Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 9 points at the opening bell. Shares of IT major Tata Consultancy Services (TCS) will be in focus as the company announces its Q1 June 2016 results today, 14 July 2016. On the macro front, the inflation based on wholesale price index (WPI) for the month of June 2016 is scheduled to be released by the government today, 14 July 2016.
In overseas stock markets, Asian markets were trading lower ahead of Bank of England's interest rate decision later in the global day. In US stocks, the S&P 500 and Dow Jones Industrial Average scored meager gains yesterday, 13 July 2016 but enough to extend their run into record territory and advance for a fourth session in a row. However, the tech-heavy Nasdaq Composite index took a breather following a five-session climb to end lower. Stocks got a slight bump from the US Fed's beige book report released yesterday, 13 July 2016 which indicated that the US economy is holding steady although consumption may be softening. The beige book is an anecdotal survey of economic conditions in the US compiled by the Fed's regional banks.
The Bank of England meets today, 14 July 2016, and analysts expect it to lower its benchmark lending rate by a quarter of a percentage point to 0.25% to counter the fallout from the Brexit vote. In the UK, Theresa May became the country's prime minister after former leader David Cameron tendered his resignation to the Queen.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 290.53 crore yesterday, 13 July 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 654.73 crore yesterday, 13 July 2016, as per provisional data.
Bajaj Auto turns ex-dividend today, 14 July 2016, for final dividend of Rs 5 per share for the year ended 31 March 2016 (FY 2016).
Kotak Mahindra Bank turns ex-dividend today, 14 July 2016, for dividend of Rs 0.50 per share for the year ended 31 March 2016 (FY 2016).
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Mahindra & Mahindra (M&M) announced the incorporation of subsidiary company in the name of Merakisan to carry on the business of procuring and marketing agricultural produce including fruits and vegetables. Merakisan was incorporated as a wholly owned subsidiary of Mahindra Univeg (MUPL) which is a step-down subsidiary of M&M. The announcement was made after market hours yesterday, 13 July 2016.
NBCC (India) will be in focus after the Cabinet Committee on Economic Affairs approved disinvestment of 15% paid up equity of the company out of Government of India's (GoI) 90% shareholding. The announcement was made after trading hours yesterday, 13 July 2016. The NBCC (India) stock slumped 10.72% to settle at Rs 229.80 yesterday, 13 July 2016, as investors awaited details regarding the quantum of the stake sale after media reports suggested that the government had approved divestment in the state-run firm. The divestment of stake will be carried out through the offer for sale (OFS) route via the stock exchanges mechanism. In order to inculcate a sense of belongingness amongst the employees of NBCC, GoI has decided to allot additional shares to the eligible and willing employees of the company at a discount of 5% to the issue/discovered (lowest cut off) price of the OFS. NBCC (India) is engaged in construction, engineering and project management consultancy services.
On the macro front, the inflation based on wholesale price index (WPI) for the month of June 2016 is scheduled to be released by the government today, 14 July 2016. WPI rose 0.79% in May 2016, after rising 0.34% in April.
In what was a lacklustre trading session, key benchmark indices settled near the flat line yesterday, 13 July 2016 after movement was confined to a narrow range around the flat line throughout the session. A divergent trend was witnessed on the domestic bourses as the barometer index, the S&P BSE Sensex settled with mild gains and the Nifty 50 index closed a tad lower. The Sensex rose 7.04 points or 0.03% to settle at 27,815.18, its highest closing level since 19 August 2015.
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