The market is likely to open on a weak note on negative Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 26 points at the opening bell. Asian stocks declined today, 8 October 2014 after the International Monetary Fund (IMF) cut its outlook for global growth in 2015.
Maruti Suzuki India after market hours on Tuesday, 7 October 2014, said that the company's production rose 26.17% to 1.16 lakh units in September 2014 over September 2013. The company had said on 1 October 2014, its total sales rose 4.6% to 1.09 lakh units in September 2014 over September 2013.
Investors will keenly track Infosys' commentary regarding changes in its strategy under the new CEO, Dr. Vishal Sikka, when the company unveils its Q2 September 2014 results on Friday, 10 October 2014. At the time of announcing Q1 June 2014 results in July 2014, Infosys had forecast 7% to 9% growth in the company's revenue in dollar terms for the year ending 31 March 2015 (FY 2015). At that time, the company had forecast 5.6% to 7.6% growth in revenue in rupee terms for FY 2015. The guidance was based on rupee dollar exchange rate of 60. With deprecation of rupee against the dollar since that time, there is a room for upward revision in revenue guidance in rupee terms.
National Buildings Construction Corporation (NBCC) said after market hours on Tuesday, 7 October 2014, that IIT Kanpur has awarded to NBCC, project management consultancy work for major construction works such as engineering core lab, research complex(phase-I) and retrofitting of aerospace engineering block multistoried building for Rs 337.97 crore.
The International Monetary Fund (IMF) on Tuesday, 7 October 2014 raised India's growth forecast to 5.6% for 2014 from its earlier estimate of 5.4% on the back of effective policies and a renewal of confidence following the elections. However, the multilateral lender cut the global growth forecast and that for emerging market economies as a whole.
Meanwhile, the International Monetary Fund (IMF) on Tuesday, 7 October 2014 cut its outlook for global growth in 2015 and warned about the risks of rising geopolitical tensions and a financial-market correction as stocks reach frothy levels.
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The world economy will grow 3.8% in 2015, compared with a July forecast for 4%, after a 3.3% expansion in 2014, compared with a July forecast for 3.4%, the Washington-based IMF said.
Weakness in European stocks and tension at the Indo-Pak border hit investor sentiment as key equity benchmark indices in India slumped on the first trading session of the week on Tuesday, 7 October 2014. The S&P BSE Sensex dropped 296.02 points or 1.11% to settle at 26,271.97, its lowest closing level since 14 August 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 7 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 332.84 crore on that day.
Asian stocks declined today, 8 October 2014 after the International Monetary Fund (IMF) cut its outlook for global growth in 2015. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.01% to 1.41%. China's Shanghai Composite index rose 0.05%. Markets in mainland China resume today, 8 October 2014 after closing from 1 October 2014.
The HSBC China services Purchasing Managers Index edged down to 53.5 in September, after recording a 17-month high of 54.1 in August, HSBC Holdings PLC today, 8 October said. A reading above 50 indicates a month-on-month expansion while below points to contraction.
US stocks ended sharply lower on Tuesday, 7 October 2014 as weak data out of Germany raised concerns about the strength of global growth ahead of the start of earnings season.
German industrial output in August slid 4%, the biggest fall in 5-1/2 years, data released on Tuesday, 7 October 2014 showed.
The US Federal Reserve will today, 8 October 2014, release the minutes of its Sept. 16-17 meeting at which it had decided to cut its monthly bond purchases to $15 billion. Policy makers next begin their two-day meeting on 28 October 2014.
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