Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 24 points at the opening bell. Bharat Heavy Electricals (Bhel), Mahindra & Mahindra (M&M), Tata Motors and Grasim Industries are scheduled to announce their Q1 June 2015 earnings today, 7 August 2015. Asian stocks edged lower today, 7 August 2015 following weak lead from US stocks as caution reigned ahead of US employment data that may help determine whether the Federal Reserve could raise interest rates as early as next month.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 108.93 crore yesterday, 6 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 111.78 crore yesterday, 6 August 2015, as per provisional data.
Adani Enterprises will be watched. Adani Enterprises after market hours yesterday, 6 August 2015, issued a clarification that a technical legal error by the Federal Environment Minister of Australia made the approval for the company's Carmichael Coal Mine and Rail project in Australia into an adverse decision by the federal court of Australia. Certain documents were not presented by the Federal Environment Department while finalising the approval, which created a technical legal vulnerability, Adani Enterprises said. Adani will await the Minister and his department's timely reconsideration of its approval application under the Commonwealth Environment Protection and Biodiversity Conservation (EPBC) Act, the company said. Adani Enterprises said that the company is confident that the conditions imposed on the existing approval are robust and proper once the technicality is addressed.
Tata Steel will be in focus. With respect to news article titled, "Tata group may buyout Tata Steel's stake in Tata Motors, Tata Steel to undergo debt refinancing exercise to bring down interests costs," Tata Steel clarified after market hours yesterday, 6 August 2015, that the news is speculative. The company is committed to making disclosures to the regulators and the investing community at the appropriate time so as to eliminate any asymmetry of information. The company has robust disclosure principles and follows a policy of not commenting on speculative news, it added.
HCL Technologies turns ex-dividend today, 7 August 2015, for interim dividend of Rs 5 per share for the year ending 30 June 2016.
IndusInd Bank turns ex-dividend today, 7 August 2015, for dividend of Rs 4 per share for the year ended 31 March 2015.
LIC Housing Finance turns ex-dividend today, 7 August 2015, for dividend of Rs 5 per share for the year ended 31 March 2015.
Key benchmark indices registered modest gains in what was a volatile session of trade yesterday, 6 August 2015. The S&P BSE Sensex rose 75.05 points or 0.27% to settle at 28,298.13, its highest closing level since 23 July 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a weekly report issued yesterday, 6 August 2015, that the rainfall was below normal by 26% over the country as a whole during the period from 30 July to 5 August 2015. Heavy to very heavy rainfall alongwith isolated extremely heavy rains were experienced over Vidarbha and south Madhya Pradesh on 4 and 5 August, 2015. Region wise, the rainfall was 51% below the Long Period Average (LPA) in South Peninsula, 30% below LPA in Northwest India, 24% below LPA in Central India and 7% below LPA in East & Northeast India during the period from 30 July to 5 August 2015.
As per IMD's extended range forecast till 24 August 2015, rainfall activity is likely to increase over eastern and central India from 10 August onwards. Western Himalayan region would receive fairly wide spread rainfall during next 5 days and South Peninsula would receive subdued rainfall activity during next 10 days.
Meanwhile, India's weather office, the India Meteorological Department (IMD) in its separate daily monsoon update issued yesterday, 6 August 2015, that the Southwest Monsoon has been active over Andaman & Nicobar Islands, Sub-Himalayan West Bengal & Sikkim, West Madhya Pradesh, Marathawada and South Interior Karnataka during past 24 hours until 8:30 IST. For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 6 August 2015. Region wise, the rainfall was 21% below the LPA in South Peninsula, 9% below the LPA in East & Northeast India, 4% below the LPA in Central India and 4% above the LPA in Northwest India until 6 August 2015.
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.
Asian stocks edged lower today, 7 August 2015 following weak lead from US stocks as caution reigned ahead of US employment data that may help determine whether the Federal Reserve could raise interest rates as early as next month. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.16% to 0.4%. Key benchmark indices in China and Hong Kong rose 0.76% to 1.96%.
In Japan, investors are awaiting the outcome of the Bank of Japan's two-day policy meeting which concludes today, 7 August 2015 at which it is widely expected to maintain its stimulus programme.
US markets ended lower yesterday, 6 August 2015 as investors turned cautious ahead of non-farm payrolls data.
In economic news, the Labor Department yesterday, 6 August 2015 said slightly more Americans filed for unemployment benefits last week, but their numbers remain near historic lows in a sign that the job market is healthy. Applications for jobless aid rose 3,000 to a seasonally adjusted 270,000. The four-week average, a less volatile measure, dropped 6,500 to 268,250. That average has fallen nearly 10% over the past year, close to levels last seen in 2000.
The influential monthly US nonfarm payroll report for July 2015 is due today, 7 August 2015. The report will be scrutinized for clues to the strength of the labor-market recovery. Investors have been parsing economic data, from inflation to wages, for clues about when the Federal Reserve might raise rates.
In Europe, the Bank of England (BOE) yesterday, 6 August 2015, officials agreed to leave the BOE's benchmark interest rate unchanged at 0.5% and also the size of its bond buying programme unchanged at GBP375 billion ($585 billion). The BOE signaled it remains on course to start gently raising interest rates in the UK early next year, damping speculation that it would quickly follow the US Federal Reserve, which appears set for a September liftoff.
Powered by Capital Market - Live News
