Market may gain on firm Asian stocks; Q3 GDP data eyed

The market may gain on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 35 points at the opening bell.

The government is slated to announce Q3 December 2011 gross domestic product (GDP) data at 11:00 IST today, 29 February 2012. The Indian economy is seen registering a still lower 6.4% growth in Q3 December 2011, as per the median estimate of a poll of economists carried out by Capital Market. GDP grew 6.9% in Q2 September 2011, which was the lowest growth rate in over two years.

State-run ONGC will launch on Thursday, 1 March 2012 a share sale through an auction that aims to raise at least $2.5 billion. The offering will close on the same day. The government will sell 5% of its holding, or about 42.8 crore shares, in the offering and the floor price for the issue has been set at Rs 290 a share



TCS announced after market hours on Tuesday that its universal financial services platform, TCS BaNCS, has been selected by Nedgroup Insurance Company, (NedIC) a short-term insurer specializing in homeowner's cover, personal accident and vehicle-related, value-added insurance products. TCS BaNCS Insurance, a part of the TCS BaNCS universal financial services platform, will serve as the new policy administration system for NedIC's short-term insurance services. TCS BaNCS serves the top banks in Africa through its banking and capital markets suite of solutions; this will be TCS BaNCS' first insurance customer in Africa.

Key benchmark indices edged higher on Tuesday, 28 February 2012 on bargain hunting after the market lost over 5% in the preceding four sessions. The BSE Sensex rose 285.37 points or 1.64% to 17,731.12, its highest closing level since 24 February 2012.

Foreign institutional investors (FIIs) bought shares worth a net Rs 727.59 crore on Tuesday, 28 February 2012, as per provisional data from the stock exchanges. FIIs have bought shares worth a net Rs 24495.58 crore in this month so far (28 February 2012), as per provisional data from the stock exchanges. The inflow this month comes on the top of heavy purchases last month. FIIs bought shares worth a net Rs 10357.70 crore in January 2012, as per data from Securities & Exchange Board of India (Sebi).

The initial public offer (IPO) of commodity exchange Multi Commodity Exchange of India (MCX) was subscribed a massive 54.13 times. The IPO closed on Friday, 24 February 2012. MCX has priced its IPO at the upper end of the Rs 860-1,032 a share price band, raising about Rs 663 crore through the issue.

The government is working with state governments for early implementation of a goods and services tax (GST), Finance Minister Pranab Mukherjee said on 22 February 2012.

Finance Minister Pranab Mukherjee will present the annual budget for 2012/13 on 16 March 2012, while the railways budget will be presented on 14 March 2012. The budget session of parliament will start on 12 March 2012. The government will present on March 15 the Economic Survey for 2011/12, a document on the state of economy prepared by the economic division in the ministry of finance. The annual budget is usually presented on the last working day of February. However, the budget has been delayed this time due to the ongoing assembly polls. Polling for assembly elections in five states concludes in early March 2012. The counting of the votes takes place on 6 March 2012, with the results due on the same day.

Reports indicate that the finance ministry is considering a proposal to increase excise duty from 10% to 12%, although still lower than the level before the 2008 financial crisis. The move is aimed at helping the government improve its fiscal situation but it is expected to push up the cost of almost all manufactured goods from food products to consumer durables and automobiles.

Asia markets notched solid gains on Wednesday, with technology stocks leading gains as an upbeat finish for U.S. shares and easing oil prices underpinned investor optimism. Key benchmark indices in Hong Kong, Indonesia, Japan, Taiwan, Singapore, and South Korea rose by between 0.65% to 1.68%. China's Shanghai Composite fell 0.25%.

U.S. stocks rose Tuesday, sending the Dow Jones Industrial Average to its first close above 13,000 since May 2008, as consumer confidence hit a 12-month high and oil prices fell.

The US government reported orders for long-lasting goods declined in January by the most in three years. Meanwhile, the S&P/Case-Shiller index of property values in 20 cities declined in December to the lowest level since the housing crisis started.