Market may remain volatile

The market may remain volatile amid lack of cues from Asian stocks. Asian stock markets were closed today, 1 January 2014 for New Year Holidays.

Canara Bank said before market hours that consequent to passing of the Special Resolution by the shareholders at the EGM of the bank held on 30 December 2013 for issue and allotment of 1.82 crore equity shares to the Government of India on preferential basis and receipt of funds from Government of India, the Chairman and Managing Director, as per the authority delegated by the Board of Directors to him, has allotted 1.82 crore Shares on 31 December 2013 to President of India (Government of India) on preferential basis.

Adani Power after market hours on Tuesday, 31 December 2013 said that its state-of-the-art 4,620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. The generation so far was constrained due to inadequate evacuation capacity, which has been alleviated with guidance, support and cooperation of various state and central grid authorities, Adani Power said in a statement.

Adani Power has a thermal power generating capacity of 7,920 MW, consisting of 4,620 MW at Mundra, 1,980 MW at Tiroda and 1,320 at Kawai. The Mundra plant, which is one of the world's largest private coal based power station at a single location, has five units of 660 MW and four units of 330 MW each. All the 660 MW units are based on environment friendly supercritical technology, Adani Power said in a statement.

Commenting on the development, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power is committed to narrow the demand supply gap in electricity in India. We are proud that the Mundra plant has surpassed its installed capacity of 4,620 MW. This is a national record in the Indian power sector. We, at Adani, are devoted towards nation building and this project is dedicated to the people of India. We are confident of achieving a target of generating 9,240 MW of electricity by March 2014”.

Mr. Vneet S Jaain, CEO, Adani Power said, “Achieving 4,644 MW power generation at Mundra is one more feather in the cap of our Mundra plant. The state-of-the-art technology used in this project and Adani's expertise in management of such complex projects are key to its success. We hope to replicate this feat at our other projects too”.

The combined Index of Eight Core Industries stands at 153.5 in November, 2013, which was 1.7 % higher compared to the index of November, 2012. The Eight Core Industries have a combined weight of 37.90 % in the Index of Industrial Production (IIP).

The fiscal deficit touched Rs 5.1 lakh crore during April-November 2013, or 93.9% of the full-year target, government data showed on Tuesday, 31 December 2013. Net tax receipts touched Rs 3.96 lakh crore in the first eight months of the current fiscal year to March 2014, while total expenditure was Rs 10.21 lakh crore.

In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8% of gross domestic product (GDP) this fiscal year from 4.9% a year ago.

The next major trigger for the market is Q3 December 2013 corporate earnings. The Q3 earnings season will begin around mid-January 2014 and continue till mid-February 2014. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year.

Key benchmark indices eked out small gains on the last trading session of 2013 on Tuesday, 31 December 2013. The S&P BSE Sensex garnered 27.67 points or 0.13% to settle at 21,170.68 on that day, its highest closing level since 27 December 2013.

Foreign institutional investors (FIIs) bought shares worth a net Rs 309.70 crore on Tuesday, 31 December 2013, as per provisional data from the stock exchanges.

Asian stock markets were closed today, 1 January 2014 for New Year Holidays.

A Chinese manufacturing index slipped to a four-month low in December, underscoring challenges for President Xi Jinping as he tries to sustain economic momentum while rolling out reforms. The Purchasing Managers' Index was at 51, the statistics bureau and the logistics federation said today in Beijing.

US stocks rose to records on Tuesday, with the Standard & Poor's 500 Index posting its biggest annual advance since 1997, as gains in consumer confidence and housing prices bolstered confidence in the world's largest economy. The Conference Board's index of U.S. consumer confidence rose to 78.1 in December from 72 in the prior month while the S&P/Case-Shiller index showed property prices in 20 cities rose in October from a year ago by the most in more than seven years.

The US stock market is closed today, 1 January 2014, for New Year's Day holiday. The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.