For those hoping for a correction, the last few days have been on expected lines. But investors will be willing to wait longer and hope to catch their favourite counters at much attractive valuations. The sell-off on Monday came amidst weak global cues. The share-sale by a group of Infosys founders added pressure to the stock and the indices. At the same time, India hopes for rating upgrade with Moody's stating that recent steps by govt and RBI, if implemented well, will improve business environment in long term, according to a report.
The outlook is a weak start again. There seems to be no support from global indices either. Market will pay attention to current account deficit (CAD) numbers which increased to US$10.1bn (2.1% of GDP) in Q2 of 2014-15 from US$7.8bn (1.7% of GDP) in the preceding quarter and US$5.2bn (1.2% of GDP) in Q2 of 2013-14.The increase in CAD was primarily on account of higher trade deficit contributed by both a deceleration in export growth and increase in imports.
US indices fell with Dow losing 0.59%, S&P 500 shedding 0.73% and Nasdaq down 0.84%. Asian indices are also in the red. Japan's Nikkei and Hong Kong's Hang Seng index are down and so is China's Shanghai index.
A report in the Wall Street Journal indicated the Federal Reserve may seriously considering dropping an assurance that short-term interest rates will stay near zero for a "considerable time". World oil have fallen another 4%. OPEC member predicting that crude will remain at $65 for several months sparked off further weakness.
Wipro and Infosys are stepping up their age-old rivalry, this time to out-innovate each other as the two Bengaluru-based software exporters invest in disruptive technologies pegged to artificial intelligence and design thinking to bring greater efficiencies for themselves and their customers, says a report.
Corporate borrowing costs are finally set to dip as the government benchmark bond yields have slipped below the repo rate for five consecutive trading sessions — a signal for future rate cuts — after the Reserve Bank of India presented a dovish monetary policy last week, says a report.
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth is uneven, but will strengthen in 2015 and 2016. A buoyant US economy is the main engine of global growth, while the recovery continues to falter in the eurozone, Japan and many large emerging markets. Overall, the global growth outlook has marginally weakened since September's GEO and risks remain skewed to the downside.
Prime Minister Narendra Modi and industrialist Mukesh Ambani are amongst the most searched personalities online this year, according to Yahoo. Prime Minister Narendra
Modi, who contributed to changing the political landscape in 2014, led High and Mighty ‒ the Political Top 10. Modi’s trusted aides Amit Shah and Arun Jaitley also feature on this list, which includes Congress President Sonia Gandhi and Nationalist Congress Party chief Sharad Pawar.
Shares of Spicejet Ltd ended 4% lower at Rs15 after the company has clarified that our fleet is currently 37 aircraft, well above the limit of 20. The airline also clarified that DGCA has not asked for all payables to be cleared by Dec 15, it has asked for a payment plan to be shared with them by Dec 15.
Shares of Thermax was up 4% to Rs 1,109 after the company bagged another order worth Rs. 351 crore in Africa.
Shares of Jet Airways Ltd surged 8% at Rs393 on reports that company announced cancellation of four flights to and from Brussels, following a strike called by all major trade unions in Belgium.
Shares of Jubilant Foodworks Ltd was up 1% at Rs1408 after report stated that promoter group entity Weston Investment Ltd has reduced its stake in the company by 2.44 per cent by selling 15.97 lakh shares in the open market
ONGC Ltd is planning to develop 45 drilling wells at a block in Krishna-Godavari basin at an estimated cost of Rs over Rs 16,000 crore, according to reports. Report stated that the company has approached the Ministry of Environment and Forests seeking clearance for preparing terms of References.
Sahara group is reportedly planning to finalise two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore, says report. Report stated that the talks are in final stages for sale of another land parcel in Pune.
Reliance Industries has selected 11 banks for US dollar-denominated bond offering, says report.
The Delhi Government has issued an order banning the services of Uber India in Delhi, saying it is misleading customers after rape incident involving a 25-year-old woman in Delhi , says report.
Bharat Heavy Electricals Limited (BHEL) has commissioned a Hydro Power Project in Rwanda, on turnkey basis. Significantly, the order for setting up the 28 MW Nyaborongo Hydro Electric Project (2x14 MW), was the first order received by BHEL from this East-African country.
General Motors India reportedly said that it will increase prices of its entire product portfolio by up to Rs 20,000 from next month.
ITC Ltd will invest Rs 1,000 crore for its ambitious foray into dairy and juice businesses which it plans to roll out in the January-March quarter, two people aware of the development said, according to a report.
Cash-strapped SpiceJet has cancelled over 1,800 flights across the country for the current month, in signs of mounting troubles for the budget airline. Airports Authority of India ( AAI) is considering putting the airline on the cash-and-carry mode soon if it does not furnish a bank guarantee against its dues to the airport operator, which stand at around Rs 200 crore.
China's trade surplus climbed to a record in November after an unexpected decline in imports on lower crude oil and other commodity prices.Overseas shipments rose4.7 % from a year earlier, missing the 8 % median estimate in a Bloomberg News survey. Imports fell 6.7 %, compared with projections of a 3.8 % increase, leaving a trade surplus of $54.47 billion, the customs administration said.
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