New York: 09:07 || London: 14:07 || Mumbai: 17:37 || Singapore: 20:07

Reports India

Indian stock market and companies daily report (April 10, 2014, Thursday)

April 10, 2014, Thursday, 05:37 GMT | 00:37 EST | 09:07 IST | 11:37 SGT
Contributed by Angel Broking

Indian markets are expected to open flat with a negative bias tracking negative opening trades in SGX Nifty and flat opening in most of the Asian markets.

After moving moderately higher in morning trading on Wednesday, US stocks accelerated to the upside following the release of the minutes of the latest Federal Reserve meeting. The markets extended the upward move seen in the previous session, further offsetting the recent pullback. The Dow jumped 1.1% to 16,437, the Nasdaq gained 1.7% to 4,184 and the S&P 500 soared up 1.1% to 1,872. The minutes of the March Fed meeting eased concerns about the central bank raising interest rates sooner than anticipated which led to the rally in US markets. Meanwhile, the European markets edged higher after two consecutive sessions of declines, but gains were modest ahead of a key interest rate announcement from the Bank of England.

Back home, Indian shares ended sharply higher on Wednesday on back of firm global cues coupled with renewed buying from foreign institutional investors (FIIs). Sentiment also improved after the International Monetary Fund (IMF) projected India's economy to grow by 5.4% in 2014-15 and 6.4% in 2015-16, supported by stronger global growth, improving export competitiveness and implementation of recently-approved investment projects.

Markets Today

The trend deciding level for the day is 22,607 / 6,770 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,607 - 22,968 / 6,835 - 6,874 levels. However, if NIFTY trades below 22,341 / 6,770 levels for the first half-an-hour of trade then it may correct 22,475 - 22,247 / 6,731 - 6,666 levels.

SBI to raise $750M-$1B through overseas bond sales

According to media reports, State Bank of India is set to raise $750M -$1B through overseas bond sales. The pricing for the bonds could be 240-250bps above 1 0-year US treasury.

NCC to raise Rs.650cr through rights issue

NCC has approved raising of funds to the tune of Rs.650cr through the rights issue of equity shares to the existing members. The terms and conditions of the issue, including the rights entitlement ratio, the issue price, issue size, record date, timing etc will be decided subsequently. The board had also accorded in-principle approval for increasing the authorized share capital from Rs.60 crore to Rs.150 crore.

Economic and Political News

- About 40 per cent foodgrains stored unprofessionally: Assocham

- Telecom Commission to keep close track of Trai recommendations

- Environment for emerging economies turns more challenging: IMF

- GoI defends decision to hike gas price, urges SC to refrain from interfering

Corporate News

- Blue Star plans new manufacturing plant in South India

- Lupin gets USFDA approval for diabetes management drug

- Kingfisher lenders sell shares of United Spirits for Rs 1 00 crore

- US regulator okays Ranbaxy's R&D centres

- EU ban stays on Ranbaxy's two plants