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 31 points at the opening bell. Asian stocks edged lower on Friday as a renewed selloff in US technology shares cut demand for riskier assets.
The Reserve Bank of India has on Thursday, 10 April 2014 notified that the foreign share holding through foreign institutional investors (FIIs)/non-resident Indians (NRIs)/persons of Indian origin (PIOs)/foreign direct investment (FDI)/American depository receipts (ADRs)/global depository receipts (GDRs) in Induslnd Bank has reached the trigger limit. Hence, further purchases of equity shares of Induslnd Bank would be allowed only after obtaining prior approval of the Reserve Bank of India.
With reference to the news item appeared in leading news paper about speculating a merger between HCL Infosystems and HCL Technologies, HCL Technologies has clarified that no such matter is under consideration by the board or the shareholders of the company. Further, in response to the news item, HCL Corporation has issued a statement stating 'HCL Corporation and associate companies emphatically state there are no plans or possibility of any merger of HCL Infosystems and HCL Technologies'. The company made announcement after market hours on Thursday, 10 April 2014.
With reference to increase in price & volume movement, Adani Enterprises has clarified that the company keeps the exchange informed about events, information etc, including price sensitive information in accordance with regulatory requirements. In the present case, the company does not have any important information/announcement to be shared. In the event that there is any development that requires disclosure, the company will make the same in accordance with regulatory requirements, the company said. The company made announcement after market hours on Thursday, 10 April 2014.
Trent said that the board of directors of the company at its meeting held on 10 April 2014, has reappointed Mr. Philip Auld as the Chief Executive Officer and Manager of the company for a further period of three years with effect from 1 May 2014, subject to necessary approvals.
GTL Infrastructure said that the Committee of the Company at its meeting held on 10 April 2014 has considered and allotted 18,55,418 equity shares consequent upon conversion of 342 foreign currency convertible bonds (FCCBs) of $1,000 each (Conversion A Bonds) at a conversion price of Rs 10 per share, in terms of the Offering Circular dated 17 October 2012 for issue of $11,17,40,000 Zero Coupon Compulsorily Convertible Bonds due 2017 (Series A Bonds).
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY 2014) corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results to see if there is any revision in their future earnings forecast of the company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016 (FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014, with Infosys announcing its results on 15 April 2014. The results season will conclude in end-May 2014.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Voting for the lone Lok Sabha constituency and an Assembly by-poll in Mizoram began today, 10 April 2014. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
Small gains took the key benchmark indices to record closing high on Thursday, 10 April 2014. The S&P BSE Sensex garnered 12.99 points or 0.06% to settle at 22,715.33 on that day, a record closing high.
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 342.75 crore on Thursday, 10 April 2014, as per provisional data from the stock exchanges.
Asian stocks edged lower on Friday as a renewed selloff in US technology shares cut demand for riskier assets. Key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down 0.27% to 2.31%. Indonesia's Jakarta Composite rose 0.93%.
US stocks tumbled on Thursday, with the Nasdaq Composite Index falling the most since 2011, as a technology selloff resumed amid concern valuations may be too high at the start of earnings season.
A government report on Thursday showed the fewest number of Americans since before the last recession filed applications for unemployment benefits last week, pointing to more progress in the labor market.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
In Europe, the Bank of England kept its key interest rate at a record low after a monetary policy review on Thursday, 10 April 2014, as policy makers try to gauge the amount of spare capacity in the economy. The Monetary Policy Committee (MPC) also kept its asset-purchase program on hold at 375 billion pounds ($629 billion), according to a statement released in London by the central bank.
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