Trading for the week is likely to begin on a dull note on negative global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 63 points at the opening bell. The government will announce inflation and industrial production data today, 12 June 2017.
Overseas, Asian stocks fell as investors assessed the risks from political turmoil in the UK. In US, technology stocks sold off sharply on Friday, 9 June 2017 taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day.
Investors were also digesting major political and economic events this week in the United States and Europe.
Back home,key benchmark indices settled with small gains after a lacklustre session of trade on Friday, 9 June 2017. The Sensex rose 48.70 points or 0.16% to settle at 31,262.06, its highest closing level since 7 June 2017.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 100.99 crore on Friday, 9 June 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 324.70 crore on Friday, 9 June 2017, as per provisional data.
Among macro economic data, the government will announce industrial production data for the month of April 2017 after market hours today, 12 June 2017. The data on inflation based on consumer price index (CPI) or retail inflation for May 2017 will also be announced after market hours today, 12 June 2017.
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Among corporate news,bank stocks will be in focus. Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.
Tata Motors said that its global wholesales including Jaguar Land Rover (JLR) declined by 1% to 86,385 units in May 2017 over May 2016. The announcement was made after market hours on Friday, 9 June 2017.
Coal India (CIL) issued clarification to the stock exchanges with regard to media news item titled "CIL to shut 37 mines ignoring unions threat. The company said that every year, subsidiaries of CIL generally undertake an exercise to determine profit/loss making operating mines for comparative study of the performance of such mines over previous years as well as for opening of new mines. The announcement was made after market hours on Friday, 9 June 2017.
Government of India (Ministry of Coal) during the review meeting with CIL & its subsidiaries noted that substantial number of mines which are not been able to recover salary of the workers and directed that all subsidiaries of CIL to conduct a detailed study of such mines and report the action taken to list out the unviable mines, the company said.
In view of above, an action plan has been prepared by subsidiaries in which 37 unviable UG mines has been envisaged to be closed in 2017-18. The identified surplus manpower from these mines would be gainfully redeployed in nearby mines of areas to reduce further loss in these mines, CIL said.
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