Market may open lower

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 7 points at the opening bell. Tata Consultancy Services (TCS) announced after market hours Thursday, 15 November 2012, it is collaborating with SAP AG on development of the SAP Retail Execution mobile app version 3.0. The collaboration is based primarily on TCS' extensive experience in consumer packaged goods (CPG) industry implementation projects and mobile application product development, TCS said. PSU OMCs and auto stocks will be in focus as the country's largest fuel retailer, Indian Oil Corporation (IOC) said on Thursday state-run fuel retailers will cut petrol prices by about 1.4% from Friday. The government decontrolled pricing of petrol in 2010. "The trends in the international oil market and rupee-dollar exchange rate are being closely monitored and the same shall be reflected in future price changes," IOC said in the statement. L&T Finance Holdings after trading hours on Thursday, 15 November 2012, said that it has noted that there has been a significant spurt in both traded and delivered volumes in the company's shares on the bourses, associated with appreciable increase in the share price. L&T Finance Holdings said this could due to certain reports/rumours regarding merger and acquisition activities. L&T Finance Holdings said it will not be prudent on the part of the company to respond in any manner to rumour or speculation. L&T Finance Holdings further said that the management intends to clarify that as a part of the growth strategy, the company pursues both organic and inorganic opportunities on an ongoing basis and appropriate public announcement of any new development with regard to the company is made in accordance with the applicable law. Oriental Bank of Commerce after trading hours on Thursday, 15 November 2012, said that the bank intends to raise capital by issue of unsecured Lower Tier II Bonds in the nature of Debentures (Debt Capital Instruments for inclusion as Tier II Capital) upto Rs 1200 crore. Key benchmark indices logged losses for fifth straight session on Thursday, 15 November 2012, as weakness in global stocks hurt investor sentiment adversely. The BSE Sensex lost 147.50 points or 0.79% to settle at 18,471.37, its lowest closing since 30 October 2012. Foreign institutional investors (FIIs) bought shares worth a net Rs 46.45 crore on Thursday, 15 November 2012, as per provisional data from the stock exchanges. Asian stocks were mixed on Friday amid speculation an election next month in Japan will hand power to an opposition party that advocates more aggressive monetary easing in the world's third-biggest economy. Key benchmark indices in China, South Korea and Singapore fell by between 0.2% to 0.79%. Key benchmark indices in Hong Kong and Japan rose by between 0.22% to 1.85%. Japan's government downgraded its view of the economy for a fourth month, the longest streak since the global financial crisis as slumping exports and weak demand threaten to tip the country into a recession. "The Japanese economy is showing weakness recently due to the deceleration of the world economy,” the Cabinet Office said in a report released in Tokyo today, as it cut its assessment of consumption, investment, corporate profits and the job market. “Attention should be paid to employment and income situations in the future, and the adverse effects of deflation on the economy.” Japanese Prime Minister Yoshihiko Noda will dissolve parliament today, triggering an election on Dec. 16 that polls suggest his Democratic Party of Japan will lose. Singapore said growth this year will be at the lower end of its previous forecast and the expansion in 2013 may hold near a three-year low, as faltering demand for its goods weighs on the Southeast Asian nation's economy. The economy will grow 1% to 3% in 2013 after expanding about 1.5 percent this year, the Trade Ministry said in a statement today. It had previously forecast growth of as much as 2.5 percent in 2012. Gross domestic product contracted 5.9% last quarter from the previous three months, worse than the 1.5% decline estimated earlier. US stocks were little changed on Thursday as the prospect of a drawn-out battle over impending tax and spending changes made investors wary of getting into the water, while retailer Wal-Mart tumbled after disappointing sales. Data on Thursday showed new claims for unemployment benefits surged last week, while factory activity in the mid-Atlantic region unexpectedly shrank in November as the economy felt the effects of superstorm Sandy. President Barack Obama and Congressional leaders begin budget talks on Friday, amid fears the United States will stumble back into recession if no deal is reached to avoid some of the $600 billion in spending cuts and tax hikes due to start taking effect in January. Investors are worried about the possibility of the so-called "fiscal cliff" in US. The fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling.