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 41.50 points at the opening bell. Asian stocks fell on Tuesday after US Secretary of State John Kerry said the US President will hold Syria's government accountable for using chemical weapons against civilians.
The market is expected to remain volatile in the near term as traders roll over positions in the futures & options (F&O) segment from the near month August 2013 series to September 2013 series. The near month August 2013 derivatives contract expire on Thursday, 29 August 2013.
NTPC said after market hours on Monday, 26 August 2013 that the 500 megawatts (MW) Unit-II of 1500 MW Vallur Thermal Power Project of NTPC Tamil Nadu Energy (NTECL), a JV of NTPC and TANGEDCO, is declared on commercial operation from 25 August 2013. With this the total commercial capacity of Vallur Thermal Power Project has become 1000 MW and that of NTPC Group to 40184 MW.
Sesa Goa will be included in the 30-share benchmark S&P BSE Sensex from today, 27 August 2013. Sesa Goa will replace Sterlite Industries (India) in the Sensex following the scheme of amalgamation between the two Vedanta group firms whereby Sterlite Industries (India) has been merged with Sesa Goa. Trading in Sterlite will stop from 27 August 2013.
Lok Sabha on Monday passed the Food Security Bill after considering all the amendments, with the Opposition saying they will support the bill even though it is half-baked. The bill seeks to provide cheap foodgrains to 82 crore people in the country, ushering in the biggest programme in the world, to fight hunger. The ambitious bill was adopted by the House through a voice vote after a nine-hour combined discussion on the measure and a statutory resolution seeking to disapprove the ordinance promulgated on 5 July. Over 300 amendments moved by the opposition were rejected. The bill proposes subsidised foodgrain for up to 75% of the rural and up to 50% of the urban population. It proposes meal entitlement to specific groups. Eligible households would get five kg of foodgrain per person every month at Rs 3 per kilo of rice, Rs 2 per kilo of wheat and Rs 1 per kilo of coarse grains.
Meanwhile, the government has reportedly extended the monsoon session of parliament by seven days until September 6, giving the Congress party-led ruling coalition more time to pass economic reforms after weeks of disruptions in the house. The government will try to pass a bill to allow foreign investment in the pension sector during the extended session, a law seen as a first step to building a viable private pension industry in India. Also up for debate is a bill setting rules for compensation for land acquired for infrastructure projects and industry, a move seen as raising costs but potentially reducing protests that have plagued India's industrialization drive.
Key benchmark indices managed to settle in green on Monday, 26 August 2013 after flip-flopping between gains and losses in intraday trade. The S&P BSE Sensex rose 38.69 points or 0.21% to 18,558.13 on that day, its highest closing level since 16 August 2013.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 607.43 crore on Monday, 26 August 2013, as per provisional data from the stock exchanges.
Asian stocks fell on Tuesday after US Secretary of State John Kerry said the US President will hold Syria's government accountable for using chemical weapons against civilians. Key benchmark indices in Singapore, Taiwan, Hong Kong, Indonesia and Japan fell by 0.02% to 1.64%. Key benchmark indices in China and South Korea were up by 0.1% to 0.21%.
Economic data in South Korea showed the nation's consumer confidence was unchanged in August.
US stocks closed lower on Monday after Secretary of State John Kerry warned that the United States would demand accountability after an obscene chemical weapons attack on Syrian civilians. More than 100,000 people have died in clashes between forces loyal to Assad and rebels trying to oust him from power in Syria over the past two and a half years.
Among the US economic data, the Commerce Department reported new orders for durable manufactured goods plunged 7.3% in July, much sharper than the 5% drop expected.
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