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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
12-Jun-2018     08:30

Market may open on a flat note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell. Marketmen are keenly awaiting a series of domestic and global events this week.

Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end.

UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which officials are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

Overseas, Asian stocks were trading mixed. US stocks shrugged off the weekend's trade drama as investors started a hectic week during which three major central banks set interest rates.

Back home, key benchmark indices logged small gains yesterday, 11 June 2018. The barometer index, the S&P BSE Sensex, rose 39.80 points or 0.11% at 35,483.47. The Nifty 50 index rose 19.30 points or 0.18% at 10,786.95.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1156.77 crore yesterday, 11 June 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1062.82 crore yesterday, 11 June 2018 as per provisional data.

Among corporate news, ICICI Bank will be watched. With reference to the news item titled, ICICI Bank, Kochhar under SEC lens, the bank clarified to the bourses after market hours yesterday, 11 June 2018, that as a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters. However, the bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the managing director & CEO of the bank.

Infosys announced that the voluntary delisting of its American Depositary Shares (ADSs) from the Euronext Paris and Euronext London exchanges has been approved by the board of directors of Euronext Paris SA and by Euronext London. The primary reason for this delisting is the low average daily trading volume of Infosys ADSs on Euronext Paris and Euronext London, which is not commensurate with the related administrative requirements. There will be no change to the Infosys share/ADS count, capital structure or float as a result of the delisting from the above exchanges. Infosys ADSs will continue to be listed on the NYSE under the symbol “INFY” and investors can continue to trade their ADSs on the NYSE as before. The announcement was made after market hours yesterday, 11 June 2018.

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