Market-participants will continue to track daily momentum of rupee, oil and FII flows. Asian markets are higher. Japan's Nikkei is up over a percent while China's CSI300 is flat. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are up around a percent each.
Sometimes doing nothing is the best. That’s what the Fed has done by maintaining a status quo on rates. Federal Reserve policy makers kept key interest rates unchanged and scaled down its forecast for the number of rate increases to two in 2016 from an earlier projection of four. Yellen said that the global economy is running a bit below expectations and acknowledged softness in exports and business investments, but noted that the global slowdown has not affected the Fed’s baseline case for the US economy. On inflation, Yellen said that the lack of convincing evidence of a pick-up in wage growth suggests continued slack in the labor market. But, inflation is gradually expected to move back to 2% over time.
The outlook is a gap up opening as the Nifty will look to race towards the 7600 mark, which has proved to be a stiff resistance for a long while. Whether it manages to convincingly close about it remains to be seen. Market-participants will continue to track daily momentum of rupee, oil and FII flows. Asian markets are higher. Japan's Nikkei is up over a percent while China's CSI300 is flat. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are up around a percent each.
Banks saw dip in advance tax payments. SBI paid an advance tax of Rs 690 crore, while ICICI Bank paid advance tax at Rs. 1,300 crore.
US stock indices notched modest gains on Wednesday. The Dow Jones Industrial Average rose by 74.23 points, or 0.4%, to end at 17,325.76 - its best closing level of the year. The S&P 500 index gained 11.29 points, or 0.6%, to close at 2,027.22 - marking a fresh 2016 closing high. The Nasdaq Composite index climbed 35.30 points, or 0.8%, to settle at 4,763.97.
The main indexes swung back and forth after the FOMC announcement, then pared their gains before rallying again as Fed Chairwoman Janet Yellen discussed the Fed move during a news conference.
Gold futures rose by 2.4% to US$1,259.40 an ounce in electronic trade, benefiting from a weakening dollar.
The benchmark 10-year Treasury yield surrendered 6 basis points (bps) to 1.937% compared with 1.99% just before the FOMC announcement. In terms of economic data, core-consumer prices, which exclude volatile food & energy, rose last month and are up 2.3% over the past 12 months. Meanwhile, construction on new houses rose in February to a five-month high, led by the biggest increase in single-family units in 9 years. Industrial production decreased by 0.5% in February after signs of stabilization in January.
Finance Minister tabled Aadhaar Bill in Rajya Sabha. Earlier Lok Sabha has passed the Aadhaar Bill, where the Narendra Modi's government is in majority.
Reserve Bank of India (RBI) is planning to buy more domestic debt of Rs.15,000 crore via open market operations on March 17.
The gems and jewellery stocks will be in focus as the industry is set to hold a mega rally at Delhi's Ramlila Maidan today to protest against the 1% excise duty on gold jewellery announced in the budget for 2016-17.
The ministry of food processing Industry is discussing with their industries like four mega food parks, cold chain for maximum use of solar energy to save the electricity, said Ms. Sadhvi Niranjan Jyoti, Minister of State, Ministry of Food Processing Industries, Government of India at an ASSOCHAM event held in New Delhi today.
Business Development Companies (BDCs) -- public, closed-end investment companies which primarily lend to speculative-grade private companies -- have proliferated in recent years as robust M&A markets, abundant liquidity and tighter regulation of commercial banks opened growth opportunities in leveraged lending. "BDCs' rise to prominence over the past several years and their strong financial performance were tied to benign credit conditions and abundant liquidity," said Moody's Investors Service Analyst Anna Sherbakova.
The leap year helped push new car sales in the European Union (EU) up by 14% in February, but auto company executives have cautioned that full-year growth will be more modest.
Baidu Inc. will soon start testing driverless cars in the US, as the Chinese company looks to introduce a commercially viable model by 2018, chief scientist Andrew Ng has been quoted as saying by the Wall Street Journal (WSJ).
Tata Group expects its defence & aerospace business to increase its revenue by 7.5% to INR 2,650 crore in FY16, Member of Tata group's executive council and the brand custodian of Tata Sons Mukund Rajan has been quoted as saying.
Taro Pharmaceutical Industries reportedly said that its board of directors has approved a $250-mn share repurchase of its ordinary shares.
Tata Consultancy Services has been ranked number one for customer satisfaction in Europe’s largest survey of service provider performance.
Reliance Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on March 16,2016, has approved a Scheme of Arrangement between Reliance Infrastructure Limited and Reliance Electric Generation and Supply Private Limited ("REGSPL") and their respective shareholders and creditors subject to requisite approvals.
Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL), and Bharat PetroResources Limited (BPRL) signed definitive agreements to acquire participatory shares representing 29.9% of the charter capital of LLC "TYNGD", a company organized under the law of Russian Federation, from LLC RN Upstream, a wholly-owned subsidiary of Rosneft Oil Company, the National Oil Company (NOC) of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016
Sometimes doing nothing is the best. That’s what the Fed has done by maintaining a status quo on rates. Federal Reserve policy makers kept key interest rates unchanged and scaled down its forecast for the number of rate increases to two in 2016 from an earlier projection of four. Yellen said that the global economy is running a bit below expectations and acknowledged softness in exports and business investments, but noted that the global slowdown has not affected the Fed’s baseline case for the US economy. On inflation, Yellen said that the lack of convincing evidence of a pick-up in wage growth suggests continued slack in the labor market. But, inflation is gradually expected to move back to 2% over time.
The outlook is a gap up opening as the Nifty will look to race towards the 7600 mark, which has proved to be a stiff resistance for a long while. Whether it manages to convincingly close about it remains to be seen. Market-participants will continue to track daily momentum of rupee, oil and FII flows. Asian markets are higher. Japan's Nikkei is up over a percent while China's CSI300 is flat. Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are up around a percent each.
Banks saw dip in advance tax payments. SBI paid an advance tax of Rs 690 crore, while ICICI Bank paid advance tax at Rs. 1,300 crore.
US stock indices notched modest gains on Wednesday. The Dow Jones Industrial Average rose by 74.23 points, or 0.4%, to end at 17,325.76 - its best closing level of the year. The S&P 500 index gained 11.29 points, or 0.6%, to close at 2,027.22 - marking a fresh 2016 closing high. The Nasdaq Composite index climbed 35.30 points, or 0.8%, to settle at 4,763.97.
The main indexes swung back and forth after the FOMC announcement, then pared their gains before rallying again as Fed Chairwoman Janet Yellen discussed the Fed move during a news conference.
Gold futures rose by 2.4% to US$1,259.40 an ounce in electronic trade, benefiting from a weakening dollar.
The benchmark 10-year Treasury yield surrendered 6 basis points (bps) to 1.937% compared with 1.99% just before the FOMC announcement. In terms of economic data, core-consumer prices, which exclude volatile food & energy, rose last month and are up 2.3% over the past 12 months. Meanwhile, construction on new houses rose in February to a five-month high, led by the biggest increase in single-family units in 9 years. Industrial production decreased by 0.5% in February after signs of stabilization in January.
Finance Minister tabled Aadhaar Bill in Rajya Sabha. Earlier Lok Sabha has passed the Aadhaar Bill, where the Narendra Modi's government is in majority.
Reserve Bank of India (RBI) is planning to buy more domestic debt of Rs.15,000 crore via open market operations on March 17.
The gems and jewellery stocks will be in focus as the industry is set to hold a mega rally at Delhi's Ramlila Maidan today to protest against the 1% excise duty on gold jewellery announced in the budget for 2016-17.
The ministry of food processing Industry is discussing with their industries like four mega food parks, cold chain for maximum use of solar energy to save the electricity, said Ms. Sadhvi Niranjan Jyoti, Minister of State, Ministry of Food Processing Industries, Government of India at an ASSOCHAM event held in New Delhi today.
Business Development Companies (BDCs) -- public, closed-end investment companies which primarily lend to speculative-grade private companies -- have proliferated in recent years as robust M&A markets, abundant liquidity and tighter regulation of commercial banks opened growth opportunities in leveraged lending. "BDCs' rise to prominence over the past several years and their strong financial performance were tied to benign credit conditions and abundant liquidity," said Moody's Investors Service Analyst Anna Sherbakova.
The leap year helped push new car sales in the European Union (EU) up by 14% in February, but auto company executives have cautioned that full-year growth will be more modest.
Baidu Inc. will soon start testing driverless cars in the US, as the Chinese company looks to introduce a commercially viable model by 2018, chief scientist Andrew Ng has been quoted as saying by the Wall Street Journal (WSJ).
Tata Group expects its defence & aerospace business to increase its revenue by 7.5% to INR 2,650 crore in FY16, Member of Tata group's executive council and the brand custodian of Tata Sons Mukund Rajan has been quoted as saying.
Taro Pharmaceutical Industries reportedly said that its board of directors has approved a $250-mn share repurchase of its ordinary shares.
Tata Consultancy Services has been ranked number one for customer satisfaction in Europe’s largest survey of service provider performance.
Reliance Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on March 16,2016, has approved a Scheme of Arrangement between Reliance Infrastructure Limited and Reliance Electric Generation and Supply Private Limited ("REGSPL") and their respective shareholders and creditors subject to requisite approvals.
Indian Oil Corporation Limited (IOCL), Oil India Limited (OIL), and Bharat PetroResources Limited (BPRL) signed definitive agreements to acquire participatory shares representing 29.9% of the charter capital of LLC "TYNGD", a company organized under the law of Russian Federation, from LLC RN Upstream, a wholly-owned subsidiary of Rosneft Oil Company, the National Oil Company (NOC) of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016
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