Opening Bell 29 April | Economic data, monetary policy to guide markets

The market’s direction will be influenced by the economic data to be released on Tuesday
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First Published: Mon, Apr 29 2013. 07 52 AM IST
A file photo of the BSE building in Mumbai. Photo: Mint
A file photo of the BSE building in Mumbai. Photo: Mint
Mumbai: It looks like being an eventful week. Apart from corporate results, the market’s direction will also be influenced by the economic data to be released on Tuesday and the monetary policy review by the Reserve Bank of India, scheduled for the second half of the week.
Asian markets are trading mixed ahead of the monetary policy meetings by the central banks in the developed countries. The US central bank will hold its two day policy meeting in this week. South Korea’s Kospi at 1,935 is trading lower by 0.46%.
US stocks closed marginally lower on Friday. The S&P 500 lost 0.18% to 1,582 on selling in shares of online retailer Amazon.com Inc. Read more.
Back home, because of weak demand and high costs, growth in sales and net profits of Indian companies in the March quarter rose at the slowest and the second slowest pace in 10 quarters respectively. Read the Mint report.
Large-cap stocks have been the flavour of the season. Foreign institutional investors’ holdings in 28 Sensex companies rose 18.4%-the highest since the end of March 2007, reports Mint, and while their interest in 275 small-cap stocks shrank 6.8% their holding in BSE-100 stocks climbed 17.6%.
The Directorate General of Hydrocarbons wants Reliance Industries Ltd to give up 86% of its D6 gas block area in the Krishna-Godavari basin, including eight discoveries worth at least $5 billion. The upstream regulator is reportedly saying the firm has overshot the time allotted to it for developing the area. Read more.
To recover the Rs.20,000 crore owed by its customers, Bharat Heavy Electricals Ltd is trying to directly secure disbursement of loans sanctioned to developers by the lenders, reports Mint. In the earlier arrangement, payment to Bharat Heavy Electricals was routed through the developers.
Bharat Heavy Electricals Ltd, has meanwhile, bagged Rs.4,051 crore worth of contracts from Odisha Power Generation Corporation Ltd, reports Business Standard. The contract is for the supply of the main plant consisting of boiler, turbine and generator.
Coal India Ltd is aiming to produce 492 million tonnes (MT) of coal and dispatch 500 MT in the current fiscal, reports Business Standard. In the last fiscal, the company produced 452.5 MT against the target of 464 mt.
Maruti Suzuki India Ltd may continue to trade with positive momentum. The company reported record profits for the fourth quarter. Read more.
Gary Toomey, a former chief financial officer of Qantas Airways Ltd, is tipped to be the next chief executive officer at Jet Airways (India) Ltd, reports Mint. The change at the top comes at a time when Etihad Airways is in the process of buying 24% stake in Jet Airways.
Finally, technology stocks in the US have fallen to the cheapest levels in seven years as profit estimates have declined. According to analysts’ estimates tracked by Bloomberg, earnings at computer companies may fall 5.5% in the three months through June as consumers and government agencies cut spending.
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First Published: Mon, Apr 29 2013. 07 52 AM IST
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