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Reports India

Indian stock market and companies daily report (June 05, 2014, Thursday)

June 5, 2014, Thursday, 06:00 GMT | 01:00 EST | 09:30 IST | 12:00 SGT
Contributed by Angel Broking

Indian markets are expected to open on a flat note today tracking flattish start to SGX Nifty. Most of the Asian indices are trading in the red as investors await a European Central Bank policy decision.

US markets moved modestly higher over the course of the trading day on Wednesday recovering from an early downside move. Although the buying interest was subdued, S&P 500 managed to close at a new record closing high. The early weakness on Wall Street was partly due to the release of a report from payroll processor ADP showing that the private sector job growth (rose by 1 79,000 jobs in May as against economistsRs. expectations of 210,000 jobs) slowed more than expected in May. The weaker than expected private sector job growth raised some concerns ahead of the Friday's jobs report from the Labor Department, which includes both private and public sector jobs. According to a Commerce Department report, US trade deficit widened by much more than expected in April. On a positive note, ISM non-manufacturing index climbed to 56.3 in May from 55.2 in April.

Back home, Indian markets eased slightly on Wednesday, mirroring losses in Asia and Europe as caution set in ahead of Thursday's European Central Bank meeting and a crucial US jobs report due on Friday. The Indian rupee held steady and a report showed India's services sector expanded for the first time in nearly a year in May, helping keep sentiment from faltering. Trading on Thursday would be driven by reaction to the ECB monetary policy decision, with the central bank widely expected to announce new stimulus measures.

Markets Today

The trend deciding level for the day is 24,835 / 7,409 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 24,897 - 24,987 / 7,427 - 7,452 levels. However, if NIFTY trades below 24,835 / 7,409 levels for the first half-an-hour of trade then it may correct 24,745 - 24,683 / 7,385 - 7,367 levels.

Service PMI rose to 50.2 for MayRs.14

Service Purchasing Managers's Index (PMI) came in at 50.2 for MayRs.14 as compared to 48.5 in April. The rise in index made it evident that the service sector has returned to growth trajectory since the PMI has grown for the first time in last 11 months for the service sector (reading above 50 indicates expansion and the one below it shows contraction).

Economic and Political News

- Bond yields hit 4-1/2 month lows on dovish RBI policy

- Government may not implement gas price hike retrospectively

- Government to review Rs.6.5lac cr projects cleared by UPA

- Japan, Kerala ink pact to promote bilateral business

- Maharashtra's GSDP pegged at over 8% in 201 3-14

- RBI to auction Rs 20K cr under special term repo window

- Services PMI grows for the first time in 11 months, came in at 50.2

- Patnaik seeks Rs.3,160cr for Odisha in Rail budget

- TN govt asks Centre to relax norms for NIMZ

Corporate News

- AT&T to buy 26% stake held by Mahindra in India JV

- Glenmark opens new manufacturing facility in Switzerland

- Govt likely to announce FDI in e-commerce next month

- SC rejects Sahara chief Subrata Roy's bail plea again

- MP Power signs deal with KRBL for supply of 15 MW power