Market seen opening higher; TCS Q1 eyed

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 17 points at the opening bell. Software major TCS unveils its Q1 June 2013 results today, 18 July 2013. Axis Bank and Kotak Mahindra Bank will also declare their Q1 June 2013 results today, 18 July 2013. Asian markets dropped on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year.

The Reserve Bank of India on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.

Steel stocks will be in focus after Luxembourg-based ArcelorMittal on Wednesday, 17 July 2013, said it has decided to scrap the 12-million-tonne-a-year steel plant in Orissa due to delays in acquiring land, uncertainties over iron-ore supplies and deteriorating market conditions. ArcelorMittal signed its initial agreement with Orissa's government to construct the plant in December 2006, but it hasn't been able to acquire any land for the project because of protests by local people. ArcelorMittal plans to build two other plants in Jharkhand and Karnataka, and it plans to continue with those projects despite facing delays there too, the company said.

Mahindra & Mahindra turns ex-dividend today, 18 July 2013, for total dividend of Rs 13 per share for the year ended 31 March 2013 (FY 2013).

IDFC turns ex-dividend today, 18 July 2013, for dividend of Rs 2.60 per share for the year ended 31 March 2013 (FY 2013).

Glenmark Pharmaceuticals turns ex-dividend today, 18 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).

Key benchmark indices logged modest gains in a volatile trading session of trade on Wednesday, 17 July 2013, after the on Tuesday, 16 July 2013, said it would liberalize foreign-investment rules in several sectors as part of efforts to boost economic growth that hit a decade-low of 5% in the fiscal year ended 31 March 2013. The S&P BSE Sensex was up 97.50 points or 0.49% to 19,948.73, its highest closing level since 15 July 2013.

Foreign institutional investors (FIIs) sold shares worth a net Rs 26.09 crore on Wednesday, 17 July 2013, as per provisional data from the stock exchanges.

Asian markets dropped on Thursday, 18 July 2013, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. China is the world's second biggest economy after the United States. Key benchmark indices in China, Hong Kong, Singapore and South Korea were down 0.53% to 1.05%. Key benchmark indices in Japan, Taiwan and Indonesia were up 0.32% to 0.49%.

US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.

The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.