Key benchmark indices edged lower on the last trading session of the week as weakness in European and Asian stocks hit sentiment adversely on the domestic bourses. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit 1-1/2-week low. The Sensex shed 156.62 points or 0.75%, up about 65 points from the day's low and off close to 155 points from the day's high.
Indian stocks fell for the fourth day in a row today, 8 November 2013. The Sensex has fallen 573.21 points or 2.69% in four trading sessions from a record closing high of 21,239.36 which it had attained during the special Diwali Muhurat trading session held on 3 November 2013. The index has fallen 498.37 points or 2.35% in November so far (till 8 November 2013). The Sensex has garnered 1,239.44 points or 6.38% in calendar 2013 so far (till 8 November 2013). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,217.44 points or 18.43%. From a record high of 21,321.53 on 3 November 2013, the Sensex has fallen 655.38 points or 3.07%.
Coming back to today's trade, index heavyweight and cigarette maker ITC edged lower in choppy trade. Another index heavyweight Reliance Industries (RIL) also fell. Bank stocks edged lower. Punjab National Bank (PNB) tumbled after weak Q2 results. Shares of state-run UCO Bank jumped after strong Q2 results. Shares of two-wheeler makers dropped. Indian Oil Corporation rose in volatile trade after Q2 result. Sun TV Network dropped after the television broadcaster reported decline in EBITDA margin in Q2 September 2013. Dredging Corporation of India declined on weak Q2 result. HSIL dropped on lackluster Q2 result. MOIL fell on weak Q2 result.
Asian stocks fell on Friday, 8 November 2013, after faster US economic growth fueled concern the Federal Reserve may reduce monetary stimulus for the US economy sooner than expected. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year. European stocks dropped after Standard & Poor's cut France's credit rating.
The S&P BSE Sensex shed 156.62 points or 0.75% to settle at 20,666.15, its lowest closing level since 28 October 2013. The index lost 221.87 points at the day's low of 20,600.90 in mid-afternoon trade. The index fell 1.76 points at the day's high of 20,821.01 in morning trade.
The CNX Nifty lost 46.50 points or 0.75% to 6,140.75, its lowest closing level since 28 October 2013. The index hit a low of 6,120.95 and a high of 6,185.15 in intraday trade.
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The BSE Mid-Cap index fell 0.15% and the BSE Small-Cap index declined 0.28%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1988 crore, lower than Rs 2110.30 crore on Thursday, 7 November 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,350 shares dropped and 1,096 shares rose. A total of 149 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks fell and rest of them rose.
Index heavyweight and cigarette maker ITC shed 0.53% t0 Rs 318.80. The stock hit high of Rs 323.60 and low of Rs 318.
Another index heavyweight Reliance Industries (RIL) lost 1.35% to Rs 873.95. The scrip hit high of Rs 885.95 and low of Rs 872.20.
Auto stocks dropped. M&M declined 2.2%.
Car major Maruti Suzuki India fell 2.17% after the company after trading hours on Thursday, 7 November 2013, said its production declined 5.51% to 1.01 lakh units in October 2013 over October 2012. The car major had said on 1 November 2013 that its total sales rose 1.9% to 1.05 lakh vehicles in October 2013 over October 2012.
But, Tata Motors rose 1.29% ahead of its Q2 results today, 8 November 2013.
Eicher Motors gained 2.87% to Rs 4,126.90 after the company reported strong Q2 result. The stock hit a record high of Rs 4,249 in intraday trade today, 8 November 2013. The company's consolidated net profit rose 62.75% to Rs 107.43 crore on 16.16% rise in total income to Rs 1751.33 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 7 November 2013.
Shares of two-wheeler makers dropped. Hero MotoCorp (down 0.71%) and Bajaj Auto (down 2.04%), declined.
Bank stocks edged lower. ICICI Bank declined 0.88%.
HDFC Bank shed 1.8%.
Among PSU bank stocks, State Bank of India, and Bank of Baroda dropped by 0.89% to 1%.
