The market may open slightly lower on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 4 points at the opening bell.
ONGC turns ex-dividend today, 17 September 2013, for final dividend of 50 paise per share for the year ended 31 March 2013.
PSU OMCs will be in focus after the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas after trading hours on Monday, 16 September 2013, said that the under-recovery on High Speed Diesel (HSD) applicable for second fortnight of September 2013 has increased to Rs 14.50 per litre from Rs 12.12 per litre during the first fortnight of September 2013. PSU OMCs are currently incurring combined daily under-recovery of about Rs 486 crore on the sale of Diesel, PDS Kerosene and Domestic LPG at government controlled prices. PSU OMC's incurred Rs 25579 crore as under-recoveries in Q1 June 2013 on Diesel, PDS Kerosene and Domestic LPG.
HCL Technologies after trading hours on Monday, 16 September 2013, clarified that no proposal to merge HCL Infosystems or its systems integration and services business with HCL Technologies is under consideration by the company's board. The company issued the clarification after media reports suggested that HCL Infosystems is working towards the goal of merging its system integration and services business with HCL Technologies. HCL Tech and HCL Infosystems have been teaming on specific opportunities in India and for this purpose the two companies have been cross selling each other's services over the last 2 years, the company said. HCL Technologies said that the company derived about 5% of its revenue from India during FY 2013. It is expected that the revenue from India during FY 2014 would remain at similar level, the company said. The arrangement with HCL Infosystems did not have any impact on the margins in the past and it is not expected to have any impact on the margins going forward, HCL Technologies said. HCL Technologies is a software firm.
HCL Infosystems had clarified during trading hours on Monday, 16 September 2013, that no such merger matter is currently under consideration of the company's board. HCL Infosystems also said that HCL Infosystems and HCL Technologies have been collaborating together under teaming agreements to address business opportunities in India. These agreements are on arms length basis in the best interest of HCL and its customers and not margin dilutive to HCL Infosystems, the company said.
A bulk of HCL Infosystems' revenues comes from selling computing hardware to government and by acting as a national distributor for mobile phones, computers, laptops and printers
Pharma major Lupin announced after market hours on Monday, 16 September 2013 that it has received final approval for its Zolpidem Tartrate Extended?release tablets USP, 6.25 mg and 12.5 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Sanofi Aventis, U.S, LLC's (Sanofi) Ambien CR Extended? release tablets, 6.25 mg and 12.5 mg. Lupin's wholly owned US subsidiary Lupin Pharmaceuticals Inc. (LPI) shall commence marketing the product shortly, the company said. Lupin's Zolpidem CR tablets 6.25 mg & 12.5 mg is the AB rated generic equivalent of Sanofi's Ambien CR Extended? release tablets, 6.25 mg and 12.5 mg and is indicated for the treatment of insomnia characterized by difficulties with sleep onset and/or sleep maintenance. Sanofi's Ambien CR Extended?release tablets had annual US sales of approximately $366 million (IMS MAT Mar 2013).
At its upcoming mid-quarter monetary policy review on Friday, 20 September 2013, the Reserve Bank of India will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures.
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Key benchmark gave away initial strong gains on Monday, 16 September 2013, after data released by the government on Monday, 16 September 2013, showed that inflation based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The S&P BSE Sensex advanced 9.71 points or 0.05% to settle at 19,742.47 on that day, its highest closing level since 12 September 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 282.87 crore on Monday, 16 September 2013, as per provisional data from the stock exchanges.
Asian stocks fell on Tuesday, 17 September 2013, as the Federal Reserve begins a two-day policy meeting at which it is forecast to reduce the pace of its US bond buying. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia and Singapore fell by 0.2% to 0.79%. Key benchmark indices in Japan and South Korea rose by 0.06% to 0.09%.
Most US stocks rose on Monday, 16 September 2013, after former US Treasury secretary Larry Summers removed himself from consideration to run the Federal Reserve. Summers was seen as relatively hawkish.
Investors across the globe are eyeing the two-day policy meeting of the Federal Open Market Committee (FOMC), considered by many to provide an indication on the timing and size of the Fed's cutbacks in its bond-purchase program. The FOMC's two-day policy meeting on interest rates in the United States begins today, 17 September 2013. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years. Investors are also eyeing Fed's forward guidance on policy.
UN chemical investigators on Monday confirmed the use of sarin nerve agent in an August 21 poison gas attack outside the Syrian capital in a long-awaited report that the United States, Britain and France said proved government forces were responsible. Syria and Russia have blamed the August 21 attack on the rebels. The rebels, the United States and other Western powers blame forces loyal to Assad for the Ghouta attack. The UN confirmation of sarin gas use on August 21 comes as France, Britain and the United States agreed in Paris to seek a strong and robust UN resolution that sets binding deadlines on removal of chemical weapons. Those talks followed a weekend deal on Syria's chemical weapons reached by the United States and Russia that could avert US military action.
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