Key benchmark indices could see a flat opening today, 20 April 2015, tracking mixed cues from global market. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell.
Foreign portfolio investors sold shares worth a net Rs 38.31 crore on Friday, 15 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 563.60 crore on Friday, 15 May 2015, as per provisional data released by the stock exchanges.
Among global markets, Asian markets retreated today, 18 May 2015, following a strong end to last week and despite another record close on Wall Street, although Tokyo was supported by a weaker yen. US stocks closed mostly higher Friday, 15 May 2015, as investors grappled with weaker-than-expected economic reports which left the timing of the Federal Reserve's next rate hike still uncertain for investors.
Among corporate announcements, Shares of public sector oil marketing companies (PSU OMCs) and automobile firms will be in focus after PSU OMCs announced hike in retail selling price of petrol and diesel after trading hours on Friday, 15 May 2015. Indian Oil Corporation (IOCL) has raised retail selling price of petrol by Rs 3.13 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi stands at Rs 66.29 a litre. The hike in price took effect from the midnight of 15/16 May 2015. IOCL has raised retail selling price of diesel by Rs 2.71 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi stands at Rs 52.28 a litre. IOCL said that there has been a steep increase in international prices of both petrol and diesel during the fortnight. The rupee also depreciated quite significantly during the fortnight. The combined impact of both these factors warrant an upward revision in retail selling prices, the impact of which is being passed on to the consumers with this latest price increase, IOCL said in a statement issue on Friday, 15 May 2015. The movement of prices in international oil market and the rupee-dollar exchange rate will be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
Asian Paints announces Q4 results today, 18 May 2015.
The Tata Motors Group global wholesales including Jaguar Land Rover (JLR) rose 4% to 77,701 units in April 2015 over April 2014. Global wholesales of all commercial vehicles - Tata, Tata Daewoo were flat at 26,680 units in April 2015 over April 2014. Global wholesales of all passenger vehicles, including Jaguar Land Rover rose 6% to 51,021 units in April 2015 over April 2014. Global wholesales of Tata passenger vehicles rose 32% at 10,356 units in April 2015 over April 2014. Global wholesales for Jaguar Land Rover in April 2015 were 40,665 vehicles (Includes CJLR wholesales). Jaguar wholesales for the month were 6,768, while Land Rover wholesales for the month were 33,897 units. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. Tata Motors Group global wholesales figures for April 2015 were announced after market hours on Friday, 15 May 2015.
Reliance Industries (RIL) will be in focus. With respect to news titled "Strike at RIL's Patalganga factory on wage issue," RIL clarified after market hours on Friday, 15 May 2015, that a part of the contract workforce at its Patalganga factory have not been reporting for work predominantly in the Polyester area. All others including the regular staff and contract workforce are at work. The appropriate authorities have advised that the action of the contract workforce not reporting for work is unwarranted and uncalled for. The manufacturing operations in both the Petrochemicals and the Polyester area have not been impacted and continue to be normal.
Bharti Airtel announced on Saturday, 16 May 2015, that it has received financing commitments of up to $2.5 billion from China Development Bank and Industrial and Commercial Bank of China. The company signed the term sheets for the financing options in the presence of Prime Minister of India, Narendra Modi, who was on an official visit to China. Subject to final agreements and requisite approvals, Bharti Airtel can draw these funds over a long availability period, depending on its financing requirements.
China Development Bank has committed financing of up to $2 Billion with an average maturity of about nine years. This is the single largest bilateral commitment by China Development Bank to any telecom operator globally and the largest bilateral commitment to a private Indian company. Industrial and Commercial Bank of China has committed $500 million with an average life of about nine years, making it the largest and longest bilateral commitment to an Indian telecom operator, Bharti Airtel said in a statement.
These financing options will allow the company to diversify its global financing pool and access funds to invest in the growth of data networks across its global operations, the company added.
