Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 9.50 points at the opening bell.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday, 25 June 2015.
In overseas stock markets, Asian markets were higher today, 23 June 2015. US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 651.31 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.03 crore during previous trading session, as per provisional data.
Among corporate news, shares of pharmaceutical companies will be in focus after the Ministry of Chemicals and Fertilizers after trading hours yesterday, 22 June 2015, said that a Task Force on the pharmaceutical sector has recommended measures to enhance regulatory support, strengthening of infrastructural support and has recommended fiscal and financial support to the sector. The Task Force has also recommended measures for promoting skill development aligned to the need of the industry, strengthening the R&D capability of the sector and pricing strategy for the sector. Speaking at the release ceremony of the Task Force report on the pharmaceutical sector yesterday, 22 June 2015, the Minister of Chemicals & Fertilizers Ananth Kumar said that the government wants to encourage a robust pharmaceutical industry in the country that is upgraded, standardized, innovative and globally competitive and can produce formulations at affordable costs. Kumar further said that the government is very keen on early implementation of the recommendations of the Task Force and it would come out with an action taken report on these recommendations in 100 days.
The Secretary, Department of Pharmaceuticals, Dr. V.K. Subburaj said that the exports of pharmaceuticals by Indian companies is a success story. However, regulations in the sector are weak in the country and that is affecting the further growth, he said.
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Bank stocks will be in focus. The Reserve Bank of India yesterday, 22 June 2015, released the time series web publication 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs)' as on 31 March 2015. Growth in aggregate deposits and gross bank credit decelerated to 10.7% and 9.8% respectively in March 2015 from 13.9% and 13.8%, respectively a year ago. The above deceleration was broad based and observed across all population groups except 'Rural', the RBI said. Growth in gross bank credit increased to 14.7% for 'Rural' in March 2015 from 14% a year ago. Public sector banks (PSBs) accounted for the largest share of 72.9% in aggregate deposits and 71.6% in gross bank credit followed by private sector banks (19.7% and 20.9%, respectively) as on 31 March 2015, the RBI said.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 22 June 2015, that the southwest monsoon has further advanced into some more parts of Gujarat region, Madhya Pradesh, most parts of Chhattisgarh and Jharkhand and some parts of Bihar. Conditions are favourable for further advance of Southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3 days, the IMD said. The Southwest Monsoon has been vigorous over Madhya Maharashtra, Vidarbha, Chhattisgarh and South Interior Karnataka and active over Gangetic West Bengal, Odisha, Jharkhand, West Madhya Pradesh and North Interior Karnataka during past 24 hours ending at 0830 hrs, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 16% above the Long Period Average (LPA) until 21 June 2015. Region wise, the southwest monsoon was 32% above the LPA in Central India, 30% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 21 June 2015.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Banking and IT stocks led rally for key benchmark indices on the first trading session of the week yesterday, 22 June 2015. The S&P BSE Sensex surged 414.04 points or 1.52% to settle at 27,730.21, its highest closing level since 1 June 2015.
In overseas stock markets, Asian markets were higher today, 23 June 2015. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up 0.13% to 1.32%. Key indices in China and Indonesia were off 0.09% to 0.17%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.6 in June from a final reading of 49.2 in May, HSBC Holdings PLC said today, 23 June 2015. The reading is still below 50, which separates expansion from contraction.
US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
US existing home sales rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released yesterday, 22 June 2015. Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported.
In Europe, Greece's economy minister has reportedly spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days", as per reports. Greece is up against a June 30 deadline to make a 1.6 bililon ($1.8 billion) repayment to the International Monetary Fund, with larger payments to the European Central Bank falling due next month.
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