Outlook for the day

Indices will remain lower even as investors mull their moves ahead of the F&O expiry. Global cues are offering no support. Wall Street ended lower and Asian markets too are mostly in the red. US crude oil saw a fall of over 1.5%.

Sentiment continues to remain subdued in stock markets worldwide even as markets await a policy statement from the US Federal Reserve later this evening. Back home, the Government has cut its disinvestment target for this fiscal citing global commodity showdown. Finance Minister Arun Jaitley has announced a new committee to simplify the Income-Tax Act, 1961. And highways building through PPP mode is set to take a leap with government planning to launch 100 such projects next year, Union Minister Nitin Gadkari said. In a major boost to the image of the Modi-government, India has climbed 12 positions to 130th on a list of 189 countries, in the World Bank's rankings in terms of 'ease of doing business'. Improvement increase of starting a business and securing an electricity connection are the reasons for the upgrade.

The outlook is a weak start. Indices will remain lower even as investors mull their moves ahead of the F&O expiry. Jet Airways and JK Tyre results will be in focus. No one is talking of a Diwali rally as yet even as investors come to terms with the results underway. Global cues are offering no support. Wall Street ended lower and Asian markets too are mostly in the red. US crude oil saw a fall of over 1.5%.

The Government is reportedly considering a proposal to increase the maximum amount that foreign investors can own in public sector banks (PSB) to 49% from the current 20%, reports a financial daily. The finance ministry and the department of industrial policy & promotion are in discussions regarding the increased limit, according to the daily. A higher cap would help PSBs in raising equity to comply with Basel III regulatory standards.

Finance Minister Arun Jaitley reportedly said that there is no cause for concern on fiscal deficit. Jaitley said that India wants its economy to grow much faster. India has decided to set up a project development company in Africa.

Deepak Nitrite Ltd has bagged an annual Contract of sizeable amount for the year 2016 for supply of a major agro intermediate to Bayer Crop Science.