The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 45.50 points at the opening bell. The market is expected to remain volatile today, 29 August 2013, as traders roll over positions in the futures & options (F&O) segment from the near month August 2013 series to September 2013 series. The near month August 2013 derivatives contract expire today, 29 August 2013.
IT stocks may gain as rupee hit record closing low against the dollar at 68.82 on Wednesday, 28 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Infosys announced after market hours on Wednesday, 28 August 2013 that Ashok Vemuri, member of the board, has decided to leave the company. Sanjay Jalona, currently the Regional Head for Manufacturing in North America, will take over as the Global Head of Manufacturing, Infosys.
"Ashok has been an integral part of the Infosys journey over the last fifteen years. He has played a significant role in building the company's market leadership in the Financial Services and Manufacturing verticals and in North America. We would like to thank him for his significant contributions to Infosys in different leadership roles during his career and wish him the very best. The transition plan is in place," Infosys said in a statement.
Power Grid Corporation of India said after market hours on Wednesday, 28 August 2013 that the board of directors of the company at its meeting held on 27 August 2013, have approved the investment approvals for installation of Transformer and Procurement of Spare Converter Transformer at Bhadrawati HVDC Back to Back Station at an estimated cost of Rs 135.65 crore, with commissioning schedule of 24 months from the date of investment approval and Eastern Region Strengthening Scheme-VIII (ERSS-VIII)' at an estimated cost of Rs 73.48 crore, with commissioning schedule of 20 months from the date of investment approval.
Aditya Birla Nuvo turns ex-dividend for a dividend of Rs 6.50 per share for the financial year ended on 31 March 2013.
IDBI Bank turns ex-dividend for a dividend of Rs 3.50 per share for the financial year ended on 31 March 2013.
To curb sharp rupee fall the Reserve Bank of India (RBI) on Wednesday, 28 August 2013 said that on the basis of assessment of current market conditions, Reserve Bank of India has decided to open a forex swap window to meet the entire daily dollar requirements of three public sector oil marketing companies (IOCL, HPCL and BPCL). Under the swap facility, Reserve Bank will undertake sell/buy USD-INR forex swaps for fixed tenor with the oil marketing companies through a designated bank. The swap facility gets operationalized with immediate effect and will remain in place until further notice.
Buzz of buying by Life Insurance Corporation (LIC) -- India's biggest domestic institutional investor -- helped Indian stocks stage a strong intraday rebound in what was a highly volatile trading session on Wednesday, 28 August 2013. The S&P BSE Sensex rose 28.07 points or 0.16% to 17,996.15 on that day, its highest closing level since 26 August 2013.
Asian stocks rose on Thursday led by energy shares after concern military action against Syria will disrupt global oil supplies fueled gains in commodities this week. Key benchmark indices in Singapore, Hong Kong, South Korea, Indonesia, Taiwan and Japan rose by 0.43% to 1.25%. China's Shanghai Composite fell 0.21%.
Investors are also watching the Middle East after the US and the UK yesterday said they are prepared to take military action against Syria without authorization from the United Nations Security Council. Fears of a US-led military strike in Syria have heightened in recent days after allegations that forces loyal to the government of Bashar al-Assad used chemical weapons against rebels.
The Philippine economy expanded above 7% for a fourth straight quarter, defying a regional slowdown to cement its role as Southeast Asia's best performer as President Benigno Aquino boosts investment. Gross domestic product rose 7.5% in the three months through June from a year earlier, compared with a 7.7% gain in the previous quarter, the National Statistical Coordination Board said in Manila today.
US stocks on Wednesday advanced for the first session this week, with oil producers leading the gains as the price of crude settled at a more-than-two-year high.
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled next month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.
Brazil's central bank on Wednesday raised its key lending rate by a half percentage point, reinforcing a commitment to curb worrisome inflation despite parallel concerns over the pace of economic growth. In a widely expected move, the central bank's monetary policy committee voted unanimously to raise the Selic interest rate to 9% from the previous 8.5%, the fourth increase since April.
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