Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell. Sun Pharmaceutical Industries, Power Grid Corporation of India, GAIL (India) and Hindalco Industries unveil Q4 results today, 28 May 2013. Asian markets were trading steady on Tuesday led by gains in Japanese stocks as market players awaited direction from US markets when it resume trade after holidays on Monday.
Coal India's consolidated net profit rose 34.89% to Rs 5413.91 crore on 1.77% rise in total income to Rs 22111.07 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results after market hours on Monday, 27 May 2013.
Coal India's board of directors at its meeting held on 28 May 2013 has approved rationalisation of coal prices from 28 May 2013. Due to the rationalisation of coal prices, there will be an approximately additional revenue of Rs. 2119.36 crore for the balance period of financial year ending 31 March 2014. The yearly additional revenue would be around Rs. 2511.58 crore.
State Bank of India (SBI) turns ex-dividend today, 28 May 2013, for dividend of Rs 41.50 per share for the financial year ended 31 March 2013 (FY 2013).
Kalanithi Maran, the promoter of Sun TV Network has offered for sale an aggregate of 78.81 lakh shares representing 2% of the equity share capital of the company, exclusively through the seller's brokers on the separate window provided by the stock exchanges for this purpose. The sale shall take place tomorrow, 29 May 2013.
Key benchmark indices gained for the second straight day on Tuesday, 28 May 2013 as firm European stocks and mostly higher Asian stocks supported domestic bourses. The S&P BSE Sensex was up 326.44 points or 1.66% to 20,030.77, its highest closing level since 22 May 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 406.03 crore on Monday, 27 May 2013, as per provisional data from the stock exchanges.
As per the Q4 results calendar, Tata Motors, ONGC, Cipla, NMDC and BPCL unveil Q4 results tomorrow, 29 May 2013. DLF, M&M and Tata Power unveil Q4 results on 30 May 2013.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near-month May 2013 series to June 2013 series. The May 2013 derivatives contracts expire on Thursday, 30 May 2013.
On a the macro front, the government will announce Q4 March 2013 gross domestic product (GDP) data on Friday, 31 May 2013. India's GDP grew 4.5% in Q3 December 2012, sharply slower than the 5.3% expansion reported for Q2 September 2012.
Global credit rating agency Standard & Poor's (S&P) on 17 May 2013, affirmed India's sovereign rating at BBB-minus with a negative outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months. S&P said the government's ability to prop up investment growth remains uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.
The Reserve Bank of India (RBI) undertakes mid-quarter review of the monetary policy on 17 June 2013. RBI Governor D Subbarao on 14 May 2013 said that the central bank will take note of falling inflation when discussing potential interest rate cuts. The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Asian markets were trading steady on Tuesday led by gains in Japanese stocks as market players awaited direction from US markets when it resume trade after holidays on Monday. Key benchmark indices in Indonesia, Singapore, Japan, Taiwan, South Korea and Hong Kong rose by 0.08% to 0.57%. China's Shanghai Composite fell 0.11%.
The US markets were closed on Monday, 27 May 2013 for Memorial Day.
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