The markets have been waiting for a while to get a clear picture from the Fed even as the IMF has cut global growth forecasts yet again. IMF cut India’s growth rate forecast by 0.2% to 5.6% in FY2014 as it did to global growth forecast from 3.3% to 3.1%. This move was largely expected and may be overlooked by investors.
What investors will look out fir is the FOMC minutes which will be released today. This will be followed by Ben Bernanke’s speech in Cambridge.
The outlook is a positive start. The Indian market may remain in a range ahead of the developments in anticipation of some comforting notes from Bernanke.
The rupee recovered to 60.14 on Tuesday. The dollar could ease its assault on the Indian Rupee. The Reserve Bank of India banned banks from proprietary trading in domestic currency futures and options, while SEBI doubled the margin requirement on domestic dollar-rupee forward trade. That’s not all. Oil and gas companies have now been directed to buy dollars from a single bank to check the demand and supply of dollars. This will lead to a slowdown in speculation on the currency.
Indian Oil in particular could benefit as aftermarket reports on Tuesday suggested Malaysian Petronas is selling 10% of its stake in the Canadian shale reserve assets to Indian Oil Corporation.
C Mahendra Exports will today consider listing on the MCX Stock Exchange.
Compact Disc India will mull 50% stock purchase offer by an UAE company.
Techno Forge is considering issue of shares on a preferential basis.
Shriram Transport Finance Co will announce its NCD issue later in the day.
Communications and IT Minister Sibal and Telecom Secretary Farooqui will today speak at conference on Competitiveness in Corporate India.
India’s foreign minister has left for overseas to drum up investments to improve the investor climate in the country. The government has gone full throttle on the reform front and is looking to open up sensitive sectors like defence, Retail after liberalising foreign investment in the telecom sector.
Narayana Murthy had promised decisive and painful action when he was called back from retirement to turn around the fortunes of Infosys. Change has begun in India's second-largest IT services provider. Basab Pradhan, senior vice president and head of global sales at Infosys, quit abruptly saying he is going to explore options in the start-up world. The stock has been moving up in recent days and investors will be cautious ahead of the numbers later this week.
The government’s direct tax collections, net of refunds, rose just 6.4% to Rs897bn in the first quarter of the current financial year, compared to 843bn in April-June of 2012-13. The Union Budget had targeted direct tax collection to grow 18% in 2013- 14.
The US and China start two days of strategic and economic talks in Washington. US Treasury Secretary Jack Lew has high hopes that the new Chinese government will undertake some of the economic reforms the United States has been pushing for years, says a report.
The Dow Jones industrial average, the S&P 500 and the Nasdaq gained between 0.5% and 0.7%. All three indexes have closed higher for four straight days in a row.
The Bank of Japan begins a two-day policy meeting.
Oil prices eased on profit-taking today following last week's surge.
China's trade performance for June showed drops in both exports and imports, China's exports last month fell 3.1% from a year earlier, Imports dropped 0.7% after slipping 0.3% in May.
In June alone, the emerging market exchange-traded funds have seen net outflows to the tune of $6 billion, according to data from Morningstar.
What investors will look out fir is the FOMC minutes which will be released today. This will be followed by Ben Bernanke’s speech in Cambridge.
The outlook is a positive start. The Indian market may remain in a range ahead of the developments in anticipation of some comforting notes from Bernanke.
The rupee recovered to 60.14 on Tuesday. The dollar could ease its assault on the Indian Rupee. The Reserve Bank of India banned banks from proprietary trading in domestic currency futures and options, while SEBI doubled the margin requirement on domestic dollar-rupee forward trade. That’s not all. Oil and gas companies have now been directed to buy dollars from a single bank to check the demand and supply of dollars. This will lead to a slowdown in speculation on the currency.
Indian Oil in particular could benefit as aftermarket reports on Tuesday suggested Malaysian Petronas is selling 10% of its stake in the Canadian shale reserve assets to Indian Oil Corporation.
C Mahendra Exports will today consider listing on the MCX Stock Exchange.
Compact Disc India will mull 50% stock purchase offer by an UAE company.
Techno Forge is considering issue of shares on a preferential basis.
Shriram Transport Finance Co will announce its NCD issue later in the day.
Communications and IT Minister Sibal and Telecom Secretary Farooqui will today speak at conference on Competitiveness in Corporate India.
India’s foreign minister has left for overseas to drum up investments to improve the investor climate in the country. The government has gone full throttle on the reform front and is looking to open up sensitive sectors like defence, Retail after liberalising foreign investment in the telecom sector.
Narayana Murthy had promised decisive and painful action when he was called back from retirement to turn around the fortunes of Infosys. Change has begun in India's second-largest IT services provider. Basab Pradhan, senior vice president and head of global sales at Infosys, quit abruptly saying he is going to explore options in the start-up world. The stock has been moving up in recent days and investors will be cautious ahead of the numbers later this week.
The government’s direct tax collections, net of refunds, rose just 6.4% to Rs897bn in the first quarter of the current financial year, compared to 843bn in April-June of 2012-13. The Union Budget had targeted direct tax collection to grow 18% in 2013- 14.
The US and China start two days of strategic and economic talks in Washington. US Treasury Secretary Jack Lew has high hopes that the new Chinese government will undertake some of the economic reforms the United States has been pushing for years, says a report.
The Dow Jones industrial average, the S&P 500 and the Nasdaq gained between 0.5% and 0.7%. All three indexes have closed higher for four straight days in a row.
The Bank of Japan begins a two-day policy meeting.
Oil prices eased on profit-taking today following last week's surge.
China's trade performance for June showed drops in both exports and imports, China's exports last month fell 3.1% from a year earlier, Imports dropped 0.7% after slipping 0.3% in May.
In June alone, the emerging market exchange-traded funds have seen net outflows to the tune of $6 billion, according to data from Morningstar.
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