Will ICICI Bank, ITC Q2 push Nifty beyond 6200?
ICICI Bank, IOB, Karur Vysya Bank, Bharat Forge, ITC, and TVC, among others will announce their earnings on Friday. Will the market be pushed to higher levels today?
October 25, 2013 / 09:12 IST
The US markets recovered the previous day's losses to close higher with the Dow closing above 15,500 and the S&P 500 regaining its footing above 1,750 aiding sentiment was a handful of upbeat earnings and encouraging economic data from china. Both are on track for their third-straight winning week.
Apple rose after billionaire investor Carl Icahn asked the tech giant to commence an immediate tender offer of USD 150 billion in a letter to CEO Tim Cook. But the soft US economic data weighed on the US benchmark yields which hugged 2.5 percent.US’ weekly jobless claims declined 12,000 to a seasonally adjusted 350,000 and this fell short of consensus estimates of a fall to 340,000. Trade deficit widened slightly by 0.4 percent to USD 38.9 billion in August led by a slip in exports.European markets closed higher thanks to strong corporate results and encouraging data from China, and despite fresh data showing that euro zone business growth had been hit by falling demand.In the currency space, the euro is steady against the dollar this morning after disappointing euro zone data pulled it away from a two-year high struck earlier in the session. The dollar is a little weak near nine-month lows on rising expectations the Federal Reserve will delay reducing its bond-buying program until into next year.In commodities, Nymex futures recoup losses in choppy trade this morning while Brent prices slip as traders bet that an abrupt slump earlier this week in the hotly traded Brent-WTI spread had gone too far.From precious metals space, gold prices hover near a one-month peak and look set to end higher for a second straight week on hopes that weak US. Data would deter the federal reserve from scaling back its stimulus measures this year.
Asia, lower on the back of a stronger currency and tepid economic data, core consumer price index (CPI) climbed 0.7 percent in September (y-o-y); in line with expectations. In earnings, Mitsubishi motors rose over 5 percent after revising up its profit forecast. Canon fell over 1 percent after lowering full-year profit outlook amid sluggish global sales. China's short-term money market rates continued to spook investors after spiking to their highest level since June.
In India, markets ended weak after a strong rally in the morning trade. The Sensex touched 21,000 intraday, before ending at 20725.43; down 42.45 points. The Nifty, meanwhile, fell 14 points below to 6164.35. ICICI Bank, IOB, Karur Vysya Bank, Bharat Forge, ITC, and TVS Motors, among others will announce their earnings on Friday.
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