Market may edge lower at opening bell

Key benchmark indices could decline at opening today, 29 July 2015. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 9 points at the opening bell.

Foreign portfolio investors sold shares worth a net Rs 1375.66 crore yesterday, 28 July 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 665.05 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges.

Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire tomorrow, 30 July 2015.

Among corporate announcements, Yes Bank unveils Q1 results today, 29 July 2015.

Wipro announced before trading hours today, 29 July 2015, that it has been selected by DSM, a global, science based company active in health, nutrition and materials, as its strategic IT partner to provide Workplace Services. Wipro will bring next generation workplace technology features such as predictive analytics, automation, self-help, self-heal, multi-channel support and user experience management to DSM through this multi-year strategic partnership. This technology deployment will help DSM optimize costs, while providing users (i.e. DSM's employees) with an Internet-centric and sustainable workplace, with smart systems which will enable a seamless user experience. The smart systems include predictive monitoring for faster service restoration, automation and preventive self-heal to minimize service disruptions, and round-the-clock support to enable stable operations. The green IT features of the project will improve the sustainability of this initiative.

Gujarat State Fertilizers & Chemicals' (GSFC) net profit fell 6.77% to Rs 100.90 crore on 12.87% decline in total income to Rs 1100.02 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 28 July 2015.

BASF India's net profit rose 78.37% to Rs 92.72 crore on 6.76% decline in total income from operations (net) to Rs 1349.68 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 28 July 2015.

Taj GVK Hotels & Resorts reported a net profit of Rs 0.08 crore in Q1 June 2015 compared with net loss of Rs 3.43 crore in Q1 June 2014. Net sales rose 15.3% to Rs 62.11 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 28 July 2015.

Shriram City Union Finance's net profit rose 15.64% to Rs 147.70 crore on 6.74% growth in total income to Rs 917 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 28 July 2015.

Meanwhile, in the global commodities markets, Brent crude oil futures edged lower. Brent for September settlement was currently off 7 cents at $53.23 a barrel. The contract had fallen 17 cents or 0.32% to settle at $53.30 a barrel during the previous trading session.

India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon has been vigorous over West Rajasthan and Gujarat state and active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours until 8:30 IST.

For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 28 July 2015. Region wise, the rainfall was 17% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 28 July 2015.

The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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.

Auto, oil stocks and index heavyweight and housing finance major HDFC led losses for key benchmark indices. Key indices witnessed intraday volatility. The barometer index, the S&P BSE Sensex, hit 5-1/2-week closing low. The 50-unit CNX Nifty hit its lowest level in almost three weeks. The S&P BSE Sensex fell 102.15 points or 0.37% to settle at 27,459.23, its lowest closing level since 19 June 2015. The Nifty dropped 24 points or 0.29% to settle at 8,337, its lowest closing level since 9 July 2015.

Most Asian shares were trading higher. Key benchmark indices in China, Hong Kong, Singapore, Indonesia and South Korea were up by 0.16% to 0.85%. Key benchmark indices in Japan and Taiwan were down by 0.47% to 0.48%.

US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies. It was a reversal of five straight days of losses for US stock indexes.

Meanwhile, a two-day policy meeting of the Federal Reserve Open Market Committee (FOMC) began yesterday, 28 July 2015. The US central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come later this year.

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