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Market may edge higher in early trade

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Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 4.50 points at the opening bell.

Indian stocks may remain volatile for the remaining part of trading this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire tomorrow, 25 June 2015.

In overseas stock markets, Asian markets edged higher today, 24 June 2015, as optimism around Greece's debt talks continues to buoy sentiment. US stocks closed mildly higher yesterday, 23 June 2015, as investors remained optimistic on the Greece debt talks and eyed continued signs of moderate economic growth.

 

Foreign portfolio investors (FPIs) sold shares worth a net Rs 374.97 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 404.20 crore during previous trading session, as per provisional data.

Among corporate news, NTPC announced after market hours yesterday, 23 June 2015, that Unit no. 1 of 250 megawatts (MW) of Bongiagaon Thermal Power Project has been commissioned on 22 June 2015. With this, the total installed capacity of Bongiagaon Thermal Power Project has become 250 MW and the total installed capacity of NTPC group crosses 45 GW and has become 45048 MW.

Asian Paints turns ex-dividend today, 24 June 2015, for final dividend of Rs 4.30 per share for the year ended 31 March 2015 (FY 2015).

Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 23 June 2015, that the southwest monsoon has further advanced into some more parts of north Arabian Sea, Gujarat state, Madhya Pradesh and Bihar and remaining parts of Chhattisgarh and Jharkhand and some parts of East Uttar Pradesh. Conditions are favourable for further advance of southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Madhya Pradesh and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, some more parts of Uttar Pradesh and some parts of Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 2-3 days, the IMD said. The Southwest monsoon was vigorous over West Madhya Pradesh and active over Nagaland, Manipur, Mizoram & Tripura, Odisha, Jharkhand, East Madhya Pradesh, Madhya Maharashtra, Vidarbha and Chhattisgarh during past 24 hours ending at 830 hrs, the IMD said.

For the country as a whole, the cumulative rainfall during this year's monsoon season was 21% above the Long Period Average (LPA) until 22 June 2015. Region wise, the southwest monsoon was 45% above the LPA in Central India, 35% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 22 June 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.

Meanwhile, the summary of the electronic consultation with of the members of the Technical Advisory Committee on Monetary Policy released by Reserve Bank of India (RBI) yesterday, 23 June 2014, showed that all the seven members of the committee recommended a reduction in policy repo rate by the RBI at the Second Bi-monthly Monetary Policy Review, 2015-16 on 2 June 2015. Four members advocated a cut in repo rate by 25 basis points; two members suggested a 50 basis points reduction and one member proposed a reduction by 75 basis points. One of these members also recommended that the SLR should also be reduced by 50 basis points. It may be recalled that the RBI cut its benchmark lending rate viz. the repo rate by 25 basis points after the 2 June 2015 policy review.

Gains in index heavyweights HDFC, ITC and L&T and state-run banks helped key benchmark indices register modest gains yesterday, 23 June 2015. The S&P BSE Sensex rose 74.16 points or 0.27% to settle at 27,804.37, its highest closing level since 1 June 2015.

In overseas stock markets, Asian markets edged higher today, 24 June 2015, as optimism around Greece's debt talks continues to buoy sentiment. Key indices in China, Japan, Hong Kong, Singapore and Indonesia were up 0.04% to 1.74%. Key indices in South Korea and Taiwan were off 0.02% to 0.11%.

US stocks closed mildly higher yesterday, 23 June 2015, as investors remained optimistic on the Greece debt talks and eyed continued signs of moderate economic growth.

Meanwhile, the Markit US manufacturing PMI fell to 53.4 in June from 54 in May, data released yesterday, 23 June 2015 showed.

In Europe, Greece's minister of state Nikos Pappas has reportedly said the deal with the country's lenders will be backed by parliament and supported by the people. Greece needs a deal to unlock new financing ahead of a 1.54 billion euro ($1.75 billion) debt payment due to the International Monetary Fund at the end of June.

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First Published: Jun 24 2015 | 8:24 AM IST

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