Market may open higher

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 24.50 points at the opening bell.

In overseas markets, Asian stocks were mixed today, 17 June 2015. US stocks closed higher yesterday, 16 June 2015, as investors shrugged off worries about unsuccessful Greek debt talks and awaited the outcome of a two-day Federal Reserve policy meeting.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 521.65 crore yesterday, 16 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 644.81 crore yesterday, 16 June 2015, as per provisional data.

Among corporate news, Hero MotoCorp after market hours yesterday, 16 June 2015, announced the launch of the stylish and more powerful new Passion Pro bike. One of the most popular motorcycle brands in the country with over a million units in annual sales, Passion has captured the imagination of customers for over a decade, Hero MotoCorp said in a statement. The new Passion Pro is now available at all Hero dealerships across the country. It is available at Rs 50,057 (ex-showroom Mumbai), Rs 49,250 (ex-showroom Chennai), Rs 49,819 (ex-showroom Kolkata) and Rs 49,450 (ex-showroom Bangalore).

TCS after market hours yesterday, 16 June 2015, announced the launch of a new Next-Gen Technology Solutions Center of Excellence (CoE). The state-of-the-art NextGen Technology Solutions CoE is spread across 10,000 sq. ft. and is located at the TCS Hyderabad campus. The NextGen Technology CoE will focus on the research and development of futuristic technologies and creation of next-generation products and solutions for its global customers in the semiconductor, devices and networks space, TCS said.

Bank stocks will be in focus after the Reserve Bank of India (RBI) yesterday, 16 June 2015 said that the Basel Committee on Banking Supervision (BCBS) under the aegis of the Bank for International Settlements has published, on its website, assessment reports on the implementation of the Basel risk-based capital framework and the liquidity coverage ratio (LCR) for India as part of the ongoing Regulatory Consistency Assessment Program (RCAP) for its member jurisdictions. BCBS has thus far published assessment on 13 jurisdictions (including India). The assessment has rated the standards adopted by the RBI with regard to risk-based capital requirements as 'Compliant' with the minimum Basel capital standards, the RBI said. Each of the 14 components of the Basel capital framework included in the assessment has been assessed as compliant, the RBI said. The LCR requirements have been assessed as 'Largely Compliant' with the minimum Basel liquidity standards, the RBI said. The two components of the LCR framework, viz. the LCR standard and the LCR disclosure requirements, are assessed as 'largely compliant' and 'compliant' with the Basel standard, respectively. The Reserve Bank believes that the RCAP reports bring in transparency about the national adoption and implementation of Basel standards and promote an international level playing field, the central bank said.

Shares of Ashok Leyland turn ex-dividend today, 17 June 2015 for dividend of Rs 0.45 per share for the year ended 31 March 2015.

Glenmark Pharmaceuticals after market hours yesterday, 16 June 2015 said that the Operations Committee of the Board of Directors of the company, at its meeting held yesterday, 16 June 2015, allotted 17,803 shares of the face value of Re 1 each in the ratio of four shares of Re 1 each of Glenmark Pharmaceuticals for every five shares held of Glenmark Generics pursuant to Scheme of Amalgamation of Glenmark Generics with Glenmark Pharmaceuticals approved by High Court of Bombay.

Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 16 June 2015, that the Southwest Monsoon was active over Gangetic West Bengal and Telangana during past 24 hours ending at 0830 hrs. Conditions are favourable for further advance of southwest monsoon into some more parts of Chhattisgarh, Odisha and West Bengal and remaining parts of Coastal Andhra Pradesh and Bay of Bengal during next 3 days, the IMD said.

For the country as a whole, the cumulative rainfall during this year's monsoon season was 13% above the Long Period Average (LPA) until 15 June 2015. Region wise, the southwest monsoon was 22% above the LPA in East & Northeast India, 18% above the LPA in Central India and 1% below the LPA in Northwest India until 15 June 2015. The rainfall was 100% of the Long Period Average in South Peninsula.

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 auto stocks led a strong rebound for key benchmark indices during the latter part of the trading session on Tuesday, 15 June 2015. The S&P BSE Sensex rose 99.96 points or 0.38% to settle at 26,686.51, its highest closing level since 10 June 2015.

Asian stocks were mixed today, 17 June 2015. Key benchmark indices in China, Japan, Taiwan and South Korea shed by 0.03% to 2.33%. Key benchmark indices in Indonesia, Hong Kong and Singapore rose by 0.01% to 1.14%.

Japanese exports grew at the slowest pace in nine months in May as shipments to the US and China moderated, while export volumes for the month fell compared with a year earlier. Exports rose 2.4% from a year earlier to Y5.741 trillion in May, the finance ministry said today, 17 June 2015. The rate of expansion was the smallest since the start of a gentle uptrend in September, in a sign that a slowdown in the US and weakening growth in China may be beginning to hinder a Japanese economic recovery.

US stocks closed higher yesterday, 16 June 2015, as investors shrugged off worries about unsuccessful Greek debt talks and awaited the outcome of a two-day Federal Reserve policy meeting.

A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy ends today, 17 June 2015. The FOMC meeting is being keenly watched for further indication of the timing of an expected rate hike by the US central bank later this calendar year.

Among macroeconomic data in US, construction starts on new US homes fell 11.1% to an annual rate of 1.04 million in May, pulling back from a surge in April and missing expectations. But the annual pace of permits for new construction, a sign of future demand, rose 11.8% to 1.28 million in Ma, the fastest pace since August 2007.

In Europe, Prime Minister Alexis Tsipras accused Greece's creditors yesterday, 16 June 2015, of trying to "humiliate" Greeks with more cuts as he defied a growing drumbeat of warnings that Europe was preparing for his country to leave the euro. The unrepentant address to lawmakers after the collapse of talks with European and International Monetary Fund (IMF) lenders at the weekend was the clearest sign yet that the leftist leader has no intention of making a last-minute U-turn and accepting austerity cuts needed to unlock frozen aid and avoid a debt default within two weeks.

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