Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23 points at the opening bell tracking weakness in Asian stocks.
Overseas, Asian stocks declined after negative close for US stocks overnight. US stocks closed lower yesterday, 6 July 2017 as investors continued to rotate out of battered technology names. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.
Private-sector employers added a seasonally-adjusted 153,000 jobs during June month, below the forecast. A closely watched US non-farm jobs report due later in the day. The US service sector expanded at a healthy pace in June, according to a closely watched survey released showed. The Institute for Supply Management's nonmanufacturing index rose to 57.4% in June from 56.9% in May.
The trade deficit fell 2.3% in May, largely because of fewer imports of cellphones and other consumer goods, but the longer-run outlook for the US was still grim. The deficit slipped to $46.5 billion in May from $47.6 billion in April, the Commerce Department said .
Crude oil prices slipped over 1% after a sharp but short-lived boost from a bigger-than-expected decline in US inventories of crude and gasoline faded.
Back home, Infosys announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021. This investment reinforces Infosys' commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement was made after market hours yesterday, 6 July 2017.
The announcement of the new hub in North Carolina, marks the second key milestone in Infosys' strategy to help drive American innovation and create the next-generation of American innovators. The company plans to hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021 and help boost Indiana's economy.
These new hires will include recent graduates from the state's prestigious network of colleges, universitiesand community colleges, as well as local professionals who will benefit from upskilling through Infosys' world-class training curriculum. As part of Infosys' commitment to create 2,000 jobs in the state of North Carolina, Infosys is partnering with the North Carolina community college system to create a customized program designed to train the workforce of the future. North Carolina is also contributing a $3 million grant towards upskilling these workers.
ICICI Bank said that the bank acting through its DIFC (Dubai) branch, priced a $50 million RegS bond by way of tap of its existing $700 million fixed rate notes maturing March 2026, on a private placement basis under its GMTN programme. The notes shall carry a coupon of 4% payable semi-annually and will be listed on the Singapore Stock Exchange. The committee of executive directors of the bank at a meeting held on 10 May 2017 had approved the offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 6 July 2017.
Key benchmark indices settled with small gains after hovering in positive terrain throughout the session yesterday, 6 July 2017. The Sensex rose 123.78 points or 0.4% to settle at 31,369.34, a record closing high.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 15.29 crore yesterday, 6 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 315.95 crore yesterday, 6 July 2017, as per provisional data.
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