Mumbai: Overnight, the S&P 500, a bellwether for the US economy and the Dow Jones Industrial Average closed at record high with investors looking to get into equities as the first quarter came to a close, reports Market Watch. Investors shrugged off disappointing economic reports of a rise in weekly jobless claims and worse than expected business activity in the Chicago region.
Trading will be subdued today because of the Good Friday holiday. Japan’s Nikkei stock Average was trading marginally higher helped by blue chip shares and China’s Shanghai Composite was trading flat on Friday morning.
In India, markets will be shut on Friday but the rupee will be under pressure next week as external risks for the country worsen after current account deficit zoomed to a record high of 6.7% of gross domestic product in December, up from 4.4% in the year ago period. The wider current account deficit of $32.6 billion was because exports rose marginally, while imports gained 9.4% on account of oil and gold demand.
HDFC Bank Ltd shares may see some action on Monday after it cut base rate by 10 basis points, to 9.6%, the lowest in the industry, in response to the rate cut by the Reserve Bank of India. Banks have not been able to cut their loan rates as the deposit rates have not softened and they have been struggling with liquidity deficit following advanced tax outflow.
Global IT spending is expected to touch $3.8 trillion in 2013, driven by spending from the telecom services market and increased discretionary spending in North America, according to Gartner Inc., reports Mint.
The government is planning to raise Rs.40,000 crore by selling stake in PSUs such as Coal India Ltd, Indian Oil Corporation, Engineers India and MMTC in the next fiscal year starting April, reports Wall Street Journal India.
Deccan Chronicles Holdings vice chairman P.K. Iyer told shareholders at an annual general meeting that the management will engineer a turnaround within two quarters as financial troubles have not hampered the core print business, reports Mint. Lenders to Deccan Chronicles have filed several lawsuits to recover their dues.
SpiceJet Ltd chief executive Neil Mills said on Thursday that he does not expect any threat from the entry of AirAsia into the Indian market later this year, reports Wall Street Journal India.
Jet Airways Ltd has put on hold its plan to expand its network in Europe through Munich airport until it inks a deal with Abu Dhabi’s Etihad Airways. Jet Airways has received aviation ministry’s permission to start 35 new flights to Munich, reports The Economic Times.