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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
13-Jun-2018     08:35

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

India's retail inflation in May rose to a four-month high of 4.87% due to costly petrol and diesel, and a weak rupee while industrial production recovered marginally to grow at 4.9% in April, data released by government after market hours yesterday, 12 showed.

Traders and investors are closely awaiting a series of domestic and global events this week. The wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, 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 policy makers 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.

Most Asian stocks were trading lower as investors turned their attention to the major central bank meetings this week. US stock indexes finished higher yesterday, 12 June 2018 as investors put the US-North Korea meeting in the rear-view.

Back home, stocks logged modest gains in steady session of trade yesterday, 12 June 2018 on sustained buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 209.05 points or 0.59% to settle at 35,692.52. The Nifty 50 index rose 55.90 points or 0.52% to settle at 10,842.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1168.88 crore yesterday, 12 June 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1327.45 crore yesterday, 12 June 2018, as per provisional data.

Among corporate news, TCS said that its board of directors will meet on 15 June 2018 to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 12 June 2018.

Sun Pharmaceutical Industries (Sun Pharma) announced that it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the inspection conducted at its Halol facility (Gujarat, India) during the period 12-23 February 2018. The agency concluded that the inspection is now closed and the issues contained in the Warning Letter issued in December 2015 have been addressed.

Commenting on the development, Dilip Shanghvi, managing director, Sun Pharma said that this is an important development for the company. Sun Pharma remains committed to following the highest levels of quality and 24x7 cGMP compliance at all its manufacturing facilities globally. The announcement was made after market hours yesterday, 12 June 2018.

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