The market may extend recent strong gains tracking firmness in Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 12 points at the opening bell.
Among corporate news, Cipla after market hours on Tuesday, 2 September 2014 announced the launch of Serroflo, its Salmeterol/Fluticasone MDI, in Germany and Sweden. With this launch, Cipla opens the door for new, highly efficient treatments in the European healthcare market. Serroflo will substantially improve the affordability of fixed combinations in Europe and help manage health costs for respiratory treatment, Cipla said in a statement. "With Serroflo we offer in Germany and Sweden an alternative which is effective and efficient and therefore brings many advantages into a market which suffers from limited resources", said Mr. Frank Pieters, Head of Cipla Europe.
In Germany the new product is distributed under the name "Serroflo", whereas in Sweden the combination is launched as "Salmeterol/Fluticasone Cipla". Serroflo and Salmeterol/Fluticasone Cipla will be available in a pMDI with HFA propellant in two strengths, Cipla said in a statement.
On a provisional basis, NMDC said that total iron ore production rose to 12.10 million tonne in five months upto August 2014 from 10.83 million tonne in five months upto August 2013. Sales rose to 13.57 million tonne in five months upto August 2014 from 11.44 million tonne in five months upto August 2013.
Meanwhile, NMDC kept price of iron ore unchanged for September 2014. NMDC said it has rolled over the August 2014 price of lump ore (Rs 4600 per tonne) and fines (Rs 3160 per tonne) to the month of September 2014.
Meanwhile, NMDC said that the company has subscribed to its full entitlement of shares of the Rights Offer of Legacy Iron Ore. Accordingly, after the allotment of shares by Legacy, NMDC is holding 115.34 crore shares with a voting power of 78.56% in Legacy.
Metal stocks may gain in positive economic data in China. China is the world's largest consumer of steel, copper and aluminum.
IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
Sesa Sterlite after market hours on Tuesday, 2 September 2014 said that its board of directors will meet on Friday, 5 September 2014, inter alia, to consider enabling approval for raising of funds through issue of Securities including convertible debentures, bonds, warrants, NCDs etc.
On macro front, HSBC Services PMI for August 2014 is due today, 3 September 2014. The Services PMI had declined to 52.20 in July 2014, from 54.40 in June 2014.
Key benchmark indices finished higher on Tuesday, 2 September 2014. A decline in crude oil prices and positive cues from European stocks helped key benchmark indices in India strike yet another record high, with the barometer index, the S&P BSE Sensex, moving past the psychological 27,000 level. The Sensex garnered 151.84 points or 0.57% to settle at 27,019.39, a record closing high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 672.81 crore on Tuesday, 2 September 2014, as per provisional data from the stock exchanges.
Asian markets were trading higher today, 3 September 2014 after a government survey showed that activity in China's services sector recovered slightly last month. Key indices in Japan, China, Hong Kong, Taiwan, Singapore, and Indonesia were up 0.21% to 0.89%. In South Korea, the Kospi index was down 0.11%.
A government survey showed today, 3 September 2014, that activity in China's services sector recovered slightly last month, suggesting the sector remains relatively resilient compared to the manufacturing industry.
US stocks mostly fell on Tuesday, 2 September 2014, with the S&P 500 holding above 2,000 after rising to another intraday record, as energy companies dropped along with the price of oil and investors fretted whether the European Central Bank would make further monetary policy moves this week.
Among economic data, the Institute for Supply Management said its US manufacturing activity index rose to 59 in August, the strongest since March 2011. July construction spending was at its highest level in over 5-1/2 years.
In Europe, a monthly meeting of the European Central Bank (ECB) is scheduled tomorrow, 4 September 2014. There are expectations that the European Central Bank (ECB) will announce quantitative easing in the coming months to bolster growth and counter downward pressures on prices in the euro zone. At US Federal Reserve's annual symposium in the United States on 22 August 2014, ECB President Mario Draghi said that expectations of future inflation in Europe exhibited significant declines at all horizons this month.
Russia called on the US on Tuesday, 2 September 2014, to push Kiev into giving up its military campaign against pro-Russia rebels in eastern Ukraine and negotiating a political deal, as recent Ukrainian gains on the battlefield were reversed by what Western officials called an influx of Russian men and materiel.
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