The market is likely to open on a weak note. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 46 points at the opening bell. On the macro front, the government will release the gross domestic product (GDP) data for Q1 June 2015 at 17:30 IST today, 31 August 2015. Asian stocks edged lower today, 31 August 2015 after top Federal Reserve officials kept the door open for an interest rate hike in September.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 56.41 crore on Friday, 28 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 847.43 crore on Friday, 28 August 2015, as per provisional data.
UltraTech Cement after market hours on Friday, 28 August 2015 said it has commissioned a bulk terminal with a capacity of 2 MTPA in Pune, Maharashtra.
Sun Pharmaceutical Industries will be watched. With regard to news item titled "A class action suit filed against a Sun Pharma subsidiary arm Caraco Pharmaceutical Laboratories in US by workers", Sun Pharmaceutical Industries clarified after market hours on Friday, 28 August 2015 that the aforesaid news item is regarding a decision from the 6th US Circuit Court of Appeals in a class action lawsuit by some former employees of the company's US subsidiary company in US following the shut down of company's subsidiary's Michigan facility. Sun Pharmaceutical Industries said that there is no material impact of the said judgement on the operations/performance of the company.
Bharti Airtel will be in focus. With regard to recent media reports that the company has revived plans to sell its Sri Lanka and Bangladesh operations, Bharti Airtel after market hours on Friday, 28 August 2015, clarified that the company keeps evaluating various opportunities on an ongoing basis in the ordinary course of business and that the company will make necessary disclosures as and when required. According to media reports, Bharti Airtel is planning to sell its Sri Lanka and Bangladesh operations as part of broader plan to consolidate its operations, reduce debt and get out of unproductive, low-margin business. According to the reports, Airtel will separately look at selling its towers business in Sri Lanka and Bangladesh. Bharti Airtel has about 2,500 telecom towers of Sri Lanka and 4,000 in Bangladesh, according to reports.
Aurobindo Pharma on Saturday, 29 August 2015 said that it has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Evista Tablets 60mg of Eli Lilly. Raloxifene Hydrochloride Tablets are indicated for treatment and prevention of osteoporosis in postmenopausal women. The product has an estimated market size of $404 million in the United States for the twelve months ended June 2015 according to IMS data.
On the macro front, the government will release the gross domestic product (GDP) data for Q1 June 2015 at 17:30 IST today, 31 August 2015. India's GDP grew 7.5% in Q4 March 2015 over Q4 March 2014.
Meanwhile, India's weather office India Meteorological Department (IMD), said in a daily report issued yesterday, 30 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 12% below the Long Period Average (LPA) until 30 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 15% below the LPA in Central India, 9% below the LPA in Northwest India and 4% below the LPA in East & Northeast India, until 30 August 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.
Prime Minister Narendra Modi on Sunday, 30 August 2015 said the land ordinance will not be reissued. The decision follows protests by opposition parties demanding that the government withdraw the executive order allowing companies to obtain land without the owner's consent in some cases. The ordinance, first issued in December and repromulgated thrice, lapses today, 31 August 2015.
Shares of oil exploration and production companies, metal and mining firms and telecom companies led modest gains for key benchmark indices on Friday, 28 August 2015. The S&P BSE Sensex rose 161.19 points or 0.61% to settle at 26,392.38, its highest closing level since 21 August 2015.
Asian stocks edged lower today, 31 August 2015 after top Federal Reserve officials kept the door open for an interest rate hike in September. Key benchmark indices in China, Singapore, Taiwan, Hong Kong, Japan, and South Korea fell by 0.45% to 3.23%. In Indonesia, the Jakarta Composite rose 0.47%.
US stocks ended on a mixed note on Friday, 28 August 2015 as fears about a global economic slowdown due to China tested sentiment.
US Federal Reserve Vice Chairman Stanley Fischer, speaking at the central bank' conference, said recent volatility in global markets could ease and possibly pave the way for a rate hike.
Meanwhile, global ratings agency Moody's slashed its 2016 growth forecast for the Group of 20 economies to 2.8% from 3.1% due to the hit from a slowing Chinese economy.
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