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Reports India

Indian stock market and companies daily report (August 28, 2014, Thursday)

August 28, 2014, Thursday, 05:47 GMT | 01:47 EST | 10:17 IST | 12:47 SGT
Contributed by Angel Broking

Indian markets expected to open on positive note tracking SGX Nifty and Asian markets.

US markets struggled to add to gains on Wednesday as no major reports were released. Trading was lackluster with some market participants on vacation ahead of the Labor Day and as a result, indices ended on a flat note.

European stocks were unable to extend gains on Wednesday on account of weak consumer sentiment in Germany. The forward looking consumer sentiment is set to drop in September to 8.6 as compared to 8.9 in August. Back home, Indian market ended on a positive note with upbeat U.S. economic reports in this week and continued speculation of further policy stimulus in the euro zone supporting sentiment.

Markets Today

The trend deciding level for the day is 26,530 / 7,933 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,630 - 26,699 / 7,950 - 7,963 levels. However, if NIFTY trades below 26,530 / 7,933 levels for the first half-an-hour of trade then it may correct 26,460 - 26,360 / 7,919 - 7,903 levels.

FinMin orders forensic audit of UCO Bank

The government has ordered forensic audit in some of NPA accounts of UCO Bank to find out irregularities, if any, in sanction of the loans. The stock opened in negative territory and lost 8.2% in yesterday's trade. Recently the government had ordered forensic audit for Dena bank and Oriental Bank of Commerce, where some officials were suspected of misappropriating funds worth '436cr from their fixed deposit customers. Rising NPA has been a major issue for banking sector as a whole, thereby impacting the earnings. RBI governor Raghuram Rajan has emphasised the need for better governance in India's state-owned banks.

Economic and Political News

- Moody's project Apr-June quarter GDP growth at 5.1%

- Rising domestic prices threaten rebound in sugar exports

- Govt notifies FDI liberalization in Railways

Corporate News

- Sund aram BNP Paribas offer spl rate of interest on home loans

- Ratan Tata invests in

- SC rejects DLF plea, directs company to pay '630cr