The market may edge lower in early trade on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 26.50 points at the opening bell. The Reserve Bank of India's fourth bi-monthly monetary policy review today, 30 September 2014 will be closely watched. Asian stocks declined amid concern over tensions in Hong Kong and as a Chinese manufacturing gauge missed estimates.
The Reserve Bank of India (RBI) is widely expected to keep its main lending rate viz. the repo rate unchanged after its fourth bi-monthly monetary policy review today, 30 September 2014. The central bank may reduce the statutory liquidity ratio (SLR) -- the portion of deposits that banks are required to keep in government bonds -- to support credit demand as the economy recovers from two years of tepid growth. The central bank's policy stance after the review could provide cues on the direction of interest rates in the coming months. The central bank is targeting consumer price inflation at 8% by end January 2015 and 6% by end January 2016.
Interest rate sensitive bank, realty and auto stocks will be in focus ahead of the RBI's policy review today, 30 September 2014.
Among news of prominent companies, IDFC after trading hours yesterday, 29 September 2014, announced the signing of a share purchase agreement with real estate funds managed by Blackstone for the sale of 100% stake of IDFC in its subsidiary companies namely Galaxy Mercantiles (an IT park in Noida) and Neopro Technologies (a SEZ in Pune).
IndusInd Bank after trading hours yesterday, 29 September 2014, announced the inauguration of its first Digital Branch at IndusInd Cybercity Rapid Metro Station, Gurgaon. The bank's fully digital branch aims to deliver best-in-class services to its growing tech savvy customer base, IndusInd Bank said in a statement.
Tata Motors after trading hours yesterday, 29 September 2014, announced the appointment of Mr. Mayank Pareek as President, Passenger Vehicle Business Unit (PVBU) of Tata Motors. He will join the company on Wednesday, 1 October 2014, and will take over from Mr. Ranjit Yadav, who will now head the International Business for Passenger & Commercial vehicles. As the President, PVBU, Mr. Pareek would be responsible for steering the passenger vehicle business. He will also be a member of the Corporate Steering Committee. His extensive experience in the passenger car market will play a significant role in harnessing Tata Motors' growth potential to help position the company as one of the leading passenger car manufacturers in India, Tata Motors said in a statement.
HCL Technologies announced after market hours on Monday, 29 September 2014, that it will serve as a Grande sponsor of Oracle Open Word and showcase a number of Oracle capabilities and solutions, including its digital systems integrated solutions at the conference 28 September 2014 through 2 October 2014 in San Francisco.
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Prime Minister Narendra Modi's five-day official visit to US gets over today, 30 September 2014. The Vision Statement for the US-India Strategic Partnership Chalein Saath Saath, forward together we go was released yesterday, 29 September 2014. The statement was issued as Prime Minister Narendra Modi arrived at the White House for a dinner hosted by President Barack Obama and First Lady Michelle Obama. The vision statement stated as leaders of two great democratic nations with diverse traditions and faiths, we share a vision for a partnership in which the United States and India work together, not just for the benefit of both our nations, but for the benefit of the world.
Key benchmark indices registered small losses in a volatile trading session on Monday, 29 September 2014. The S&P BSE Sensex fell 29.21 points or 0.11% at 26,597.11 on that day, its lowest closing level since 25 September 2014.
The provisional data released by the stock exchanges after trading hours on Monday, 29 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 150.10 crore on that day.
Asian stocks declined today, 30 September 2014, amid concern over tensions in Hong Kong and as a Chinese manufacturing gauge missed estimates. Key benchmark indices in Indonesia, South Korea, Hong Kong, Taiwan, Japan, and Singapore fell 0.46% to 1.47%. China's Shanghai Composite rose 0.27%.
Activity in China's vast factory sector showed signs of steadying in September as export orders climbed, a private survey showed on Tuesday, easing fears of a hard landing but pointing to a still-sluggish economy facing considerable risks. The final HSBC/Markit Manufacturing Purchasing Managers' Index(PMI) hovered at 50.2 in September, unchanged from the August reading which was a three-month low, but lower than a preliminary reading of 50.5. A sub-index measuring new export orders, a gauge of external demand, expanded to a 4-1/2-year-high of 54.5, though domestic demand appeared soft. The 50 mark separates expansion from contraction in activity on a monthly basis.
China will release its official factory PMI tomorrow, 1 October 2014.
US stocks ended lower on Monday, 29 September 2014, following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co.
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