BackOpening Bell 20 Sept | Political uncertainty to weigh on markets
US markets closed firm; S&P 500 gained 0.12% to 1,461
Premium(Hemant Mishra/Mint)
Mumbai: After making some gains yesterday, Asian markets are trading lower on Thursday following a report saying Japan’s exports fell for third straight month. Japan’s Nikkei at 9,213 is down 0.20%.
While selling in export dependent companies is weighing on the benchmark indices, investors are waiting for manufacturing data from China.
Overnight, US markets closed firm. S&P 500 gained 0.12% to 1,461 after the Bank of Japan decided to ease monetary policy by boosting its asset purchase programme.
Back home, political uncertainty can weigh on the market sentiment. The Congress party has signalled a relaxation of its stance on some of the economic measures. The party directed the Congress-run state government to ease a six-cylinder limit on subsidized cooking gas by footing the bill for an additional three. Read more.
Stocks of state-owned oil and gas companies could witness some action. Brent crude slipped below $110 to $108.52 a barrel on sharp rise in US stockpiles.
The government is working on a template that would enable Coal India to outsource mining through tenders, reports Mint. The move is aimed at avoiding controversies like allocation of coal leases.
Tata Steel has been preferred for the supply of high quality rail in France. The order, pegged at ₹ 315.15 crore, involves supply of 50,000 tonnes of rail. Read the Business Standard report.
Another Tata group company, Tata Motors, has bagged orders worth ₹ 225 crore. The order involves supplying of 1,314 trucks. Read more.
Hero MotoCorp is likely to end the July-September period with its sharpest year-on-year drop in quarterly sales in at least a decade, reports Mint. Rising petrol prices and high interest rates are impacting its sales.
HCL Technologies entered into a five year, multi-million dollar deal with Freescale Semiconductor whereby it will manage the latter’s IT infrastructure. Read more.
Shares of Electrosteel Castings, Maharashtra Seamless, GVK Power & Infrastructure and Jayaswal Neco could witness some action. The inter-ministerial group has recommended scrapping of mines and invocation of bank guarantees provided by some of these companies. Read The Economic Times report.
SpiceJet is planning to import aviation turbine fuel from Singapore, reports The Times of India. According to the report, the airline will import the jet fuel from ports and then send them by trucks to airports.
Some of the lenders to Deccan Chronicle Holdings are not keen on a debt recast, reports Business Standard. Lack of clarity over the approach and differences among lenders is delaying the restructuring process.
Finally, more than two-thirds of Americans are now living on paycheck to paycheck. 68% of respondents to a survey said that it would be difficult for them if their paychecks get delayed for a week. Read the Reuters report.
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