The market may edge higher in early trade on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 25.50 points at the opening bell. 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 June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire on Thursday, 26 June 2014.
Shares of public sector oil marketing may edge higher as crude oil prices dropped.
Power Grid Corporation of India after trading hours on Monday, 23 June 2014, said that the board of directors of the company at its meeting held on 21 June 2014 approved two projects involving an outlay of a total Rs 5551.84 crore.
Adani Ports and Special Economic Zone said after market hours on Monday, 23 June 2014, that further to the share purchase agreement dated 16 May 2014 executed by Adani Ports and Special Economic Zone with L&T Infrastructure Development Projects and Tata Steel, Adani Ports and Special Economic Zone has completed the acquisition of 100% stake in the Dhamra Port Company from L&T Infrastructure Development Projects and Tata Steel.
IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
Key benchmark indices dropped on the first trading day of the week on Monday, 23 June 2014, after witnessing high intraday volatility. The S&P BSE Sensex shed 74.19 points or 0.3% to settle at 25,031.32 on that day, its lowest closing level since 5 June 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 214.49 crore on Monday, 23 June 2014, as per provisional data from the stock exchanges.
Asian stocks rose on Tuesday, 24 June 2014, amid volatility. Key benchmark indices in Indonesia, South Korea, China, Singapore, Hong Kong and Taiwan were up by 0.09% to 0.95%. Japan's Nikkei Average fell 0.36%.
Most US stocks slid on Monday, 23 June 2014, with the Standard & Poor's 500 Index dropping for the first time in seven sessions, as General Electric Co. led industrial shares lower to offset gains among energy producers.
Data on Monday showed US sales of existing homes climbed 4.9% to a 4.89 million annualized rate in May, the most since October. A separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.
Investors have also been watching developments in Iraq, where government forces reportedly regained control of border crossings into Syria and Jordan. Advances made by fighters from the Islamic State in Iraq and the Levant have edged the country closer to sectarian conflict, raising fears of a reprise of the civil war in the years after the 2003 US led invasion.
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