Market may surge in early trade on firm Asian stocks

The market may open on a firm note as Asian stocks surged after US Federal Reserve Chairman Ben S. Bernanke said on Wednesday, 10 July 2013, that the world's biggest economy will continue to need stimulus. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 94 points at the opening bell.

Mahindra & Mahindra (M&M) has announced that it would be observing 'No Production Days' at its automotive plants for a period ranging from 1 to 8 days during the remaining period of July 2013 with a view to align production with sales requirements. M&M also said that its wholly owned subsidiary viz. Mahindra Vehicle Manufacturers would also be observing 'No Production Days' for about 8 days during the remaining period of July 2013 at its plant situated at Chakan in Maharashtra.

M&M said that the management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements.

UltraTech Cement said after market hours on Wednesday, 10 July 2013, it has commissioned its clinkerisation plant of 3.3 million tonnes a year (mtpa) at Malkhed in Karnataka.

Zee Entertainment Enterprises turns ex-dividend today, 11 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).

Thermax turns ex-dividend today, 11 July 2013, for dividend of Rs 7 per share for the year ended 31 March 2013 (FY 2013).

Karur Vysya Bank turns ex-dividend today, 11 July 2013, for dividend of Rs 14 per share for the year ended 31 March 2013 (FY 2013).

Andhra Bank turns ex-dividend today, 11 July 2013, for dividend of Rs 5 per share for the year ended 31 March 2013 (FY 2013).

Biocon turns ex-dividend today, 11 July 2013, for total dividend of Rs 7.50 per share for the year ended 31 March 2013 (FY 2013).

Key benchmark indices edged lower on Wednesday, 10 July 2013, on caution ahead of the release of minutes of the Federal Open Market Committee (FOMC) meeting on 19 June. The S&P BSE Sensex shed 145.36 points or 0.75% to 19,294.12 on that day, its lowest closing level since 3 July 2013.

Foreign institutional investors (FIIs) bought shares worth a net Rs 75.46 crore on Wednesday, 10 July 2013, as per provisional data from the stock exchanges.

Asian stocks rose on Thursday, 11 July 2013, after US Federal Reserve Chairman Ben S. Bernanke said on Wednesday, 10 July 2013, that the world's biggest economy will continue to need stimulus. Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea and Taiwan rose by 1.29% to 2.12%. Japan's Nikkei Average fell 0.17%.

The Bank of Japan announces its policy decision today amid speculation the central bank won't add to stimulus efforts. The BOJ will leave its bond-buying program unchanged as per market expectations.

South Korea's central bank on Thursday left its policy interest rate unchanged at 2.5% amid low inflation, uncertainty over the Federal Reserve's bond purchases and China's economic slowdown.

US stocks ended little changed on Wednesday after minutes from the Federal Reserve's last meeting had multiple members looking for more improvement in the labor market before cutting the pace of central-bank bond purchases.

Bernanke said that highly accommodative monetary policy will be needed for the foreseeable future after a speech in Cambridge. Meanwhile, minutes of the Fed's June meeting showed that while several members judged that a reduction in asset purchases would likely soon be warranted, many want to see further improvement in the labor market before reducing the $85 billion-a-month quantitative easing program.

At a press conference following the June 18-19 meeting, Federal Reserve Chairman Ben Bernanke said the central bank could start reducing its $85 billion in monthly bond purchases later this year.

Meanwhile, Brazil's central bank late Wednesday, 10 July 2013, raised the country's benchmark interest rate to 8.5% from 8%, marking the third consecutive rate increase of a half-percentage point each