Key benchmark indices could fall today, 30 June 2015, on weak global cues. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 41 points at the opening bell.
Foreign portfolio investors sold shares worth a net Rs 711.88 crore yesterday, 29 June 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 906.38 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges.
Among corporate announcements, Sun Pharmaceutical Industries after market hours today, 29 June 2015, announced an open offer to the shareholders of Zenotech Laboratories (Zenotech), for acquisition of upto 96.93 lakh shares, representing 28.16% of the fully diluted share capital of Zenotech. The open offer price is Rs 20.87 per share, which includes interest computed at the rate of 10% per annum for the period between 6 April 2014 and the date of the the Detailed Public Statement i.e. 30 March 2015 in terms of Regulation 8(12) of SEBI (SAST) Regulations.
Kotak Mahindra Bank (KMBL) at the fag end of market hours yesterday, 29 June 2015 said that the bank at its Annual General Meeting (AGM) held on 29 June 2015, passed a resolution for issue of bonus shares to the existing shareholders of bank in the ratio of 1:1 i.e. one bonus share for every one equity share held as on record date. The record date for the purpose of allotment of bonus shares was fixed as 9 July 2015.
NHPC announced after trading hours yesterday, 29 June 2015, that consequent upon sudden increase in water level in Unit 3 & 4 on 28 June 2015, the Chutak Power Station is under complete shutdown. The de-watering pumps are in operation and the level of water is decreasing, the company said.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 29 June 2015, that the Southwest Monsoon has been vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST, IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 18% above the Long Period Average (LPA) until 29 June 2015. Region wise, the southwest monsoon was 28% above the LPA in Central India, 24% above the LPA in Northwest India, 22% above the LPA in South Peninsula and 3% above the LPA in East & Northeast India until 29 June 2015.
On Friday, 26 June 2015, the IMD had announced that the monsoon has covered the entire country.
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.
Metal and IT stocks led losses for key benchmark indices on the first trading session of the week yesterday, 29 June 2015. The highlight of the trading session was a strong intraday rebound. After witnessing a sharp slide during the initial part of the trading session, key benchmark indices bounced back later. The S&P BSE Sensex dropped 166.69 points or 0.6% to settle at 27,645.15, its lowest closing level since 19 June 2015. The 50-unit CNX Nifty declined 62.70 points or 0.75% to settle at 8,318.40, its lowest closing level since 19 June 2015.
Asian shares were mixed. Key benchmark indices in China, Hong Kong, Indonesia and Taiwan were down by 0.03% to 4.69%. Key benchmark indices in Japan, Singapore and South Korea were up by 0.17% to 0.82%.
US market tumbled yesterday, 29 June 2015, on fears that Greece's troubles could spread through the global financial system. Investors fled from stocks in Europe and the US and retreated to the safety of government bonds. Measures of volatility spiked.
Investors have been concerned by the probability that Athens will be unable to meet a 1.6 billion euro, or roughly $1.8 billion, loan repayment to the International Monetary Fund (IMF) that is due today, 30 June 2015, with uncertain consequences for Greece's future in the eurozone and even in the European Union.
Greece needs emergency funding to make the IMF payment, but negotiations for a cash-for-reform package between Athens and its creditors broke down over the weekend after Greek Prime Minister Alexis Trspras called for a surprise referendum.
Greek leaders imposed capital controls and closed banks for at least six days beginning Monday, 29 June 2015, to prevent further panicked withdrawals from citizens after the European Central Bank on Sunday, 28 June 2015, capped the level of emergency funding for Greece's banking system. Talks between Greece and its creditors broke down on Saturday, 27 June 2015, and the nation looks set to miss a debt repayment to the International Monetary Fund which is due tomorrow, 30 June 2015. Greece's international bailout also expires on 30 June 2015.
Meanwhile, Greece Capital Markets Commission yesterday, 29 June 2015, said that Greece's stock market will remain closed for as long as banks aren't open to the public.
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