Key benchmark indices reversed direction after a positive start. The S&P BSE Sensex was down 27.85 points or 0.13%, off 90.31 points from the day's high and up 36.97 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Infosys rose after the company market hours on Friday, 3 January 2014, said that it has appointed Mr. B. G. Srinivas and Mr. U. B. Pravin Rao as Presidents of the company, reporting to Mr. S. D. Shibulal, Chief Executive Officer & Managing Director. Shares of public sector oil marketing companies (PSU OMCs) rose after raising petrol and diesel prices. Tata Motors rose after its British luxury car unit Jaguar Land Rover North America on Friday, 3 January 2014, reported decent growth in sales in the US market for December 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 18.06 crore on Friday, 3 January 2014, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was down 27.85 points or 0.13% to 20,823.48. The index fell 64.82 points at the day's low of 20,786.51 in early trade. The index rose 62.46 points at the day's high of 20,913.79 in opening trade.
The CNX Nifty was down 14.20 points or 0.23% to 6,196.95. The index hit a high of 6,224.70 in intraday trade. The index hit a low of 6,188.90 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 613 shares gained and 315 shares fell. A total of 37 shares were unchanged.
The total turnover on BSE amounted to Rs 253 crore by 09:25 IST.
Among the 30-share Sensex pack, 23 stocks declined and rest of them gained.
Tata Power Company (down 2.2%), NTPC (down 0.91%) and L&T (down 0.97%) edged lower from the Sensex pack.
Infosys rose 0.22%. Infosys after market hours on Friday, 3 January 2014, said that it has appointed Mr. B. G. Srinivas and Mr. U. B. Pravin Rao as Presidents of the company, reporting to Mr. S. D. Shibulal, Chief Executive Officer & Managing Director. These appointments are effective immediately. The business portfolios will be realigned under the two Presidents.
Financial services, insurance, manufacturing, engineering services, energy & communications, Infosys public services, Infosys Lodestone, strategic global sourcing, marketing and alliances will report to Mr. Srinivas.
Retail, consumer packaged goods and logistics, life sciences, resources and utilities, services, growth markets, cloud & mobility, quality & productivity and Infosys Leadership Institute wil report to Mr. Rao.
In addition, Mr. Srinivas will focus on global markets and Mr. Rao will focus on global delivery and service innovation. In view of these changes, the Executive Council, as a forum, will cease to exist with effect from 1 April 2014, Infosys said.
Infosys unveils Q3 December 2013 results on Friday, 10 January 2014. At the time of announcement of Q2 September 2013 results in October 2013, Infosys had forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year.
Tata Consultancy Services (TCS) fell 0.23%. TCS on Saturday, 4 January 2014, announced that it is setting up the world's largest corporate learning and development centre with a total capacity to train 15,000 professionals at one time and 50,000 professionals annually. The proposed TCS Learning Campus in Thiruvananthapuram will be located on a 97-acre property in the Technopark area of the city. The campus will be built over an area of 6.1 million square feet and feature residential accommodation for professionals and faculty at the center.
Shares of public sector oil marketing companies (PSU OMCs) rose after raising petrol and diesel prices. HPCL (up 1.65%), BPCL (up 1.26%) and Indian Oil Corporation (up 0.57%) gained. Public sector oil marketing companies (PSU OMCs) raised petrol price by 75 paise a litre and diesel price by 50 paise a litre (excluding local taxes) as global crude prices went up and the rupee value fell. The hikes took effect from midnight Friday, 3 January 2014.
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government has already freed pricing of petrol.
Tata Motors rose 0.98%. Jaguar Land Rover's US sales jumped 17% to 7,308 units in December 2013 over December 2012. Jaguar sales rose 47% to 1,544 units in December 2013 over December 2012. Land Rover sales rose 11% to 5,764 units in December 2013 over December 2012.
Canara Bank rose 0.63%. The state-run bank after market hours on Friday, 3 January 2014, said that it has successfully raised Rs 1500 crore under BASEL-III complaint Tier-II Bonds.
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for December 2013 today, 6 January 2014. The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, nudged up to 47.2 in November from 47.1 in October.
The next major trigger for the stock market is Q3 December 2013 corporate earnings. The Q3 earnings season will begin around mid-January 2014 and continue till mid-February 2014. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
Most Asian stocks declined on Monday, 6 January 2014, as a gauge of China's services industries dropped, signaling growth may slow in the world second-biggest economy. Key benchmark indices in Taiwan, Hong Kong, China, Japan and Indonesia fell by 0.37% to 1.93%. Key benchmark indices in Singapore and South Korea rose 0.01% to 0.44%.
A private index of China's services industry released today, 6 January 2014, by HSBC and Markit Economics fell to 50.9 last month from 52.5 in November. A number above 50 indicates expansion.
China's official nonmanufacturing PMI fell to 54.6 in December from 56.0 in November, according to a statement on Friday, 3 January 2014, from the China Federation of Logistics and Purchasing.
US stocks ended a choppy trading session mostly lower on Friday, 3 January 2014, after Federal Reserve Chairman Ben Bernanke defended the extraordinary measures undertaken by the central bank to boost the economic recovery. Bernanke, in a speech in Philadelphia four weeks before his term expires, said the economy "has made considerable progress." He cited payroll employment rising by 7.5 million since 2010 and growth in 16 of the 17 quarters after the recession ended as evidence the Fed's policies have succeeded. "The combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation bodes well for US economic growth in coming quarters," Bernanke said.
The US central bank will make its first Treasuries purchase under the smaller program on 6 January 2014, buying as much as $1.5 billion of securities due from February 2036 to November 2043. The Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually this year.
The central bank will release minutes of its December Federal Open Market Committee policy meeting on Wednesday, 8 January 2014.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014.
The US government will unveil the influential non-farm payroll report for December 2013 on Friday, 10 January 2014.
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