July 12, 2013 / 16:05 IST
Indian market closed at one-month high Thursday with the benchmark indices rising 2 percent. The BSE Sensex rose 381.94 points to close at 19676.06 after hitting an intraday high of 19723.51. The NSE Nifty soared 118.40 points to finish at 5935.10.
All eyes will be on Narayan Murthy's return and commentary from him as earnings season officially kicks starts with IT major
Infosys reporting April-June numbers today. According to a CNBC-TV18 poll, it is expected to be a muted first quarter with dollar revenue seen flat at USD 1957 million while profits may dip 3 percent. Further margin pressure is seen. FY14 dollar revenue guidance could be maintained at 6-10 percent.
In other earnings to watch out for, Sintex will be declaring their first quarter earnings today. According to a CNBC-TV18 poll, expect a healthy 12 percent revenue growth at Rs 1,207 crore driven by continued performance momentum. However margin will continue to remain under pressure due to project execution challenges. Segment wise, problems with company's overseas custom moulding business will continue.
Onto the macros, Index of Industrial Production (IIP) for May is seen lower at 1.5 percent versus 2.3 percent month-on-month. Meanwhile, June consumer price inflation (CPI) is seen at 9.2 percent.
Stocks to be in focus today In the latest on strike at
Bajaj Auto's Chakan plant in Pune, there is a tripartite meeting in between the Chief Labour Commissioner, Bajaj Auto management and workers.
Agency reports indicate that
Coal India's arm has signed two fuel supply pacts with
NTPC. Sources say that the arm will supply 2.3 mt coal per year and the fuel supply pact with ntpc supports 1,000 mw capacity.
Zuari Agro has further upped its stake in
Mangalore Chemicals. It has bought an additional 2.5 percent stake at nearly Rs 68 a share. It's total stake is at 16 percent from 13.5 percent.
The
Elder Pharma board has approved the plan for restructuring operations to reduce debt. The company is likely to raise capital via hiving off assets or other strategic options.
More bad news from
Wockhardt. Agency reports say UK's medicines and healthcare products regulatory agency has issued precautionary recall of medicines manufactured by the company.
Global markets A stellar rally for US markets, with the Dow and S&P 500 closing at record highs, after Fed Chairman Ben Bernanke emphasised that the central bank intends to keep its stimulus measures for the foreseeable future. Europe too mirrors Wall Street gains.
Weekly jobless claims rose by 16,000 last week to a seasonally adjusted 360,000 above expectations for a reading of 340,000. Meanwhile, import and export prices declined for the fourth-straight month in June.
In Asia, the markets have opened higher this morning reacting to the cues overnight and Bernanke's comments.
Asset class Crude rally takes a breather, Nymex Crude slips from a 15-month high. Brent crude hovers around USD 107. In currencies, dollar index is at sub 83 levels. The dollar-yen is at sub-100 levels
Gold is trading around US 1280 an ounce.
The 10-year treasury yields now almost unchanged around yesterday's levels below 2.60 percent.
