New York: 13:16 || London: 18:16 || Mumbai: 21:46 || Singapore: 00:16

Reports India

Indian stock market and companies daily report (September 05, 2014, Friday)

September 5, 2014, Friday, 05:36 GMT | 00:36 EST | 09:06 IST | 11:36 SGT
Contributed by Angel Broking

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

U.S. stock fell for the third day as energy producers sank with oil prices to overshadow new stimulus from the European Central Bank.

European stocks rose as ECB surprised with decision to cut interest rate as well as start buying securitized debt brought investors out from the sidelines.

Back home, Indian market ended negative, snapping 9 day positive trend on weak global cues and an overnight rally in Brent crude oil prices weighed on key indices

Markets Today

The trend deciding level for the day is 27,076 / 8,091 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 27,179 - 27,273 / 8,120 - 8,144 levels. However, if NIFTY trades below 27,076 / 8,091 levels for the first half-an-hour of trade then it may correct 26,982 - 26,879 / 8,066 - 8,037 levels

Infosys wins IT services deal from BP

Infosys bagged a five-year contract from Europe's second largest oil and gas company, BP, to provide IT services. Infosys will provide IT services, particularly in areas like application support and development to BP, the company said in a statement. The agreement, effective September 1, 2014, will provide IT services across BP's operations, including corporate functions, upstream and downstream segments, energy trading and marketing. The agreement's geographical scope includes BP's main facilities in Houston, Texas and in the UK, as well as support in locations like Azerbaijan, Angola, Brazil and Singapore. While, no financial details were provided, given the long term and spread of the deal, we believe it's positive for the company and will fully reflect during 3QFY2015 numbers. We retain our accumulate with a target of '4207.

Economic and Political News

- N-deal with Australia to boost generation at higher PLF

- Textiles ministry favours dilution in jute packing order

- Cotton acreage in India at record high; industry foresees no glut

Corporate News

- Coal India unions threaten "work to rule" strike

- Maruti to pay Suzuki royalties in rupees for future models

- Siemens delivers 1200 kV transformer to Power Grid Corporation