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Nik's Diary The Indian market opened flat today, mirroring flat opening trades in the SGX Nifty in spite of positive opening in the Asian markets. US market moved mostly higher over the course of the trading day on Thursday, after turning in lackluster performance in the previous session. The modest strength on Wall Street came following the release of a report from the Labor Department showing an unexpected drop in weekly jobless claims. The report said initial jobless claims fell to 340,000 in the week ended March 2nd, a decrease of 7,000 from the previous week's revised figure of 347,000. Most of the European markets ended the trading session on Thursday with modest gains. The markets pared their gains after the ECB and the BoE both maintained their respective interest rates. The European Central Bank maintained status quo in March amid rising concerns that the political stalemate in Italy could kindle the Eurozone sovereign debt crisis as the bloc battles a recession...

Nik's Diary The Indian market opened in the red today, mirroring negative  opening trades in the SGX Nifty and mixed opening in the Asian markets.  After moving notably higher over the course of Tuesday’s session, US stocks turned  in a relatively lackluster performance during trading on Wednesday, amid  uncertainty about the near-term outlook for the markets, following recent strength.  The majority of the European markets ended Wednesday's trading session in  negative territory. The markets were up in early trade, adding to the strong rally of  the previous session. The better-than-expected private sector employment data  released in the afternoon also provided support. However, those early gains began  to erode in late trading. Investors will watch out for Thursday's announcement from  the ECB, as well as the US jobs report on Friday.  Meanwhile, Indian shares rose on Wednesday, mirroring strong global cues, with  upbea...

Nik's Diary The Indian market opened in the green today mirroring positive opening trades in the SGX Nifty and most of the Asian markets. After showing a strong upward move in early trading on Tuesday, US stocks continued to perform well throughout the session. The strength on Wall Street reflected a positive reaction to news from overseas as well as an upbeat report on US service sector activity. The European markets ended Tuesday's session in positive territory. The markets were able to build on the positive performance of the Asian markets, after China maintained its economic growth target at 7.5% for 2013, while lowering its inflation target to 3.5% from previous year's 4%. The European markets also received a boost from the better-than-expected retail sales report from the Eurozone and the smaller-than-expected decrease in the service sector. Meanwhile, Indian shares joined a global rally in equities on growing hopes that the Reserve Bank of India will cut inter...

Nik's Diary The Indian market opened in the green today mirroring positive opening trades in the SGX Nifty and most of the Asian markets. Also, Finance Minister P Chidambaram’s promise to take a relook at a clutch of proposals pertaining to indirect taxes in the budget is expected to cheer the markets. US market stocks rebounded from early losses on Monday to finish the session with modest gains. The weakness came in due to worries about China and about the ongoing impact of the budget sequester. European shares fell on Monday, mirroring weakness across Asia as China's service sector data missed estimates and US budget cuts of about USD85bn kicked in, threatening the fragile US economic recovery. Meanwhile Indian markets edged lower, mirroring weakness in Asian and European equities as US budget cuts kicked in and data out of the euro zone and China underlined concerns over the global economic outlook. Sequester, debt ceiling issues to be eyed There is a lot of tal...

Nik's Diary The Indian market opened in the red today mirroring negative opening trades in the SGX Nifty and mixed opening in the Asian markets. After recovering from an early move, US markets slid on Friday. They then saw modest strength for much of the remainder of the trading session. The strength on the day came as upbeat economic data overshadowed concerns about the impact of automatic government spending cuts. The major averages moved roughly sideways going into the close, hovering in positive territory. The European markets ended Friday's session with mixed results. A number of weaker-than-expected economic reports weighed on investor sentiments at the end of the trading week. Manufacturing data from China and the UK were disappointing, while unemployment in the Eurozone climbed to a record high. The markets managed to recover some ground in the afternoon, following some better-than-expected economic reports in the US, including the stronger-than-expected ISM manu...

Nik's Diary The Indian market opened in the red mirroring negative opening trades in the SGX Nifty and most of the Asian markets as $85 billion of US spending cuts are set to begin. Also, a decade-low Indian GDP of 4.5% in 3QFY2013, reported after market hours yesterday, is expected to put pressure on Indian markets today. The US market showed a relatively lackluster performance over the course of the trading day on Thursday, as traders seemed somewhat reluctant to make any significant moves. The choppy trading on Wall Street came on the heels of the release of a mixed batch of US economic data, with traders weighing weaker-than expected GDP data at 0.1% against upbeat reports on jobless claims which dropped to 344,000 (against 366,000 last week) in the week ended February 23, 2013; and Chicago-area business barometer rising to 56.8 in Feb’13 from 55.6 in Jan’13. The European markets ended in positive territory on Thursday, on the back of better than expected economic data f...

The Union finance minister today presented the  Budget  for the year 2013-14. Some of the key points that were highlighted by Chidambaram in the Budget are: - No change in slabs and rate for personal income tax. - Tax credit of Rs 2000 to be provided to every person to having income of up to Rs 5 lakh, this will benefit 1.8 crore people. - 5 to 10 per cent surcharge on domestic companies whose taxable income exceeds Rs 10 crore. - Commodities transaction tax levied on non-agriculture commodities futures contracts at 0.01 per cent. - Modified GAAR norms to be introduced from April 1, 2016. - No change in peak rate of customs duty for non-agriculture products. - Direct Taxes Code (DTC) bill to be introduced in current Parliament session. - No change in basic customs duty rate of ten per cent and service tax rate of 12 per cent. - Import duty on rice bran oilcake withdrawn. - Series of concessions granted to Maintenance, Repair and Overhaul (MRO)...