Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 2 points at the opening bell. Asian stocks dropped today, 10 March 2015, after data showed an acceleration in China's consumer inflation in February.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 838.30 crore yesterday, 9 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 35.31 crore yesterday, 9 March 2015, as per provisional data.
Among corporate news, Colgate Palmolive (India) announced after market hours yesterday, 9 March 2015, that it has fixed 9 April 2015 as the record date for payment of third interim dividend, that may be declared by the board of directors for the financial year ending 31 March 2015 (FY 2015) at their meeting to be held on 27 March 2015.
With respect to news article titled, "Reliance Infra's power distribution licences revoked in Odisha," Reliance Infrastructure clarified after market hours yesterday, 9 March 2015, that the company along with one of its subsidiaries holds only 200 shares each in the equity capital of 6.59 crore shares of North Eastern Electricity Supply Company of Odisha, 3.76 crore shares of Southern Electricity Supply Company of Odisha and 4.86 crore shares of Western Electricity Supply Company of Odisha. None of the other subsidiaries or associates of Reliance Infrastructure holds any shares in these companies. These discoms are board managed companies with their own key managerial personnel. In view of the above, there is no need for the company to make any disclosure in terms of Clause 36 of the Listing Agreement, the company added.
Telecom stocks will be in focus. The auction of spectrum in 2100 MHz, 1800 MHz, 900 MHz and 800 MHz Bands re-commenced on Monday, 9 March 2015 and 7 rounds of bidding were completed, according to a statement from the Ministry of Communications & Information Technology issued late on Monday, 9 March 2015. Till now, 31 rounds of bidding has taken place. The bidding has taken place in all bands. At present, a value of approximately Rs 94000 crore has been committed by bidders in respect of provisionally won spectrum. There is still spectrum, which is yet to be sold. Bidding would recommence today, 10 March 2015.
Infosys announced before market hours that Infosys BPO has opened new centre in Puerto Rico in collaboration with the Commonwealth Administration and Puerto Rico Industrial Development Company (PRIDCO). The centre will host approximately 250 employees serving worldwide clients. It will leverage this new centre to initially deliver complex order to cash business processes for clients in the aviation sector. Infosys BPO is further expanding its footprint in the region to service clients in the federal/government sector, and the healthcare industry.
Meanwhile, proceedings in parliament during the ongoing Budget session of Parliament are being closely watched. The government seeks to have the Bills replacing the six Ordinances passed by both the Houses of Parliament before 20 March 2015 when the first part of the Budget session of parliament concludes. The Lok Sabha has already passed five Bills seeking to replace five Ordinances relating to Amending the Citizenship Act, introduction of e-rikshaws, allocation of coal mines through open bidding, increase in foreign investment ceiling in the insurance sector to 49% from 26% and allocation of non-coal mineral resources through auction. The Parliament is scheduled to be reconvened on 20 April 2015 for the second part of the Budget session while the six Ordinances will lapse on 5 April 2015 as per the provisions of the Constitution.
Two key pending Bills yet to be passed in Rajya Sabha relate to hiking foreign investment ceiling in the insurance sector and allocation of coal blocks through open bidding.
Government business in the Lok Sabha for the current week includes consideration and passing of the Right to Fair Compensation and Transparency in Land Acquisition. Eight hours have been allocated for discussion on the LARR (Amendment) Bill, 2015 in the Lok Sabha.
On the macro front, the government will unveil industrial production data for January 2015 on Thursday, 12 March 2015. The government will release the combined consumer price index (CPI) data (rural/urban) for February 2015 on the same day.
Trading for the week started on a weak note on Monday, 9 March 2015, as key benchmark indices tumbled on weak global stocks. The S&P BSE Sensex fell 604.17 points or 2.05% to settle at 28,844.78 on that day, its lowest closing level since 26 February 2015.
Asian stocks dropped today, 10 March 2015, after data showed an acceleration in China's consumer inflation in February. Key indices in China, Hong Kong, South Korea, Indonesia, and Taiwan were off 0.27% to 0.66%. Key indices in Japan and Singapore rose 0.14% to 0.24%.
China's annual consumer inflation recovered in February, exceeding expectations, but producer prices continued to slide, underscoring deepening weakness in the economy and intensifying pressure on policymakers to find new ways to support growth. The consumer price index (CPI) rose 1.4% in February. The producer price index (PPI) declined 4.8% in February, the National Bureau of Statistics said today, 10 March 2015, extending factory deflation to nearly three years.
US stocks closed higher yesterday, 9 March 2015, recovering from Friday's sharp decline as investors took a more positive outlook on the strong jobs report.
In Europe, euro zone ministers warned Greece it had "no time to lose" and agreed technical talks between finance experts from Athens and its international creditors would start tomorrow, 11 March 2015, with the aim of unlocking further funding.
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