Global credit rating agency Fitch Ratings today, 8 November 2013, said that the Reserve Bank of India's (RBI) recent steps aimed at subsidiarisation of domestic foreign banks recognizes the need for greater foreign participation in a growing Indian economy. These rules are unlikely to alter the banking sector's competitive landscape by itself, but does signal the prospect of further reforms in India's banking sector, the global rating agency said.
State-run Canara Bank shed 1.46% after the bank today, 8 November 2013, said it has raised interest rates on retail term deposits across maturities. Interest rate on deposits of less than Rs 1 crore on the maturity bucket of 270 days to less than one year has been raised to 8.25% from earlier 8%. For maturity bucket of above 1 year to less than 2 years, the interest rate has been hiked to 9.05% from earlier 8.75%. Canara Bank has also tweaked interest rates on bulk deposits of Rs 1 crore and above.
Punjab National Bank (PNB) fell 4.24% on weak Q2 result. The bank's net profit fell 52.56% to Rs 505.49 crore on 2.62% increase in total income to Rs 11632.84 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 8 November 2013.
Punjab National Bank's ratio of net non-performing assets (NPAs) to net advances stood at 3.07% as on 30 September 2013, compared with 2.98% as on 30 June 2013 and 2.69% as on 30 September 2012. The bank's ratio of gross NPAs to gross advances stood at 5.14% as on 30 September 2013, compared with 4.84% as on 30 June 2013 and 4.66% as on 30 September 2012.
Provisions and contingencies surged 76.82% to Rs 1898.73 crore in Q2 September 2013 over Q2 September 2012. The provisioning coverage ratio as on 30 September 2013 stood at 55.27%.
Government of India holds 57.87% stake in Punjab National Bank (as on 30 September 2013).
In a separate announcement, Punjab National Bank said it has decided to realign the interest rates with the prevailing market rates with effect from 11 November 2013. The rate of interest on single domestic term deposit of less than Rs 1 crore has been increased by 25 basis points (bps) i.e. from 6.75% to 7% in maturity bucket of 91 days to 179 days and by 50 bps from 7.5% to 8% in the bucket of 271 days to less than one year period. In case of maturity period of one year and above up to ten years, uniform interest rates of 9% shall be applicable, the bank said.
In case of single domestic term deposits of Rs 1 crore to Rs 10 crore, the rate of interest has been cut to 8% from 8.25% for maturity period of 180 days to 270 days.
Shares of state-run UCO Bank jumped after strong Q2 results. The stock was up 5.28%. The bank's net profit jumped 285.88% to Rs 400.20 crore on 5.55% increase in total income to Rs 4653.30 crore in Q2 September 2013 over Q2 September 2012. The result hit the market during trading hours.
Indian Oil Corporation rose 0.24% to Rs 210.30. The stock was volatile. The stock hit high of Rs 217.10 and low of Rs 208.40. The company's net profit declined 82.47% to Rs 1683.92 crore on 3.74% growth in total income to Rs 110848.51 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 8 November 2013.
IOC reported foreign exchange loss of Rs 6182.39 crore for the six-month period April-September 2013, much higher than foreign exchange loss of Rs 898.02 crore during the corresponding previous year period.
Power Finance Corporation (PFC) gained 2.16% on good Q2 result. The company's net profit jumped 22.89% to Rs 1273.79 crore on 27.33% growth in total income to Rs 5336.96 crore in Q2 September 2013 over Q2 September 2012. The result was announced during market hours.
Sun TV Network dropped after the television broadcaster reported decline in EBITDA margin in Q2 September 2013. The stock was off 6.42%. The company's net profit rose 11.54% to Rs 169.16 crore on 7.63% growth in revenue at Rs 466.41 crore in Q2 September 2013 over Q2 September 2012. Total income rose 13.83% to Rs 504.21 crore in Q2 September 2013 over Q2 September 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 2.64% to Rs 337.68 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin declined sharply to 72.39% in Q2 September 2013, from 75.92% in Q2 September 2012.
