 "Eyes on Wipro, US job data: 10 things to know before opening bell")
Global cues:
Asian shares pulled backed from a five-month high and the dollar stabilized after recent heavy losses as markets waited for US jobs data that could shape expectations as to whether the Federal Reserve will start withdrawing stimulus this year. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.3 percent, dropping from a five-month peak. Technical charts indicated it remained in “overbought” territory, indicating there could be a further retreat.Tokyo’s Nikkei share average.N225dipped 0.2 percent.
US stocks ended little changed on Monday as lackluster earnings reports from McDonald’s and others fed concerns that equities were overpriced after the S&P index’s run to record highs last week.The Dow Jones industrial average.DJIwas down 7.64 points, or 0.05 percent, at 15,392.01. The Standard & Poor’s 500 Index.SPXwas up 0.14 points, or 0.01 percent, at 1,744.64. The Nasdaq Composite Index.IXICwas up 5.77 points, or 0.15 percent, at 3,920.05.
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The US dollar found its footing in early Asian trading on Tuesday, holding above eight-month lows as investors hedged their bets in case the delayed U.S. payrolls report for September was stronger than expected.
Gold prices ended flat in extremely quiet trade on Monday, as investors stayed on the sidelines after last week’s short-covering rally sparked by hopes the Federal Reserve would postpone its withdrawal of monetary stimulus.
Business/Stock news:
All eyes are onWipro Ltdas it will announce its September quarter results on Tuesday. Analysts expect Wipro to post revenue growth between 2% and 4%, in line with its own guidance, lower than the 3.8% ofInfosys Ltd, 5.4% ofTata Consultancy Services Ltd(TCS) and 3.5% ofHCL Technologies Ltd.
According to reports, Mumbai police believes that the NSEL board was in the know of all transactions at the debt ridden spot exchange.The city police’s Economic Offences Wing has started identifying the immovable assets of those accused in the Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL) in a bid to attach them.
IT services major TCS has bagged a multi-million dollar deal from leading rail vehicles maker Bombardier Transportation for managing IT infrastructure of its newly commissioned data centres. “The multi-year, multi-million deal, is the first that TCS has signed with a rail-transportation technology provider,” TCS said in a release. It did not reveal financial details of the deal. Bombardier Transportation is a world leader in rail transportation with operations in over 60 countries.
Telecom Companies will be in focus after reports that the government is close to approving a new merger and acquisition (M&A) policy for Indian telecom service providers that proposes to allow arrangements or amalgamations that would have a market share of up to 50 percent.
HDFChas posted a net profit of Rs 1,266 crore for the quarter ended September 2013, which is a 10% increase over Rs 1,151 crore in the corresponding period last year.
Economy news:
Retrospective application of tax laws should occur in exception or rarest of rare cases and with particular objectives, Advisor to Finance Minister and chairman of the Tax Administration Reform Commission Parthasarthi Shome said on Monday.“The government should not go for retrospective amendment of tax laws to raise revenues as it vitiates the business environment at a time when the global as well as the domestic economies are stressed due to slowdown,” Shome said on the sidelines of international tax conference organised by industry chamber Assocham.
Stating that there has been improvement in the trade account, Chairman of the Economic Advisory Council to Prime Minister C Rangarajan on Monday said the Current Account Deficit (CAD) will go down well below $70 billion.