Federal Bank announced before market hours that the board of directors of the bank in their meeting held on 16 May 2015 have recommended 1:1 bonus issue.
India's merchandise exports declined 13.96% to $22.05 billion in April 2015 over April 2014, according to data released by the Ministry of Commerce & Industry after trading hours on Friday, 15 May 2015. Imports declined 7.48% to $33.04 billion in April 2015 over April 2014. Oil imports fell 42.65% to $7.44 billion in April 2015 over April 2014. Non-oil imports rose 12.58% to $25.60 billion in April 2015 over April 2014. The trade deficit for April 2015 was estimated at $10.99 billion, which was higher than trade deficit of $10.08 billion in April 2014.
Investors will closely watch for any major announcements during Prime Minister Narendra Modi's ongoing three nation official visit to China, Mongolia and Republic of Korea. Prime Minister Narendra Modi's three nation official visit to China, Mongolia and Republic of Korea began on Thursday, 14 May 2015 and ends on Tuesday, 19 May 2015. Meanwhile, a three-day visit to China gets over on Saturday, 16 May 2015. On Friday, 15 May 2015, Prime Minister Narendra Modi said that India and China have signed over 20 agreements, covering diverse areas of cooperation.
A divergent trend was witnessed among various index constituents, as key benchmark indices registered modest gains on the last trading session of the week on Friday, 15 May 2015. The S&P BSE Sensex rose 117.94 points or 0.43% to settle at 27,324, its highest closing since 11 May 2015.
Asian markets retreated today, 18 May 2015, following a strong end to last week and despite another record close on Wall Street, although Tokyo was supported by a weaker yen. Key benchmark indices in China, Hong Kong, South Korea, Singapore and Taiwan were down by 0.04% to 0.62%. Key benchmark indices in Indonesia and Japan were up by 0.16% to 0.43%.
US stocks closed mostly higher Friday, 15 May 2015, with the S&P 500 index setting a record for the second straight session. The Dow Jones Industrial Average came within 16 points of its record close, while the Nasdaq ended the session slightly lower, but within roughly 50 points of its closing high. Investors grappled with weaker-than-expected economic reports which left the timing of the Federal Reserve's next rate hike still uncertain for investors.
US consumer sentiment fell more than expected in May, a survey released on Friday showed. The University of Michigan's preliminary sentiment index for May plunged to 88.6, the lowest since October 2014, from 95.9 in April 2015.
Separately, industrial production, which measures the output of US manufacturers, utilities and mines, decreased for the fifth consecutive month in April 2015, the Federal Reserve said. Industrial production fell 0.3% in April from the prior month, according to the latest report from the Federal Reserve. The data suggested weak global demand, a stronger US dollar and lower oil prices continue to limit output.
In US, the National Association of Home Builders' housing market index for May 2015 will be out today, 18 May 2015. Data on housing starts for April 2015 will be out tomorrow, 19 May 2015. Minutes of the Federal Open Market Committee's last meeting held on 29 April 2015 will be out on Wednesday, 20 May 2015. Data on existing home sales during April 2015, stating the number of previously constructed homes, condominiums and co-ops in which a sale closed, will be out on Thursday, 21 May 2015.
In Europe, German politicians kept up the pressure on Greece over the weekend to implement reforms, with Economy Minister Sigmar Gabriel warning Athens in an interview that a third aid package would not be on the cards unless the Greeks made some changes.
Greece is fast running out of cash and talks with its lenders have been deadlocked over their demands for Greece to implement reforms, including pension cuts and labour market liberalisation.
Finance Minister Wolfgang Schaeuble suggested on Monday that Greece might need a referendum to approve painful economic reforms on which its creditors are insisting, and Mr. Gabriel said such a vote might speed up decisions. Athens has said it had no plans for a referendum at the moment.
Athens has depended on money from its 240 billion euro bailout by the European Union and the International Monetary Fund to pays its bills since 2010. It has not received any loan tranches since last August.
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