Reliance Power rose 0.67% after the company announced during market hours that Boiler Light Up has been achieved for the second 660 megawatts (MW) unit at the 3,960 MW Sasan Ultra Mega Power Plant. This is a critical milestone of the boiler comissioning for the unit.
The first 660 MW unit of the Sasan Ultra Mega Power Project (UMPP) has already been commissioned in March 2013. As announced earlier, coal production has already commenced from the 20 million tonnes per annum capacity Moher-Amlohri coal mines. The Sasan UMPP, is the world's largest integrated power plant and coal mining project. Sasan UMPP is being developed by Sasan Power, a wholly owned subsidiary of the company.
NTPC gained 0.23%. The company today, 8 November 2013, said that the Unit-I of 110 megawatts (MW) of Muzaffarpur Thermal Power Station Stage-I of Kanti Bijlee Utpadan Nigam (a subsidiary of NTPC) was declared on commercial operation from 1 November 2013, subsequent to achieving the full load on 9 August 2013. With this the total installed capacity and total commercial capacity of NTPC Group has become 41,794 MW and 40,294 MW respectively.
Infosys fell 0.05%. The company said after market hours that Infosys BPO, the business process outsourcing subsidiary of the company today announced the opening of a new delivery center in Eindhoven, the Netherlands. The 120-seat center strengthens Infosys BPO's footprint and reinforces its position in Europe.
Tech Mahindra rose 5.94% to Rs 1674.05 on strong Q2 results. The stock hit 52-week high of Rs 1685.60 in intraday trade. The company's consolidated net profit rose 4.7% to Rs 718 crore on 16.3% increase in revenue at Rs 4771 crore in Q2 September 2013 over Q1 June 2013. Operating profit (EBITDA) jumped 28.5% at Rs 1111 crore in Q2 September 2013 over Q1 June 2013. The result was announced after market hours on Thursday, 7 November 2013.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said, "The Digital World is the next phase of our growth and we are ready to ride that wave. I am confident of our alignment with the needs of next generation consumers, with industry best practices and core strengths that our solutions bring."
C P Gurnani, Managing Director & CEO, Tech Mahindra said, "The winning trio for us this quarter - growth across verticals, regions and practices reflects the Tech Mahindra's new found energy and alignment to win large deals, as well as participate with customers in their transformation journey. Our judicious investments in building Connected Solutions and relentless focus on enhancing customer experience is showing results."
MSCI added Tech Mahindra into MSCI India index among other changes in its MSCI India index. The changes will be effective as of the close of trade on November 26, the index provider said.
JSW Steel declined 0.35%. The company said during market hours that crude steel production rose 9% to 10.62 lakh tonnes in October 2013 over October 2012. Production of flat rolled products jumped 36% to 8.67 lakh tonnes in October 2013 over October 2012. Production of long rolled products fell 10% to 1.49 lakh tonnes in October 2013 over October 2012.
Tyre stocks were in demand. MRF, Goodyear India, JK Tyre & Industries, and CEAT rose 1.37% to 12.76%. Natural rubber is a key raw material in tyre making.
Power Grid Corporation of India rose 0.89% to Rs 95.95, with the stock reversing intraday losses. The stock hit high of Rs 96.20 and low of Rs 93.70. The Cabinet Committee on Economic Affairs on Thursday, 7 November 2013, approved the proposal of follow on public offer (FPO) of Power Grid Corporation of India (PGCIL) of 78.70 crore equity shares of Rs 10 each, constituting 17% of existing paid-up capital which comprises fresh issue of 60.18 crore equity shares (13% of existing paid-up capital) and offer for sale (disinvestment) of 18.51 crore equity shares (4% of existing paid-up capital) of government's stake in the company. Additional resources generated through the issue of the FPO will be utilized by PGCIL in its investment programmes. Once the approval is received, action will be taken for implementation of the decision immediately in consonance with terms and conditions, a government statement said.
