The indices have a tendency of astonishing the investors. The rise on Thursday may be welcome but it was unconvincing. Little wonder we may have some correction at open itself today. Market participants may choose to stay on the sidelines given the reputation that October has of being a Red month most of the years.
The opening is set to be a weak to flat start. Data to be watched for would be Services PMI, Composite PMI for September, by HSBC. The RBI Governor Dr. Raghuram Rajan and all deputy governors will brief the media after a central board meeting post market hours.
Global cues are weak. There are not many positive news to boast about which could bring about a change in sentiment soon. Asian markets are in the red. The U.S. budget standoff continues. The next question is whether the US borrowing limit could get breached later this month.
Japan's Nikkei 225 index has shed around a percent and ditto with Hong Kong's Hang Seng index. The US indices too were weak. The Dow closed down 0.90%. The Standard & Poor's 500 Index was down 0.90% and the Nasdaq was down 1.07%.
Global rating agency Fitch has cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of weakening CAD and persistent inflationary pressure.
India’s relatively weak starting positions with high inflation and recent rises in current account deficits (CAD) suggest that credit profile has limited tolerance for policy slippage that saw their current account deficits and-or inflation rates stay high or rise further, Fitch said.
The cabinet has okayed the formation of Telangana state; Hyderabad would be the joint capital.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said that partial shutdown of the U.S. government will hurt growth in the last quarter of this year.
Cognizant announced that it has been selected by the KBC group, an integrated bank insurance group and a top financial institution in Belgium, as a strategic partner to optimize service delivery and drive superior customer engagement. As part of the deal, Cognizant will acquire ValueSource NV, a subsidiary of KBC. The terms of the deal were not disclosed.
Infosys announced that it has signed a contract with Toyota Motor Europe for the provision of its Pan-European application support.
Wipro Ltd has announced the organizational changes. The company announced the appointment of Senior Vice President Shaji Farooq as the global head of its Banking, Finance Services and Insurance (BFSI) strategic business unit. Shaji, who is currently leading the company’s Advanced Technologies Service Line and Go-To-Market transformation initiatives, will take over from Senior Vice President Soumitro Ghosh, who will now head Wipro Infotech, the India and Middle East business.
Tata Power, India’s largest integrated power company, jointly with Clean Energy Invest AS, Norway (Clean Energy) and IFC InfraVentures(IFC), announced the commencement of their first phase of 185 MW Shuakhevi Hydropower Project in Georgia.
Private Equity firms invested about $1,300 mn across 75 deals during the quarter ended September 2013, according to early data from Venture Intelligence, a research service focused on private company financials, transactions and valuations in India.
An overwhelming majority of middle and lower families will slash their festive budget by over 40% this Diwali season as they struggle to cope up with their monthly expenses due to rising inflation, less job opportunities and shrinking real wages reveals an ASSOCHAM quick survey.
The opening is set to be a weak to flat start. Data to be watched for would be Services PMI, Composite PMI for September, by HSBC. The RBI Governor Dr. Raghuram Rajan and all deputy governors will brief the media after a central board meeting post market hours.
Global cues are weak. There are not many positive news to boast about which could bring about a change in sentiment soon. Asian markets are in the red. The U.S. budget standoff continues. The next question is whether the US borrowing limit could get breached later this month.
Japan's Nikkei 225 index has shed around a percent and ditto with Hong Kong's Hang Seng index. The US indices too were weak. The Dow closed down 0.90%. The Standard & Poor's 500 Index was down 0.90% and the Nasdaq was down 1.07%.
Global rating agency Fitch has cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of weakening CAD and persistent inflationary pressure.
India’s relatively weak starting positions with high inflation and recent rises in current account deficits (CAD) suggest that credit profile has limited tolerance for policy slippage that saw their current account deficits and-or inflation rates stay high or rise further, Fitch said.
The cabinet has okayed the formation of Telangana state; Hyderabad would be the joint capital.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said that partial shutdown of the U.S. government will hurt growth in the last quarter of this year.
Cognizant announced that it has been selected by the KBC group, an integrated bank insurance group and a top financial institution in Belgium, as a strategic partner to optimize service delivery and drive superior customer engagement. As part of the deal, Cognizant will acquire ValueSource NV, a subsidiary of KBC. The terms of the deal were not disclosed.
Infosys announced that it has signed a contract with Toyota Motor Europe for the provision of its Pan-European application support.
Wipro Ltd has announced the organizational changes. The company announced the appointment of Senior Vice President Shaji Farooq as the global head of its Banking, Finance Services and Insurance (BFSI) strategic business unit. Shaji, who is currently leading the company’s Advanced Technologies Service Line and Go-To-Market transformation initiatives, will take over from Senior Vice President Soumitro Ghosh, who will now head Wipro Infotech, the India and Middle East business.
Tata Power, India’s largest integrated power company, jointly with Clean Energy Invest AS, Norway (Clean Energy) and IFC InfraVentures(IFC), announced the commencement of their first phase of 185 MW Shuakhevi Hydropower Project in Georgia.
Private Equity firms invested about $1,300 mn across 75 deals during the quarter ended September 2013, according to early data from Venture Intelligence, a research service focused on private company financials, transactions and valuations in India.
An overwhelming majority of middle and lower families will slash their festive budget by over 40% this Diwali season as they struggle to cope up with their monthly expenses due to rising inflation, less job opportunities and shrinking real wages reveals an ASSOCHAM quick survey.
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