Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contract expire on Thursday, 30 October 2014.
In overseas markets, Asian stocks fell today, 28 October 2014, after American data from home sales to manufacturing fell short of estimates and investors awaited a Federal Reserve decision on its stimulus program. US stocks ended mostly higher yesterday, 27 October 2014, with gains limited by weak economic data.
Among corporate news, Coal India (CIL) will be in focus after the Ministry of Corporate Affairs after trading hours yesterday, 27 October 2014, said that the Competition Commission of India (CCI) has issued two separate orders against CIL and its subsidiaries for abusing their dominant position. In one of the cases, the CCI inter alia found that the buyer of coal from CIL and its subsidiaries is saddled with penalty by way of forfeiture of Earnest Money Deposit (EMD) for non-lifting of coal after successful participation in the e-Auction without any corresponding liability upon CIL and its subsidiaries for failure to deliver coal in respect of accepted bids. Apart from issuing a cease and desist order, the CCI has ordered modification of the terms and conditions of the scheme suitably. In another case, the CCI held that CIL and its subsidiaries operate independently of market forces and enjoy undisputed dominance in the relevant market of production and supply of non-coking coal to the thermal power producers in India. The CCI inter alia found that CIL and its subsidiaries were imposing unfair conditions in fuel supply Agreements (FSAs) with the power producers for supply of non-coking coal. In both these cases, the CCI has not imposed any monetary penalty on CIL.
With respect to news article appearing titled "TCS eyes $5 billion digital services opportunity."Tata Consultancy Services (TCS) clarified after market hours on Monday, 27 October 2014, that it does not have any specific comment to offer with regard to this news item. The company affirmed its commitment to fair disclosure.
ABB, ING Vysya Bank, Jubilant Life Sciences, Lupin, Nestle India, PII Industries will announce their July-September 2014 earnings today, 28 October 2014.
On a consolidated basis, Bharti Infratel's net profit rose 67.70% to Rs 465.20 crore on 11.06% increase in total income to Rs 3043.80 crore in Q2 September 2014 over Q2 September 2013.
Trading for the week started on a weak note as key benchmark indices edged lower on Monday, 27 October 2014. The S&P BSE Sensex fell 98.15 points or 0.37% to settle at 26,752.90 on that day, its lowest closing level since 21 October 2014.
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The provisional data released by the stock exchanges after trading hours on Monday, 27 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 49.14 crore on that day.
Asian stocks fell today, 28 October 2014, after American data from home sales to manufacturing fell short of estimates and investors awaited a Federal Reserve decision on its stimulus program. Key benchmark indices in Indonesia, South Korea, Singapore and Japan were down 0.29% to 0.76%. Key benchmark indices in China, Hong Kong, and Taiwan were up 0.51% to 1.35%.
US stocks ended mostly higher on Monday, 27 October 2014, with gains limited by weak economic data.
Data yesterday, 27 October 2014, indicated uneven economic growth in the US. Contracts to purchase previously owned homes rose less than forecast in September, showing housing will take time to gain momentum. Another release showed growth in services activity slowed this month, while the Dallas Fed's gauge of regional manufacturing fell.
A two-day meeting of the Federal Open Market Committee (FOMC) on US monetary policy review begins today, 28 October 2014. The Fed is expected to announce the end of quantitative easing after the meeting. Investors will be looking to see if the Fed drops the "considerable period" for keeping rates low at its two-day policy meeting. As several Fed officials have come out with dovish comments recently, investors largely expect that guidance to be reiterated.
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