Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for March 2013 on Wednesday, 3 April 2013. The HSBC services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 54.2 in February from a one-year high of 57.5 in January. Services make up over 60% of India's economy.
Auto and cement stocks will be in focus as companies from these two sectors start unveiling monthly sales volume data for March 2013 from Monday, 1 April 2013. IndusInd Bank and NMDC become a part of the 50-unit CNX Nifty index with effect from Monday, 1 April 2013. These two stocks replace Siemens and Wipro in Nifty.
Upside on the domestic bourses may be capped due to increase in supply of equity in the market over the next few months. Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms will result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013, while the deadline for state-run firms is 31 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
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