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The market may open higher tracking firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 24 points at the opening bell. Gillette India, HDFC and Titan Company will announce their January-March 2014 quarter results today, 6 May 2014.
IT stocks may gain on positive economic data in US, the largest outsourcing market for the Indian IT firms.
Asian Paints announced after market hours on Monday, 5 May 2014 that the company has offered a Voluntary Retirement/Separation Scheme along with an alternate option of relocation to other factories/establishments of the company to all the workmen at the Bhandup plant in Mumbai. All workmen have accepted either the Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the company. The company has discontinued manufacturing activities at the plant with effect from 5 May 2014.
Emami announced after market hours on Monday, 5 May 2014 a 18.26% rise in consolidated net profit to Rs 111.15 crore on 1.32% fall in total income to Rs 464.14 crore in Q4 March 2014 over Q4 March 2013.
Markit Economics will unveil the result of a monthly survey on the performance of India’s services sector for April 2014 today, 6 May 2014. The HSBC Services Business Activity Index adjusted for seasonal factors fell from 48.8 in February to 47.5 in March.
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.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. 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.
Key benchmark indices edged higher on first trading day of the week on Monday, 5 May 2014. Data showing that foreign funds remained net buyers of Indian stocks on Friday, 2 May 2014 offset weakness in European stocks and lower US index futures. The S&P BSE Sensex was up 41.23 points or 0.18% to 22,445.12 on that day, its highest closing level since 29 April 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 279.86 crore on Monday, 5 May 2014, as per provisional data from the stock exchanges.
Asian stocks rose on Tuesday, with trading volume curbed by holidays in Japan, Hong Kong and South Korea. Key benchmark indices in China, Singapore, Indonesia and Taiwan were up 0.09% to 0.2%.
US stocks edged higher on Monday on the back of positive economic data. The Institute for Supply Management’s US services sector index rose to 55.2 in April, the fastest pace in eight months and easily topping forecasts. A reading above 50 indicates expansion. The data added to evidence that the US economy is emerging from a particularly harsh winter-induced slowdown and provided a welcome offset to worries about China.
Federal Reserve Chair Janet Yellen is due to testify to lawmakers tomorrow, 7 May 2014 after the US central bank pressed ahead April 30 with reductions to its monthly bond-buying, while holding its short-term interest-rate target at near zero.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England’s (BoE) for monetary policy review is scheduled on Thursday, 8 May 2014.
The European Central Bank (ECB) will hold monetary policy meeting on Thursday, 8 May 2014, in Brussels, Belgium.
Source:http://www.business-standard.com/article/news-cm/market-may-open-higher-on-firm-asian-stocks-114050600270_1.html
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