Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell. In overseas markets, Asian stocks edged higher today, 13 July 2015 as investors weighed negotiations between European leaders and Greece. US stocks rallied on Friday, 10 July 2015, on renewed hopes that debt-laden Greece will reach a deal with its creditors and stave off an exit from the eurozone..
On macro front, industrial production rose 2.7% in May 2015, compared with a downwardly revised 3.36% growth in April 2015, according to the data released by the government after trading hours on Friday, 10 July 2015.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 465.27 crore on Friday, 10 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 590.49 crore on Friday, 10 July 2015, as per provisional data.
Among corporate news, Asian Paints announced that operations at its paint plant situated at Sriperumbudur, Tamil Nadu, have returned to normalcy. Earlier on 29 April 2015, the company had informed of the operations at the plant was affected due to the cessation of work by the operators belonging to Asian Paints Employees' Union with effect from 28 April 2015. The announcement was made after trading hours on Friday, 10 July 2015.
IndusInd Bank will announce its April-June 2015 quarterly results today, 13 July 2015.
On macro front, industrial production rose 2.7% in May 2015, compared with a downwardly revised 3.36% growth in April 2015, according to the data released by the government after trading hours on Friday, 10 July 2015. The manufacturing sector registered a growth of 2.2% in May 2015. The mining sector clocked 2.8% growth and electricity generation rose 6% in May 2015. In terms of industries, twelve out of the twenty two industry groups in the manufacturing sector have shown positive growth during the month of May 2015 as compared to the corresponding month of the previous year.
As per use-based classification, the production of basic goods rose 6.4% in May 2015, capital goods production rose 1.8% and the production of intermediate goods rose 1.2% in May 2015. The production of consumer goods registered a decline of 1.6% in May 2015. Within the consumer goods segment, the production of consumer durables dropped 3.9% in May 2015 and production of consumer non-durables dropped 0.1% in May 2015.
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The cumulative growth in industrial production for the period April-May 2015 over the corresponding period of the previous year stands at 3%.
The government is scheduled to unveil the consumer price index (CPI) data (rural, urban and combined) for the month of June 2015 at 17:30 IST today, 13 July 2015. The all-India general CPI inflation moved up slightly to 5.01% in May 2015 (new base 2012=100) from 4.87% in April 2015.
The government will release the inflation data based on wholesale price index (WPI) for June 2015 at around 12:00 noon tomorrow, 14 July 2015. The WPI based inflation inched up slightly to (-) 2.4% in May 2015 compared with (-) 2.65% in April 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 12 July 2015, that the Southwest Monsoon has been vigorous over West Uttar Pradesh and Jammu & Kashmir and active over East Uttar Pradesh, Haryana, Chandigarh & Delhi and Punjab during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 2% below the Long Period Average (LPA) until 12 July 2015. Region wise, the southwest monsoon was 25% above the LPA in Northwest India, 5% below the LPA in East & Northeast India, 6% below the LPA in Central India and 11% below the LPA in South Peninsula and until 12 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. 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.
Meanwhile, the weekly data released by the Ministry of Agriculture after trading hours on Friday, 10 July 2015, showed that the sowing of Kharif crops is gathering pace. The total sown area for Kharif crops as on 10 July 2015 stood at 445.11 lakh hectares compared with 275.10 lakh hectares at this time last year. Significant increase has been recorded in oilseeds sowing this season; it has reached 101.26 lakh hectares compared with 22.24 lakh hectares at this time last year. Similarly pulses sowing have touched 32.61 lakh hectares this season compared with 22.71 lakh hectares at this time last year. July is a crucial month for the sowing of Kharif crops.
Meanwhile, the finance ministry on Saturday, 11 July 2015, announced that the Centre's indirect tax revenue jumped 37.4% to Rs 1.53 lakh crore in Q1 June 2015 over Q1 June 2014. The indirect tax collections jumped 33.3% in June 2015 over June 2014. These increases were spread across all three tax categories viz. customs, central excise and service tax. These collections reflect in part additional measures taken, including the excise increases on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables and in June 2015, the increase in service tax from 12.36% to 14%. Stripped of all these additional measures, indirect tax collections rose 10.8% in June 2015 over June 2014 and 14.5% in Q1 June 2015 over Q1 June 2014. These collections indicate that the underlying momentum in the economy is improving, across all sectors, including manufacturing, reflected in healthy excise tax collections, the finance ministry said in a statement. The growth in underlying indirect tax collections of 14.5% suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections, the finance ministry said.
Key benchmark indices logged modest gains on last trading day of the week on Friday, 10 July 2015 on firmness in global stocks. The S&P BSE Sensex rose 87.74 points or 0.32% to settle at 27,661.40, its highest closing level since 8 July 2015.
In overseas markets, Asian stocks edged higher today, 13 July 2015, as investors weighed negotiations between European leaders and Greece.. Key benchmark indices in China, Japan, Taiwan, Singapore, Indonesia and South Korea rose by 0.34% to 1.17%. Hong Kong's Hang Seng fell 0.01%.
China's exports rose 2.1% in June from a year earlier in yuan terms, reversing a 2.8% decline in May, data from the General Administration of Customs showed today, 13 July 2015. Imports in June fell 6.7% in yuan terms from a year earlier, compared with a 18.1% decrease in May.
US stocks rallied on Friday, 10 July 2015, on renewed hopes that debt-laden Greece will reach a deal with its creditors and stave off an exit from the eurozone.
Federal Reserve Chairwoman Janet Yellen on Friday, 10 July 2015, said she saw signs the economy was improving and said she expects a rate hike to be needed this year. In a speech to The City Club of Cleveland, Yellen was upbeat about the outlook, laying out her view of a US economy close to the point of achieving a virtuous circle, where job gains lead to stronger consumer spending which then sparks more employment and wage gains. The Fed chairwoman did not seem in a rush to move and her remarks also suggest a preference for one rate move this year. She noted that the labor market has improved but "still has not fully recovered" and the course of the economy and inflation remained highly uncertain and something unexpected could delay or accelerate the first step.
In Europe, Euro zone leaders reportedly told near-bankrupt Greece at an emergency summit on Sunday, 12 July 2015 that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area. Euro zone leaders reportedly argued late into the night with near-bankrupt Greece at an emergency summit, demanding that Athens enact key reforms this week to restore trust before they will open talks on a financial rescue to keep it in the European currency area. Leftist Prime Minister Alexis Tsipras was told to push legislation through parliament to convince his 18 partners in the euro zone to release immediate funds to avert a state bankruptcy and start negotiations on a third bailout program estimated at up to 86 billion euros ($95.5 billion). Six sweeping measures including tax and pension reforms must be enacted by Wednesday, 15 July 2015, and the entire package endorsed by parliament before talks can start.
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