Key benchmark indices could rise today, 4 June 2015, tracking positive global news. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 14 points at the opening bell.
Foreign portfolio investors sold shares worth a net Rs 727.61 crore yesterday, 3 June 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 412.66 crore yesterday, 3 June 2015, as per provisional data released by the stock exchanges.
Among corporate news, ICICI Bank turns ex-dividend today, 4 June 2015, for dividend of Rs 5 per share for the year ended 31 March 2015.
Axis Bank will be in focus after the Reserve Bank of India (RBI) after trading hours yesterday, 3 June 2015, announced that the restrictions placed on the purchase of shares of Axis Bank by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) have been withdrawn with immediate effect as the total shareholding of FIIs/RFPIs in the private sector bank has gone below the threshold limit.
Cipla after market hours yesterday, 3 June 2015, said that the company has received approval from United States Food & Drug Administration (USFDA) for an innovative formulation Lopinavir/ritonavir (LPV/r) 40mg/10 mg oral pellets for pediatric specific treatment for infants.
Indian Oil Corporation (IOCL) will be in focus. With regard to news item titled "IOC, HPCL in talks with Iraq's SOMO to buy 4m bbls oil for strategic reserves", IOCL after market hours yesterday, 3 June 2015, said that the Government of India has directed IOCL and HPCL to procure crude oil from Iraq for "Indian Strategic Petroleum Reserves", a wholly wwned Government company under the Ministry of Petroleum & Natural Gas set up for storage of strategic reserves. IOCL has only acted as a facilitator for import, the company said.
Prospects of no near term policy rate cut from the Reserve Bank of India (RBI) after forecasts of deficient rains this year from the India Meteorological Department and increase in global bond yields triggered a broad based decline in Indian stocks yesterday, 3 June 2015. The S&P BSE Sensex shed 351.18 points or 1.29% to settle at 26,837.20, its lowest closing level since 7 May 2015.
Asian stocks were mostly higher. Key benchmark indices in China, Hong Kong, Japan, Singapore and South Korea were up by 0.07% to 0.89%. Key benchmark indices in Taiwan and Indonesia were down by 0.29% to 0.31%.
Overnight, US stocks rose at the end of trade, following positive US economic data and as negotiations between Greece and its international creditors continued to move forward.
In economic readings ahead of the latest session, the Commerce Department said the US trade deficit contracted by 19.2% in April, the sharpest drop in more than six years. The West Coast port strike, which was resolved in February, caused big swings in the trade gap the first several months of the year. In March, the deficit increased to its highest level in more than six years.
Separately, an employment report showed private payrolls in the US increased at a modest clip in May, but at a pace that was below expectations.
In Europe, the European Central Bank left its main interest rates unchanged at record-low levels. Upbeat news around Greece's ability to pay its international creditors later this week also lingered in the market.
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