Market is likely to open slightly higher. Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.
Meanwhile, Minister of State for Finance Jayant Sinha reportedly said yesterday, 9 December 2015 that meeting 1 April 2016 deadline for goods and services tax (GST) rollout seems to be challenging amid ongoing political turbulence. The constitutional amendment bill to roll out GST is stuck in the Rajya Sabha due to stiff opposition by the Congress party and might be delayed further because of the tough stance taken by the main opposition party over the National Herald case issue, reports suggest. The constitutional amendment bill for the implementation of GST, which subsumes all indirect taxes to create a unified market across the country, has been cleared by the Lok Sabha and is awaiting legislative passage in the Rajya Sabha. A constitutional amendment bill requires a majority of two thirds in the house for its passage. The BJP-led NDA has a comfortable majority in Lok Sabha, but lags in numbers in the Rajya Sabha. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country.
In overseas stock markets, Chinese stocks bucked a downward trend in Asian markets after news broke that Beijing will finally introduce much-need IPO reforms. In mainland China, the Shanghai Composite index was currently up 0.33%. US stocks edged lower for a third-straight session yesterday, 9 December 2015, as earlier gains evaporated amid further slide in crude oil prices.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 527.41 crore yesterday, 9 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 864.71 crore yesterday, 9 December 2015, as per provisional data.
Among corporate news, Tata Motors announced after market hours yesterday, 9 December 2015 that Tata Motors Group global wholesales including Jaguar Land Rover, rose 8% at 90,695 units in November 2015 over November 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in fell 4% to 29,066 units in November 2015 over November 2014. Global wholesales of all passenger vehicles in rose 15% at 61,629 units in November 2015 over November 2014.
Sun Pharmaceutical Industries (Sun Pharma) announced that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke, as well as glioblastoma, a lethal brain cancer. The announcement was made before market hours today, 10 December 2015. Scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Further studies of this enzyme will be conducted at IDIS. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. Sun Pharma will have commercial rights to this product globally. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases, Sun Pharma said. Sun Pharma will have the right to develop these additional indications.
Infosys announced that it has made an investment of $4 million in CloudEndure, a startup that provides cloud migration and cloud-based disaster recovery (DR) software. The announcement was made after market hours yesterday, 9 December 2015.
Wipro announced that Wipro Digital, its digital business unit opened a new office in London, furthering its commitment to offer enhanced digital transformation services at close proximity to its UK and European customers. The company made the announcement after market hours yesterday, 9 December 2015. Wipro Digital also intends to continue its hiring in the UK to support business growth and expand its range of offerings.
Asian Paints announced that as part of the company's plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company has transferred its entire holding of 60% held in the subsidiary company, Asian Paints (Vanuatu) to Berger International, Singapore, a wholly owned subsidiary of APIL. The company made the announcement after market hours yesterday, 9 December 2015.
Losses for metal sector stocks and index heavyweights Reliance Industries, L&T and Infosys led slide for key benchmark indices yesterday, 9 December 2015. The Sensex lost 274.28 points or 1.08% to settle at 25,036.05, its lowest closing level since 7 September 2015.
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