Mumbai: US markets fell after Federal Reserve minutes suggested that there would be sooner-than expected end to $85 billion per month bond buying program, offsetting upbeat private sector jobs data. The Dow Jones Industrial Average fell 0.2%, S&P 500 index also lost 0.2% while Nasdaq Composite was down 0.4%.
In Asia, Japan’s Nikkei Stock Average played catch up and rallied 2.5% while China’s Shanghai Composite gained 0.5%. Profit booking was seen elsewhere, Hong Kong’s Hang Seng declined 0.6% tracking losses on Wall Street.
In India, Sahara Group companies will be under pressure after the market regulator widened scrutiny of transactions related to optionally fully convertible debentures, reports Mint. The Securities and Exchange Board of India has sent notices to find out information on the transfer of money raised through the OFCDs.
Reliance Industries will be under pressure after Sebi rejected the company’s consent plea in the insider trading case in shares of Reliance Petroleum. Through the dealings in RPL, RIL received revenue of Rs.4,023 cr and profit from the transaction in the futures segment was Rs.513 cr.
Bad times continue for Kingfisher Airlines. The Airports Authority of India has warned the troubled airline that it will start taking away space allotted at airports across the country if it fails to submit a functional plan by mid-January, reports Mint. Lenders will meet Kingfisher management in Bangalore today.
Infosys will see some action following an Economic Times report that it is sacking around 5000 employees at the bottom of the performance pile to reduce costs because of slow business growth.
Infrastructure companies - L&T IDPL, Gammon Infra, IL&FS Transportation, GMR Infra and CAF South Africa are in the race for the Rs.21,147 crore, 60 km Mumbai elevated rail corridor from Churchgate to Virar, reports Business Standard.
Gold loans NBFCs - Muthoot and Manappuram Finance may continue to remain in the limelight after Reserve Bank of India in a working paper admitted the need to increase monetisation of idle gold stocks for productive purposes and suggested a higher loan-to-value ratio for gold loan companies (75% versus 60%).
Lastly, five men were formally charged in the Delhi high court on Thursday with the gang rape and murder of a physiotherapy student. A sixth accused is under 18 and is due to be tried separately in a juvenile court.