The market may open higher as data showed foreign funds made heavy purchases of Indian stocks on Monday, 30 June 2014. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 23.50 points at the opening bell.
Index heavyweight and cigarette major ITC said after market hours on Monday, 30 June 2014, that the Scheme of Arrangement between Wimco and the company and their respective shareholders for demerger of the non-engineering business comprising Safety Matches Business and Agri (Forestry) Business of Wimco into the company has been sanctioned by the Hon'ble High Court of Judicature at Bombay and the Hon'ble High Court at Calcutta. Consequent to the above, the Scheme of Arrangement has become effective from 27 June 2014, ITC said.
Shares of automobile companies will be in focus as auto companies start unveiling sales volume data for June 2014 from today, 1 July 2014. The government recently announced extension of concessional excise duty on automobiles by 6 months until 31 December 2014.
IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
PSU OMCs may gain as state run oil marketing companies has hiked petrol prices by Rs 1.69 per litre, while also raising diesel price by 50 paise per litre, which will come into effect from 01 July 2014. The hike in diesel and petrol price is mainly contributed by ongoing Iraq crisis and forex market fluctuations. In case of Diesel, the government has hiked prices to reduce the sales losses.
L&T Finance Holdings said after market hours on Monday, 30 June 2014, that the Committee of Directors of the company at its meeting held on 30 June 2014 has approved the allotment of 2.63 crore listed, cumulative compulsorily redeemable preference shares on private placement aggregating to Rs 263.40 crore including all options to eligible allottees.
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Metal stocks may gain as data showed China's manufacturing expanded in June at the fastest pace this year. China is the world's largest consumer of copper and aluminum.
Markit Economics will unveil the results of a monthly survey on India's manufacturing sector for June 2014 today, 1 July 2014. The seasonally adjusted HSBC India Purchasing Managers' Index had risen marginally to 51.4 in May 2014, from 51.3 in April 2014. The survey showed a seventh successive month of expansion of manufacturing output, a moderate increase in new business flows for manufacturers and increase in workforce by manufacturers in May.
The month of May 2014 saw a fiscal deficit of Rs 1.27 trillion, against a fiscal deficit of Rs 1.13 trillion seen previous month. The fiscal deficit for the period April to May was amounted to 45.6% of the budget estimates (BE) compared with 33.3% of BE during the same period last year.
The output of eight core Industries, having a combined weight of 37.90% in the Index of Industrial Production (IIP), has recorded an increase of 2.3% in May 2013. The output has shown an increase of 3.3% for April-May 2014.
Key benchmark indices edged higher on the last trading session of the month and the quarter on Monday, 30 June 2014, as a decline in crude oil prices boosted market sentiment. The S&P BSE Sensex garnered 313.86 points or 1.25% to settle at 25,413.78 on that day, its highest closing level since 17 June 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,288.16 crore on Monday, 30 June 2014, as per provisional data from the stock exchanges.
Most Asian stocks edged lower on Tuesday, 1 July 2014. Key benchmark indices in Indonesia, China, South Korea and Singapore were down 0.03% to 0.35%. Key benchmark indices in Japan and Taiwan rose 0.39% to 1.35%. Stock markets in Hong Kong and Thailand were closed for holidays.
China's manufacturing expanded in June at the fastest pace this year, adding to signs that the government's efforts to arrest a slowdown are helping to stabilize the world's second-biggest economy. The Purchasing Managers' Index was at 51, increasing from May's 50.8, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing.
A similar index from HSBC Holdings Plc and Markit Economics rose to 50.7 in June from the previous month's 49.4. Numbers above 50 signal expansion.
Most US stocks edged lower on Monday, 30 June 2014.
The number of contracts to purchase previously owned U.S. homes jumped 6.1% in May, the most in more than four years. The Institute for Supply Management-Chicago Inc.'s business barometer fell to 62.6 in June from 65.5 in May.
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