Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 11 points at the opening bell. Asian stocks were mostly higher today, 12 September 2014. In economic data, investors will closely watch the index of industrial production (IIP) data for the month of July and consumer price index (CPI) inflation data for the month of August due to be released after market hours today, 12 September 2014.
Snowman Logistics debuts on the secondary equity market today, 12 September 2014. The company had priced the initial public offer (IPO) at the top end of the Rs 44 to Rs 47 per equity share price band. The IPO of Snowman Logistics was subscribed 59.75 times with total bids for 194.49 crore shares, compared with 4.20 crore shares on offer. Gateway Distriparks is promoter and the largest shareholder in Snowman Logistics. The issued opened on 26 August 2014 and closed 28 August 2014.
Sun Pharmaceutical Industries is looking to get shareholders' approval to raise qualified institutional placement (QIP) worth Rs 12000 crore at its 27th annual general meeting to be held on 27 September 2014. It is also considering shareholders' nod for borrowing Rs 50,000 crore.
GMR Infrastructure announced after market hours on Thursday, 11 September 2014, that a meeting of the board of directors of the company will be held on 16 September 2014, to consider, raising of funds through rights issue of shares.
Data due today, 12 September 2014 and early next week is likely to show easing of inflation in August 2014 and a muted growth in industrial production in July 2014. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen decelerating to 7.8% in August 2014, from 7.96% in July 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the CPI data for August 2014 at 17:30 IST today, 12 September 2014. The Reserve Bank of India (RBI) is targeting CPI inflation at 8% by January 2015 and 6% by January 2016.
Meanwhile, the growth in industrial production is seen decelerating to 1.9% in July 2014, from 3.4% in June 2014, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production growth had eased to 3.4% in June 2014, from 5% increase recorded in May 2014. The government will release the industrial production data for July 2014 at 17:30 IST today, 12 September 2014.
The annual rate of inflation based on the monthly Wholesale Price Index (WPI) is seen decelerating to 4.43% in August 2014, from 5.19% in July 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the WPI data for August 2014 at 12 noon on Monday, 15 September 2014.
Key benchmark indices dropped in volatile trade on Thursday, 11 September 2014 on concerns foreign investors may slowdown their purchases of emerging market stocks if the US Federal Reserve hikes interest rates earlier than expected. The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008. The S&P BSE Sensex fell 61.54 points or 0.23% to settle at 26,995.87, its lowest closing level since 1 September 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 11 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 433.55 crore on that day.
Asian stocks were mostly higher today, 12 September 2014. Key benchmark indices in Japan, Indonesia, South Korea, China and Singapore rose by 0.03% to 0.38%. Key benchmark indices in Taiwan and Hong Kong fell by 0.23% to 0.62%.
US stocks were mostly higher on Thursday, 11 September 2014 on buying in shares of energy firms.
US President Barack Obama has reportedly pledged more air strikes against the Islamic State extremists that have spread from Syria into Iraq, and said the US would join the European Union in imposing more sanctions on Russia for its support of separatists in Ukraine.
Investors will look to next week's Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. At the end of a two-day meeting on 16-17 September 2014, the FOMC is widely expected to announce cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on track to end the program at its October meeting. The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.
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