Quite a lot happened over yesterday and there is even more to look forward to today. Infosys Q2 result, August IIP data, after-effect of flooding in Australia, controversial US bill to punish China... Check it out!
One of the major factors that is likely to have a sweeping effect on the markets is the Infosys Q2 result today. Even though there is a slowdown in global economy and IT spend is down in the dumps, analysts say that IT giant will meet revenue and profit targets for the quarter. However, a cut in full-year guidance is expected. What out for how that pans out.
Don’t miss out on the August IIP numbers set to be released today.
Asian policy makers are seen bolstering efforts to protect their economies from weakening global growth, as Indonesia unexpectedly cut interest rates and Philippines prepares to unveil a stimulus plan this week
Meanwhile, the US Senate has passed a legislation letting companies seek duties to compensate for a weak Chinese yuan, putting pressure on House Speaker John Boehner to take up a bill he has called ‘dangerous’.
At the markets, Wall Street took a breather and the stocks ended mixed in tight trading.
Europe too snapped its four-day rally to end marginally lower yesterday as Slovakia lawmakers rejected EFSF. The European Union and International Monetary Fund officials have indicated that Greece will get an eight billion euro (USD 11 billion) loan next month under a 110 billion euro bailout, as European leaders move to reopen talks on a new package that may mean deeper writedowns on Greek debt.
Nonetheless, markets in Asia lost momentum and opened lower today.
In the currency space, the euro slipped slightly versus the dollar and trades currently at 1.35 to the dollar.
Crude goes soft in trade today after yesterday's gains as OPEC cut its global oil demand growth forecast for this year and 2012, citing a weakening economic outlook in industrialized nations.
There is more trouble brewing for the metals and mining sector. Record rains slashed across Australia, flooding the region. Looks like surge in coking coal prices as last year is brewing again. Watch out for the after-effect.
There is a silver lining in the dark cloud for the labour intensive sectors. The Reserve Bank of India said the government has decided to extend interest rate subvention of 2% on rupee export credit to handicrafts, handlooms, carpet, and small and medium enterprises.
Max India has entered into a non-binding agreement to sell 26% stake in its unit, Max Healthcare Institute, to South Africa’s Life Healthcare Group for Rs 516 crore.
The worker strike at Maruti ’s Manesar plant continues as production remains shut. Production from its Gurgaon plant too has been hit, the company said. The plant produced 1,000 cars yesterday against 1,800 on Monday. Normal production at Gurgaon plant is about 2,800 cars per day.
Meanwhile, there is news that the board of Amtek India is pondering bonus issue of shares.
Sintex founders are set to up stake in the company by 4.78%. Their total shareholding post the move will stand at 40%.
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Economy turning for sure but cant say for mkts: DSP