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Business News/ Market / Stock-market-news/  Opening Bell 18 September | Investors await Fed statement
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Opening Bell 18 September | Investors await Fed statement

Asian markets trading mixed; Brent crude prices fall below $108 per barrel

A file photo of the BSE building in Mumbai. Photo: HT (HT )Premium
A file photo of the BSE building in Mumbai. Photo: HT
(HT )

Mumbai: Asian markets are trading mixed. While investors are awaiting a statement from the US Federal Reserve, speculation is rife that the central bank will announce a small reduction in its bond buying.

According to Reuters, many economists expect the Federal Reserve to scale back its monthly purchases by a modest $10 billion.

US markets closed in the green. The S&P 500 gained 0.42% to 1,704 as a buyback announcement by Microsoft Corp. sparked gains in technology shares. Read the Bloomberg report.

Back home, shares of public sector oil and gas companies will be in the focus. With the threat of immediate attack on Syria receding, Brent crude prices have fallen below $108 to $107.7 a barrel. Prices of India’s crude basket are also easing. Read more.

To discourage imports by traders, the government has increased the customs duty on gold and silver jewellery to 15%, reports Business Standard. According to the report, the move may help protect the domestic jewellery industry.

Banking, automobile and real estate stocks may witness some action. According to The Economic Times, to revive demand the Reserve Bank of India and the finance ministry are considering a scheme that will result in cheaper loans for housing and automobiles.

Shares of Aditya Birla Group companies—Hindalco Industries Ltd and Grasim Industries Ltd will also be in focus. The group chairman Kumar Mangalam Birla plans to increase promoter holding to a comfortable level to prevent any hostile takeover bids, reports The Times of India.

The outlook for media companies continues to remain grim. GroupM, one of the largest media buying agencies in India, has revised its forecasts for advertising expenditure this year, reports Mint. Ad spending is expected to now grow 8.5% in the year, lower than earlier estimates of 9.9%.

Hindustan Semiconductor Manufacturing Corp. has tied up with Larsen and Toubro Ltd and Infrastructure Leasing and Financial Services Ltd to set up a semiconductor plant, reports Mint. According to the report, the company is aiming to complete the first phase of the project by 2016.

The Karnataka high court has given UB Group one week to submit an audited report on United Breweries Holdings Ltd’s stake sale in United Spirits Ltd to Diageo Plc, reports Mint. Creditors to Kingfisher Airlines Ltd have filed winding-up petitions in the Karnataka high court against United Breweries, which has given corporate guarantees for the airline.

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Published: 18 Sep 2013, 08:01 AM IST
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