Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 61.50 points at the opening bell tracking firmness in Asian bourses and overnight gains on Wall Street.
Shares of fertilizer manufacturers will be in focus after Minister of Chemicals and Fertilizers Ananth Kumar yesterday, 7 January 2015, said that the government has removed the cap/restrictions to production of Neem coated urea. Addressing a press conference, Kumar said that using Neem coated urea will not only increase crop yields but also lower input cost to farmers. He said it will also reduce imports of precious fertilizers as well as reduce ground and soil pollution. He said that Neem coated urea is costly by 5% compared to plain prilled urea but it reduces nitrogen loss by more than 10%, thereby incurring a net savings of Rs 13.5 per bag for farmers. Due to higher nitrogen use efficiency, the use of nitrogen coated urea can also eliminate import of urea resulting in huge foreign exchange savings for the country.
Kumar informed that there is adequate availability of fertilizers in the country and there is no shortage anywhere. He said that in December 2014, 1,706 rakes were used for supply of fertilizers as compared to 1,488 in December 2013. He said, in future also, there will be no dearth of urea. The minister clarified that there would neither be increase in urea price nor change in subsidy.
Shares of Southern Petrochemicals Industries Corporation (SPIC), Mangalore Chemicals & Fertilizers and Madras Fertilizers may edge higher after Minister of Chemicals and Fertilizers Ananth Kumar yesterday, 7 January 2015, said that the government has decided to give subsidy on naphtha for next 100 days for naphtha based fertilizer plants of these three companies. The SPIC Tuticorin plant will be entitled for the subsidy.
Shares of hospitality firms and travel companies will be in focus. Foreign Tourist Arrivals (FTAs) to India increased 6.8% to 8.77 lakh in December 2014, as compared to FTAs of 8.22 lakh in December 2013. FTAs during the period January- December 2014 exhibited an accelerated growth of 7.1% to 74.62 lakh, as compared to the FTAs of 69.68 lakh with a growth of 5.9% during January- December 2013 over the corresponding period of 2012.
With respect to media reports titled "Glenmark Pharma wins patent war with Abbott", Glenmark Pharmaceuticals after market hours yesterday, 7 January 2015 said that the company confirms the news item. The company has no plans in the near future to launch this product in India and hence does not consider the same as material, requiring disclosure under Clause 36 of the listing agreement, Glenmark Pharmaceuticals said.
On the macro front, data to be released in near future is expected to show industrial production growth remaining muted in November 2014 and consumer price inflation accelerating in December 2014. Industrial production is seen rising 1.6% in November 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil industrial production data for November 2014 after trading hours on Monday, 12 January 2015. Industrial production had witnessed a surprise contraction of 4.2% in October 2014.
The rate of inflation based on the consumer price index (CPI) is seen accelerating to 5.4% in December 2014 from 4.4% in November 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release the data on CPI inflation for December 2014 after trading hours on Monday, 12 January 2015.
The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band.
The rate of inflation based the wholesale price index (WPI) is projected at 0.5% for December 2014, as per the median estimate of a poll of economist carried out by Capital Market. WPI inflation stood at zero in November 2014. The government will release data on WPI for December 2014 at 12 noon on 14 January 2015.
Amid divergent trend among various index constituents, key benchmark indices edged lower yesterday, 7 January 2014. The S&P BSE Sensex fell 78.64 points or 0.29% to settle at 26,908.82, its lowest closing level since 17 December 2014.
Foreign portfolio investors sold shares worth a net Rs 1073.18 crore yesterday, 7 January 2015, as per provisional data.
Asian equity markets were higher today, 8 January 2015 as the fall in oil prices and concerns over Greece's potential departure the euro zone abated, while a positive finish on Wall Street overnight lifted trading sentiment. Key indices in Hong Kong, Japan, Singapore, Taiwan, South Korea, and Indonesia were up 0.31% to 1.67%. In China, the Shanghai Composite was off 1.26%.
US stocks surged yesterday, 7 January 2015, with the S&P 500 rebounding from a five-session dive, as US crude stopped a four-day skid and Germany left the door open to discussing options with Greece's next government on its debt. Federal Reserve policymakers said they could begin raising interest rates before inflation starts to pick up, according to minutes of their meeting on 17 and 18 December 2014. However, the Fed officials added that "they would want to be reasonably confident that inflation will move back" toward the Fed's annual 2% target "over time".
The US Labor Department reports monthly payroll data for December 2014 tomorrow, 9 January 2015.
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