Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5.50 points at the opening bell tracking lower Asian stocks.
Overseas, Asian stocks declined after North Korea launched a missile. North Korea launched a ballistic missile into the waters between Korea and Japan Tuesday morning its first such launch in more than a month which comes on the eve of Independence Day in the US.
US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.
American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.
Oil prices notched an eighth-straight session gain yesterday, 3 July 2017, the longest such streak of wins for US crude in more than seven years, as the first weekly decline in US oil-drilling activity since January buoyed expectations that domestic production will see a lasting retreat. September Brent crude on London's ICE Futures exchange tacked on 91 cents, or 1.9%, to end at $49.68 a barrel.
Among corporate news back home, Ambuja Cements said it has participated in the e-auction tender of limestone block for Nandgaon Ekodi Limistone block in Chandrapur district of Maharashtra by the state government of Maharashtra. The company has secured an estimated limestone of 42 million tones at a final bid price of 125.05% of value of mineral dispatched. The company is expecting a formal communication vesting the said block in its favour shortly, it said. The announcement was made after market hours yesterday, 3 July 2017.
Sun Pharmaceutical Industries and Samsung BioLogics announced a strategic long-term manufacturing agreement for Tildrakizumab. The agreement was entered into by Sun Pharma's wholly-owned subsidiary and Samsung BioLogics. According to the agreement, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis.
Filings for this novel investigational biologic has been accepted for review by the US Food and Drug Administration (FDA) (May 2017) and the European Medicines Agency (EMA) (March 2017). The agreement was signed at Samsung BioLogics' headquarter in Incheon, South Korea. The approximate value of the contract will be $55.5 million, other financial details of the agreement are confidential. The announcement was made before market hours today, 4 July 2017.
NTPC announced that 2nd unit of 195 megawatts (MW) of Muzaffarpur Thermal Power Station Stage-II 390 megawatts (MW) of Kanti Bijlee Utpadan Nigam, a subsidiary of NTPC is declared on commercial operation from 1 July 2017. With this, the commercial capacity of Muzaffarpur Thermal Power Station has become 610 MW and that of NTPC group has become 47488 MW. The announcement was made after market hours yesterday, 3 July 2017.
Trading for the second quarter and July month started on a positive note yesterday, 3 July 2017, as key benchmark indices settled with good gains as firmness in global stocks perked up sentiment. The Sensex rose 300.01 points or 0.97% to settle at 31,221.62, its highest closing level since 22 June 2017.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 804.67 crore yesterday, 3 July 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 954.34 crore yesterday, 3 July 2017, as per provisional data.
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