 "Core sector grows 8%: 10 things to know before opening bell")
Global cues:
Asian shares sagged on Friday though upbeat signals on China’s manufacturing activity limited losses, while the dollar pushed higher after upbeat U.S. data led some investors to price-in a less dovish stance at the U.S. Federal Reserve.MSCI’s broadest index of Asia-Pacific shares outside Japan fell about 0.2 percent, while Australian shares gave up 0.2 percent, but still remained just shy of five-year highs. Japan’s Nikkei stock averageerased early gains and dropped 0.6 percent.
U.S. stocks finished lower on Thursday as the Federal Reserve’s statement the day before added to investors’ anxiety about the timing of a pullback in its stimulus program.Dragging on the Dow and the S&P 500, Visa Inclost 3.5 percent to $196.67 after the world’s largest credit and debit card company reported a 28 percent drop in quarterly profit.
[caption id=“attachment_1140499” align=“alignright” width=“380”]
It is right to fear the market at these levels and that is what the market commentators will throw at you. Stay away is what you want to hear and is what you will get at current levels of the Sensex. Reuters.[/caption]
China’s giant manufacturing sector grew at its fastest rate in seven months in October, buoyed by new export orders, a private survey showed on Friday, adding to signs that the economy is stabilizing in the run up to a key government meeting on economic reform.The final HSBC/Markit Purchasing Managers’ Index (PMI) came in at 50.9, up from 50.2 in September and unchanged from a preliminary flash estimate released last week.
Gold was trading close its lowest in nearly two weeks on Friday, hurt by sharp losses in the previous session from month-end profit taking, strong U.S. economic data and a higher dollar.
Business/Stock news:
Jignesh Shah, who is embroiled in the Rs 5,600-crore payment imbroglio at NSEL, on Thursday resigned as Non-Executive Vice Chairman of MCX and said this crisis has destroyed “everything” he has worked for all his life.
SpiceJet announced the appointment of Sanjiv Kapoor, aviation consultant and a former member of Bangladesh’s GMG Airlines’ Board, as its Chief Operating Officer (COO).
Bank of India (BoI) today reported two-fold jump in net profit at Rs 621.77 crore for the July-September quarter. The bank had posted a net profit of Rs 301.85 crore in the same period of last fiscal, 2012-13.
OMCs will be in focus today after petrol prices were cut yesterday and diesel prices were hiked.
Economy news:
Petrol price were cut byRs.1.15 a litre on Thursday. Diesel prices, on the other hand, were raised by 50 paise per litre. The latest round of reduction comes on back ofRs.3.05 per litre cut in rates implemented from 1 October.
Fiscal deficit was Rs 4.12 lakh crore during April-September, or 76 percent of the full-year target, government data showed on Thursday.Net tax receipts touched Rs 3.08 lakh crore in the first half of the current fiscal year to March 2014, while total expenditure was Rs 8.09 lakh crore.
India’s infrastructure sector output rose 8.0 percent year-on-year in September, at its fastest clip in one year, mainly driven by higher production of coal, electricity and cement, government data showed on Thursday.The output grew at 3.7 percent in the previous month. During the first half of the current fiscal year, infrastructure output grew 3.2 percent from a year earlier, the data showed.