At the end of Financial Year 2012-13, PGCIL owned and operated Extra High Voltage Transmission line network of about 1,00,100 circuit kilometers (ckms) and 168 substations with transformation capacity of more than 1,64,700 Mega Volt Amperes (MVA). PGCIL wheels about 50% of the total power generated in the country through its transmission network. The inter-regional power transfer capacity of National Grid is about 31,850 Mega Watt (MW) which is envisaged to be enhanced to 65,500 MW by the end of the XII Plan. The Capital Expenditure (CAPEX) in the XII Plan is expected to be approximately Rs 1.25 lakh crore after considering the investment for new initiatives. PGCIL is a highly leveraged company and the FPO will help in raising funds of the order of Rs 5600 crore to meet its investment programme for the next two financial years and in meeting with the CERC allowed norms of 30 percent equity contributions to investment during FY 2013-14 & FY 2014-15.
Pharma stocks rose on defensive buying. Cipla (up 0.31, Lupin (up 0.9%), and Ranbaxy Laboratories (up 4.38%), gained. %), Dr Reddy's Laboratories dropped 0.79%. Sun Pharmaceutical Industries declined 0.63%.
Aurobindo Pharma surged 9.27% to Rs 260.45. The stock hit 52-week high of Rs 264.80 in intraday trade. The company's consolidated net profit rose 5.7% to Rs 235 crore on 27.6% growth in operating revenue to Rs 1913.90 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 7 November 2013.
Aurobindo Pharma's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) before forex surged 75.1% to Rs 438.40 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin before forex galloped by 620 basis points (bps) to 22.9% from 16.7% a year ago due to improved business mix resulting in decrease in materials consumption, staff cost and other expenses to net operating income by 2.4%, 0.9% and 2.9% respectively.
Commenting on the company's Q2 performance, Mr. N. Govindarajan, Managing Director, Aurobindo Pharma said, "The integrated business in generic Formulations is auguring well to drive the operating performance of the company. We are also investing in specific new, differentiated products offerings such as Oncology, Hormones, Peptides and OTC business which we believe will complement our business in the coming years".
United Breweries lost 4.7% after the company reported reverse turnaround in Q2 September 2013. The company reported a net loss of Rs 18.57 crore in Q2 September 2013, compared with net profit of Rs 34.20 crore in Q2 September 2012. United Breweries (UBL)'s total income fell 1.22% to Rs 848.78 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 7 November 2013.
UBL said that the volumes in Q2 September 2013 have been under pressure, as a result of the extended and heavy rains experienced during this year's monsoon period.
UBL said it took price increases in select markets that helped in off-setting a major portion of input price increases in an inflationary economy. However the effect of the company being forced to use new bottles for 100% of its production in Maharashtra on account of local excise laws lead to an unprecedented increase in input costs of over Rs 46 crore during the first half year, UBL said in a statement. The Maharashtra government has since reversed this policy and passed a notification in October 2013 permitting once again the use of second hand bottles which will reduce input costs to normal levels, the company added.
During the first half of the year the industry remained flat with Tamil Nadu losing 20% of its volumes on account of higher end-consumer prices and the unfavorable ordering pattern of TASMAC, which also affected the company's volumes in this state, UBL said.
The company posted double digit volume growth in Rajasthan, West Bengal, Orissa and Uttar Pradesh in first half of FY 2014.
UBL said it has maintained its all India market share of 50% despite the adverse developments in Tamil Nadu. It has increased its market share in key markets at a time when pressure from competition has been at its peak, considering the difficult times the industry has been going through, UBL said in a statement.
Realty stocks edged higher. DLF (up 2.55%), HDIL (up 5.02%), Sobha Developers (up 1.16%), and Unitech (up 1.19%), gained.
MSCI has dropped Unitech from MSCI India index among other changes in its MSCI India index. The changes will be effective as of the close of trade on November 26, the index provider said.
Titan Industries lost 3.16%, with the stock extending Thursday's losses triggered by the Reserve Bank of India putting restrictions on fresh foreign portfolio investment in the company's shares. The Reserve Bank of India (RBI) on Wednesday, 6 November 2013, notified that the aggregate net purchases of equity shares in Titan Industries by foreign institutional investors (FIIs) in the primary/secondary markets under Portfolio Investment Scheme (PIS) had reached the trigger limit. Hence, further purchases of equity shares of the company would be allowed only after obtaining prior approval of the RBI.
