Latest News Updates on Stock and Commodity Market

Today Stock Market News Updates :

The Indian stock market opened on a firm note on the Indian bourses this morning, with strong results and an encouraging earnings guidance from IT bellwether Infosys and a rally in global markets amid optimism about an end to the U.S. budget impass, triggering some hectic buying in early traders.

Infosys, India's second largest IT services exporter reported a 1.6% rise in net profit for the second quarter ending September 30, 2013. The company posted a net profit of Rs 2,407 crore as compared to Rs 2,369 crore in the corresponding period a year ago.

The revenues of Infosys for the second quarter ending September 30, 2013 rose by 31.5%. The company reported revenue of Rs 12,965 crore as compared to Rs 9,858 crore in the corresponding period a year ago.

JP Morgan:

We do not believe that investors must read anything amiss into growth implications for the coming two quarters due to the unchanged USD revenue guidance (at the upper-end).

IDFC:

We expect the stock to trade up and settle in Rs 3200-3500 till next set of good news come in. We expect the stock to move sideways after today’s initial upmove.

Kotak:

Results demonstrate that the company is on the mend. An improved demand environment has also helped overall numbers. Performance is the best way to assuage concerns on reorganisation and senior management exits.

Barclays:

 Going forward, we believe Infosys will run on the twin engines of revenue strength and improving margins. Revenue trends are well supported by management commentary of a strong pipeline and good contract wins.

Today Commodity News Updates:

·         Gold futures fell to a one-week low

·         Silver futures for December delivery climbed less than 0.1 percent  

·         Copper rose in London, rebounding from a three-week low 

·         Aluminum, zinc, lead and nickel rose in London.  

·         Crude rose from a three-month low

Gold futures fell to a one-week low on speculation that the U.S. will avert a default, eroding demand for the precious metal as a haven. Silver futures for December delivery climbed less than 0.1 percent to $21.896 an ounce. The price has dropped 28 percent this year. West Texas Intermediate rose from a three-month low on signs that lawmakers were getting closer to an agreement to increase the U.S. debt ceiling. Copper rose in London, rebounding from a three-week low, on speculation U.S. politicians will agree to increase the government’s borrowing limit and avoid a debt default. Copper stockpiles tracked by the LME, at the lowest level since March, slid for a 26th session to 512,450 tons, daily exchange data showed. 

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