Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 101 points at the opening bell tracking weakness in Asian markets and overnight sharp decline in US equities.
In overseas markets, Asian stocks edged lower today, 21 August 2015. US stocks closed lower yesterday, 20 August 2015, as investors weighed continued uncertainty about the timing of a rate hike and concerns about global growth headed by slowing in China.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1007.26 crore yesterday, 20 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 567.87 crore yesterday, 20 August 2015, as per provisional data.
Among corporate news, Infosys after market hours yesterday, 20 August 2015, announced that the company has launched three enhanced service offerings in Design Thinking, Platforms and Knowledge-Based IT (KBIT). These services are aimed at helping clients address a non-disruptive renewal and simplification of their existing landscapes, Infosys said. These services will also help clients in introduction of new offerings and business models in a dynamic business environment and create a culture of innovation in their organization, Infosys said in a statement. These three new service offerings will help bring together existing Infosys services to serve strategic priorities of global businesses, the Indian IT major said.
Infosys also plans to offer platforms to address the Internet of Things (IoT) and Application Programming Interface (API) requirements of its clients. Dr. Vishal Sikka, Chief Executive Officer, Infosys said that the launch of the three new service offerings is an important step to further accelerate the execution of the company's strategy to renew existing services and move into entirely new areas.
Shares of public sector banks (PSU banks) will be in focus after the finance ministry announced that Executive Directors of Nationalised Banks, DMDs of IDBI Bank and MDs of Associate Banks of State Bank of India (SBI) who have risen from the Associate Bank services, with one year of service as ED/DMD/MD and who have two years remaining service are eligible for selection as MD & CEO of PSU banks other than the five large PSU banks. Meanwhile, as per the guidelines approved by the Appointments Committee of Cabinet (ACC), General Managers of nationalized Banks and CGMs of Associate Banks of SBI who have risen from the Associate Banks service, and who have completed two years of service are eligible for consideration for the post of Executive Director of nationalized banks.
Lupin announced after market hours yesterday, 20 August 2015, that it has received final approval for its Fenofibrate Tablets 54 mg and 160 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Teva's Fenofibrate Tablets, 54 mg and 160 mg. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product shortly in the US. Lupin's Fenofibrate Tablets 54 mg and 160 mg is the AB rated generic equivalent of the current reference listed drug, Fenofibrate Tablets 54 mg and 160 mg of Teva. It is indicated as an adjunct to diet to reduce elevated LDLC, Total-C, TG and Apo B, and to increase HDL-C in adult patients with primary hypercholesterolemia or mixed dyslipidemia and for treatment of adult patients with severe hypertriglyceridemia. Fenofibrate Tablets 54 mg and 160 mg has US sales of $156 million as per IMS MAT June 2015.
Rural Electrification Corporation announced after market hours yesterday, 20 August 2015, that as per the approval dated 29 July 2015 of the Ministry of Power, 50,000 shares of Maheshwaram Transmission (MTL) incorporated to establish Transmission system for Connectivity lines for Maheshwaram (Hyderabad) 765/400 kV Pooling S/s, held by REC Transmission Projects Company (a wholly owned subsidiary of Rural Electrification Corporation) and its nominees, have been transferred along with all assets and liabilities of MTL to Sterlite Grid 3 and their nominees, on 20 August 2015.
India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 20 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 9% below the Long Period Average (LPA) until 20 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 10% below the LPA in Central India, 7% below the LPA in East & Northeast India and 1% below the LPA in Northwest India until 20 August 2015.
Separately, the IMD released a weekly monsoon report yesterday, 20 August 2015. The IMD in its extended range forecast till 8 September 2015 said that above normal rainfall activity is likely over northeast and adjoining east India on many days till beginning of September. Normal rainfall activity likely over south peninsula during 20 to 24 August and 4 to 8 September 2015, the IMD said. Below normal rainfall activity likely over plains of northwest and central India on many days, the IMD said.
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.
A broad based decline was witnessed on the domestic bourses yesterday, 20 August 2015. The S&P BSE Sensex dropped 323.82 points or 1.16% to settle 27,607.82, its lowest closing level since 13 August 2015.
In overseas markets, Asian stocks edged lower today, 21 August 2015. Key indices in Japan, China, Hong Kong, Taiwan, South Korea, Singapore and Indonesia were off 1.4% to 2.58%.
US stocks closed lower yesterday, 20 August 2015, as investors weighed continued uncertainty about the timing of a rate hike and concerns about global growth headed by slowing in China.
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