FIIs, at the end of September 2013, controlled 22.43% stake in Titan Industries, while promoters holding stood at 53.05%.
SpiceJet fell 4.77% after the company recorded record loss in Q2 September 2013. The company reported net loss of Rs 559.49 crore in Q2 September 2013, higher than net loss of Rs 163.52 crore in Q2 September 2012. SpiceJet's total income from operations rose 6.07% to Rs 1257.22 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 7 November 2013.
SpiceJet said the company continued to grow passenger traffic by 9% and revenues by 6% during Q2 September 2013. However, the civil aviation sector in India continues to struggle under the burden of several adversities, mainly the Indian rupee that saw unprecedented weakness during the quarter. The approximate impact of currency depreciation alone, despite a hedging programme was around Rs 42 crore, the company said.
Aircraft maintenance costs were significantly impacted due to increase in periodic engine maintenance. These costs aggregated to Rs 78 crore additionally due to bunching up of engines sent for shop visits. Aviation turbine fuel (ATF) prices continued to rule firm and were 2% more expensive per litre Q2 September 2013 over Q2 September 2012. Fuel constituted 56% of total revenue in Q2 September 2013 as compared to 54% in Q2 September 2012.
SpiceJet said that the pricing environment continued to be weak, resulting in decline in the average passenger yields by 7% in Q2 September 2013 to Rs 3711 crore as against Rs 4001 crore in Q2 September 2012. Despite addition of capacity, SpiceJet operated with better efficiencies, load factor increased to 71.8% in Q2 September 2013 from 66.3% in Q2 September 2012.
Spicejet said that in order to improve its competitive position, the management is putting in place a strategic plan to refine the network, enhance revenues, rationalize costs and further improve reliability to deliver better value to customers. SpiceJet continues to focus on overall end-to-end service delivery, designing enhancements to the product and eliminating unnecessary "pain points" to make customer experience more pleasant, consistent and hassle-free.
VA Tech Wabag lost 5.47% on weak Q2 result. The company's net profit fell 3.2% to Rs 17.02 crore on 0.5% decline in net sales to Rs 216.74 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 7 November 2013.
Commenting on the company's Q2 performance, Mr. Rajiv Mittal, MD, VA Tech Wabag said, "It is very pleasing to see positive results for the hardwork put in by the team during difficult times. Both Indian & Overseas operations have shown excellent performance. I am glad that our International Business has achieved breakeven at the PAT level in the current quarter. We expect further improvement and favorable results from International business in the quarters to come. With a robust order intake during the year, we have successfully built a healthy order book of Rs 6600 crore".
VA Tech Wabag has surpassed Rs 2000 crore of order intake during the year. The company had earlier reported an order intake of over Rs 1000 crore during Q1 June 2013 and has repeated the achievement by garnering further Rs 1000 crore of order intake during Q2 September 2013.
Commenting on this achievement, Mr. Rajiv Mittal said, "I am happy that the company could repeat the robust order intake performance of Q1. Our order book is strong and I am confident that we will be meeting the annual guidance numbers on order intake provided to our investors much earlier than the targeted dates".
MOIL lost 2.4% on weak Q2 result. The company's net profit fell 16.6% to Rs 90.57 crore on 1.2% decline in net sales to Rs 226.78 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 7 November 2013.
Dredging Corporation of India lost 2.08% on weak Q2 result. The company's net profit declined 21.63% to Rs 9.89 crore on 25.75% growth in total income from operations to Rs 183.08 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 8 November 2013.
HSIL lost 1.32% on lackluster Q2 result. The company's net profit declined 55.46% to Rs 9.13 crore on 10.95% growth in total income from operations to Rs 387.64 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 7 November 2013.
