a big saving in fuel subsidies after a crash in global crude oil prices over the past few months. These savings could be used to compensate states once the tax is rolled out, according to reports.
The government's intension is to implement a nationwide GST from 1 April 2016. GST is a major indirect tax reform. GST will subsume central indirect taxes such as excise duty and service tax at the central level and value added tax at the state level besides other local levies such as octroi and entry tax.
Meanwhile, the Indian government intends to get the Insurance Laws (Amendment) Bill, 2008 passed in both the Houses of Parliament in this week. The Union Cabinet, last week, approved the official amendments to the Insurance Laws (Amendment) Bill, 2008. The Parliamentary Select Committee in its report tabled in Rajya Sabha on 10 December 2014 agreed a composite cap of 49% on foreign investment in the insurance sector, which includes all types of foreign investment as opposed to the 26% foreign direct investment (FDI) allowed at present. Finance Minister Arun Jaitley had said in his maiden budget speech in July that the composite cap in the insurance sector should be increased to 49% from the current level of 26%, with full Indian management and control.
After moving in a relatively narrow range during the trading session, key benchmark registered small losses on Monday, 15 December 2014. The S&P BSE Sensex declined 31.12 points or 0.11% to settle at 27,319.56 on that day, its lowest closing level since 29 October 2014.
Foreign portfolio investors sold shares worth a net Rs 455.72 crore on Monday, 15 December 2014, as per provisional data.
Asian stocks edged lower today, 16 December 2014, as oil's slump and weaker-than-estimated Chinese manufacturing stoked concern that the global economy may falter. Key indices in Hong Kong, Singapore, Indonesia, South Korea, and Japan were off 0.28% to 1.9%. Key indices in China and Taiwan rose 0.31% to 0.9%.
China's flash manufacturing purchasing managers' index from HSBC Holdings Plc and Markit Economics fell to 49.5 for December, from 50 last month. It's the first time since May that the gauge has slipped below 50, the threshold between expansion and contraction.
Russia's central bank, which has been trying to stem the currency's tumble through intervention, boosted the key rate to 17% from 10.5%, the largest single increase since 1998, when Russian rates soared past 100% and the government defaulted on its debt.
US stocks fell Monday, 15 December 2014, amid a continuing slump in oil prices and ahead of a closely watched Federal Reserve meeting.
Among economic data, US manufacturing output recorded its largest increase in nine months in November as production expanded across the board, pointing to underlying strength in the economy. Factory production rose 1.1% after advancing 0.4% in October, the Federal Reserve said on Monday.
A two-day meeting of Federal Open Market Committee (FOMC) to discuss monetary policy review starts today, 16 December 2014. The policy meeting will be keenly watched for any hints on the timing of interest rate increases in the world's biggest economy. It remains to be seen whether Federal Reserve officials would signal a rate hike by dropping their assurance that rates will stay low for a considerable time.
Heavily armed Australian police reportedly stormed a Sydney cafe early on Tuesday morning and freed terrified hostages being held there at gunpoint, in a dramatic end to a 16-hour siege in which two captives and the attacker were killed.
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