Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 3.50 points at the opening bell. In overseas markets, Asian stocks rose today, 16 July 2015 after the Greek parliament approved a bailout plan.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 407.69 crore yesterday, 15 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 50.38 crore yesterday, 15 July 2015, as per provisional data.
Among corporate news, shares of Reliance Industries (RIL) will be in focus after a delegation led by CEO of BP, Mr. Bob Dudley met the Minister of State (I/C) Petroleum and Natural Dharmendra Pradhan yesterday, 15 July 2015. Mr. Dudley apprised the minister of various activities of BP in India and the future plans to expand business in oil and gas sector, according to a statement issued by the Ministry of Petroleum & Natural Gas. Pradhan appreciated the role played by BP in Indian hydrocarbon sector and welcomed it to increase its presence in upstream and downstream sectors in India.
In a historic partnership with RIL in 2011, BP took a 30% stake in a number of oil and gas production sharing contracts in India, including the producing KG- D6 block and the formation of a 50/50 joint venture to source and market gas in India.
Shares of M&M turn ex-dividend today, 16 July 2015 for dividend of Rs 12 per share for the year ended 31 March 2015.
PSU OMCs will be in focus as they cut the price of petrol and diesel by Rs 2 per litre excluding local levies, reflecting changes in the global price of the two fuels since the last revision. The prices will take effect from today, 16 July 2015. The retail price of gasoline will however rise in New Delhi as the state government yesterday, 15 July 2015, increased local taxes on petrol by 5% to 25%. Local levies on diesel have also been raised to 16.6% from 12.5%. Because of changes in taxes, prices of diesel will decline by Rs 0.50 in the national capital and that of petrol will rise by Rs 0.28 per litre.
Kotak Mahindra Bank will be in focus. The government yesterday, 15 July 2015, has deferred approval for the proposal sought by Kotak Mahindra Bank for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55% pursuant to a merger between IING Vysya Bank and Kotak Mahindra Bank.
Meanwhile, the data released by the Ministry of Commerce & Industry after trading hours yesterday, 15 July 2015, showed that India's merchandise exports fell 15.82% to $22.29 billion in June 2015 over June 2014. Imports fell 13.4% to $33.11 billion in June 2015 over June 2014. Oil imports fell 34.97% to $8.67 billion in June 2015 over June 2014. Non-oil imports fell 1.85% to $24.44 billion in June 2015 over June 2014. The trade deficit declined to $10.82 billion in June 2015 from $11.76 billion in June 2014.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 15 July 2015, that he Southwest Monsoon has been vigorous over Arunachal Pradesh and Rayalaseema and active over Assam & Meghalaya, Sub-Himalayan West Bengal & Sikkim, Bihar and Coastal Andhra Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 15 July 2015. Region wise, the southwest monsoon was 15% above the LPA in Northwest India, 6% below the LPA in East & Northeast India, 12% below the LPA in South Peninsula and 13% below the LPA in Central India until 15 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. 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.
Auto and cement stocks led gains as key benchmark indices surged on Wednesday, 15 July 2015, after a weak reading on US June retail sales fueled speculation that the US Federal Reserve may delay interest rate hike in the world's biggest economy. The S&P BSE Sensex rose 265.39 points or 0.95% to settle at 28,198.29, its highest closing level since 6 July 2015.
In overseas markets, Asian stocks rose today, 16 July 2015 after the Greek parliament approved a bailout plan. Key benchmark indices in China, Hong Kong, Singapore, Japan, and South Korea rose 0.14% to 1.23%. Taiwan's Taiwan Weighted fell 0.1%.
US stocks closed slightly lower yesterday, 15 July 2015, snapping a four-session winning streak, as investors monitored developments in Greece.
Among macro data in the US, the producer-price index, which measures the prices at which companies sell goods and services, rose 0.4% in June, the Labor Department said yesterday, 15 July 2015. Core prices rose 0.3%. US industrial production rose 0.3% in June from May.
In her semiannual testimony to Congress yesterday, 15 July 2015, Fed Chairwoman Janet Yellen repeated her view that the Fed will likely hike interest rates this year if the US economy expands as expected, and cited improvement in the labor market.
In Europe, the Greek parliament yesterday, 15 July 2015, passed a sweeping bundle of austerity measures demanded by European partners, a price to pay for opening talks on a multi-billion euro bailout package near-bankrupt Athens needs to stay in the euro zone.
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