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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
02-Sep-2016     08:34

Market may edge lower in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the index could fall 14.50 points at the opening bell. In overseas stock markets, Asian stocks were mixed ahead of the influential US non-farm payrolls data, which will be released later in the global day today, 2 September 2016.

US stocks finished mostly higher yesterday, 1 September 2016, recovering from earlier losses, as investors braced for the much-anticipated August jobs data, which could set the stage for a near-term interest-rate increase by the Federal Reserve. A report from the Institute of Supply Management (ISM) yesterday, 1 September 2016 showed US factory activity contracted for the first time in six months in August as new orders and production tumbled.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 301.51 crore yesterday, 1 September 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 308.16 crore yesterday, 1 September 2016, as per provisional data.

Among corporate news, Bharti Airtel said that the High Court Division of the Supreme Court of Bangladesh (High Court) approved the merger of Airtel Bangladesh into Robi Axiata owing to certain conditions. The proposed merger is also subject to fulfilment of other conditions stipulated in the agreement and is expected to be completed in the fourth quarter of 2016, Bharti Airtel said. The announcement was made after market hours yesterday, 1 September 2016.

It may be recalled that Bharti Airtel had in January this year announced signing a definitive agreement with Axiata Group Berhad (Axiata) to merge their respective telecommunications subsidiaries in Bangladesh namely Robi Axiata and Airtel Bangladesh.

Hero MotoCorp reported a 28% growth in its total two-wheeler sales at 6.16 lakh units in August 2016 over August 2015. The company said it will launch 15 new products across segments in its domestic and global markets this financial year (FY 2017) out of which three motorcycles will be introduced in the domestic market before the festive season. These includes the new Achiever 150cc motorcycle and the Super Splendor and Passion PRO with the Hero patented i3S technology, the company said in a statement. The announcement was made after market hours yesterday, 1 September 2016.

Lupin announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of Pfizer Inc.'s Zithromax for oral suspension, 100mg/5ml and 200mg/5ml. The drug is a macrolide antibacterial drug indicated for mild to moderate infections caused by designated, susceptible bacteria. Zithromax oral suspension had annual US sales of $110.6 million as per IMS MAT June 2016 data. The announcement was made at the fag end of trading session yesterday, 1 September 2016.

Tata Motors said that passenger and commercial vehicle sales (including exports) rose 6% to 43,061 vehicles in August 2016 over August 2015. The company's domestic sales of Tata commercial and passenger vehicles rose 3% to 36,466 units in August 2016 over August 2015. The company continued to witness year-on-year growth in certain key segments in August 2016, with the company's light commercial vehicles (LCV) sales growing by 10% and its passenger cars growing by 17%. Tata Motors passenger vehicles in the domestic market, recorded 16% growth in sales to 13,002 units in August 2016 over August 2015. Sales of passenger cars rose 17% at 11,435 units in August 2016 over August 2015, due to strong demand for the recently launched Tiago. The overall commercial vehicles sales in August 2016, in the domestic market fell 3% to 23,464 units in August 2016 over August 2015.. The sales of Tata Motors Light Commercial Vehicles, continued to grow in the domestic market with growth of 10% at 13,495 units in August 2016 over August 2015. M&HCV sales were at 9,969 units, lower by 17% over August 2015. The segment saw subdued demand, with the slowdown of recent months continuing, as a result of postponement of replacement and fleet expansion. The company's sales from exports rose 27% to 6,595 units, in August 2016 over August 2015. The announcement was made after market hours yesterday, 1 September 2016.

HDFC said that it has closed the second issue of Rupee denominated bonds to overseas investors aggregating Rs 500 crore yesterday, 1 September 2016. The bonds carry yield of 7.5% per annum payable semi-annually and will mature on 9 January 2020. The entire issue has been subscribed by The Province of British Columbia. The announcement was made after market hours yesterday, 1 September 2016.

L&T announced that the proposed initial public offer (IPO) of the subsidiary, L&T Technology Services Limited will be open for subscription to public on 12 September 2016 and shall close on 15 September 2016. The announcement was made after market hours yesterday, 1 September 2016.

Key benchmark indices registered small losses in a lackluster trading session yesterday, 1 September 2016. The Sensex lost 28.69 points or 0.1% to settle at 28,423.48, its lowest closing level since 30 August 2016.

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