In the foreign exchange market, the rupee edged lower against the dollar as faster US economic growth fueled concern the Federal Reserve may reduce monetary stimulus for the US economy sooner than expected. The partially convertible rupee was hovering at 62.48, compared with its close of 62.41/42 on Thursday, 7 November 2013.
Indian government bond prices dropped as faster US economic growth fueled concern the Federal Reserve may reduce monetary stimulus for the US economy sooner than expected. The yield on 10-year benchmark government paper -- 7.16% GS 2023 -- was hovering at 8.9899%, higher than its close of 8.8492% on Thursday, 7 November 2013. Bond yield and bond prices are inversely related.
India plans to launch bonds linked to consumer price inflation for retail investors in the next 7-10 days, Arvind Mayaram, the economic affairs secretary at the finance ministry, said on the sidelines of an event today, 8 November 2013. The Reserve Bank of India said in its policy statement last month that inflation-indexed securities for retail investors of 10-year tenor would be linked to the new (combined) consumer price index. The rate of interest on these securities would comprise a fixed rate plus inflation. Interest would be compounded half-yearly and paid cumulatively at redemption, the RBI statement said.
European stocks dropped on Friday, 8 November 2013, as Standard & Poor's cut France's credit rating and investors awaited data on American jobs. Key benchmark indices in France, Germany and UK dropped 0.3% to 0.76%.
Global ratings agency Standard and Poor's cut France's sovereign credit rating by one notch to AA from AA+ on Friday, citing lack of progress in government reforms of the country's economy. In a statement, S&P said that it had lowered France's rating because it believed the French government's reforms to taxation, as well as to product, services, and labor markets, "will not substantially raise France's medium-term growth prospects, and that ongoing high unemployment is weakening support for further significant fiscal and structural policy measures". "Furthermore, we believe lower economic growth is constraining the government's ability to consolidate public finances," the agency said. S&P's outlook on France is stable, reflecting its view that the probability it will raise or lower France's rating over the next two years "is less than one-in-three."
The European Central Bank (ECB) on Thursday cut its benchmark interest rate to a record low after a drop in inflation to the slowest pace in four years threatened its mission to keep prices stable. Policy makers meeting in Frankfurt on Thursday reduced the main refinancing rate by a quarter point to 0.25%.
The Bank of England kept its benchmark rate at a record-low 0.5% in London on Thursday, while its bond-purchase plan stayed at 375 billion pounds ($603 billion).
Asian stocks fell on Friday, 8 November 2013, after faster US economic growth fueled concern the Federal Reserve may reduce monetary stimulus for the US economy sooner than expected. Key benchmark indices in Singapore, China, Japan, Hong Kong, Taiwan, Indonesia and South Korea shed 0.21% to 1.09%.
China's trade surplus expanded more than forecast to $31.1 billion last month from $15.21 billion in September. Exports grew 5.6% after contracting last month. Among the other October data, imports rose 7.6% in October 2013.
China is due to issue a heavy slate of other October data, including industrial production, consumer inflation and retail sales tomorrow, 9 November 2013.
China's leaders will meet in Beijing on November 9-12 to map out economic policies as the country heads for its slowest annual growth in more than two decades.
Trading in US index futures indicated that the Dow could advance 17 points at the opening bell on Friday, 8 November 2013. US stocks tumbled on Thursday, 7 November 2013, as speculation the Federal Reserve may scale back stimulus amid faster-than-estimated economic growth overshadowed a move by the European Central Bank to cut a key interest rate.
Data yesterday showed growth in the world's biggest economy accelerated to a 2.8% annualized rate last quarter, faster than the 2% median market estimates. Fewer Americans filed applications for unemployment benefits last week, indicating firings haven't picked up following the partial government shutdown. Jobless claims decreased by 9,000 to 336,000 in the week ended Nov. 2 from 345,000 the prior period, the Labor Department reported in Washington.
The US government will today, 8 November 2013, release nonfarm payrolls figures for October 2013. The job data is a key economic indicator that has been watched closely in recent months to see whether the US Federal Reserve will roll back its bond-buying program.
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