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Market may open flat to slightly higher

Capital Market/ 08:40 , Jun 04, 2014

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.

Among corporate news, Reliance Industries (RIL) after trading hours on Tuesday, 3 June 2014, announced that a minor fire broke out on Tuesday morning in the finishing line of poly butadiene rubber plant in Vadodara. The fire was expeditiously brought under control by the fire fighters at the plant, RIL said. The cause of fire is being investigated, RIL said. An alternate finishing line is taken into production and hence there will be no adverse impact on production, RIL said. All other units are functioning normally, RIL said.

Separately, RIL said after market hours on Tuesday, 3 June 2014 said that Reliance Jio Infocomm (RJIL), a wholly owned subsidiary of RIL has signed a telecom tower sharing agreement with Ascend Telecom Infrastructure. Under the agreement, RJIL will utilise the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers.

Car major Maruti Suzuki India after trading hours on Tuesday, 3 June 2014, said its total production jumped 20.11% to 1.21 lakh units in May 2014 over May 2013.

Biocon will be in focus after its subsidiary Syngene International after trading hours on Tuesday, 3 June 2014, announced a five-year extension of its drug discovery and development collaboration with Bristol-Myers Squibb. Financial terms of the new agreement between the two firms were not disclosed. Since 2007, Bristol-Myers Squibb has been working with Syngene and Biocon to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research, and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore. The US-India collaboration has produced six drug candidates for further study and also helped Bristol-Myers Squibb reduce the time and costs associated with advancing new compounds to first-in-human studies, Syngene International and Bristol-Myers Squibb said in a joint statement. One drug candidate currently in clinical trials was discovered at BBRC and early nonclinical development work done at BBRC has enabled most of Bristol-Myers Squibb's small molecule assets to advance to later stages of development over the last five years, the two companies said.

Bristol-Myers Squibb and Syngene jointly developed the BBRC at Biocon Park in Bangalore. Over the years, BBRC has become Bristol-Myers Squibb's largest research and development center outside the United States, housing more than 400 scientists.

Bharat Electronics on Tuesday, 3 June 2014, said its order book stood at Rs 23200 crore as on 1 April 2014. The company bagged fresh orders worth Rs 4230 crore in the year ended 31 March 2014 (FY 2014). Bharat Electronics said that the company has signed a Memorandum of Understanding for a turnover of Rs 6850 crore during the year ending 31 March 2015 (FY 2015). The company disclosed this information in a presentation to investors.

Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for May 2014 today, 4 June 2014.

The Union Finance Minister Shri Arun Jaitley with regard to The Reserve Bank of India (RBI)Monetary Policy announced on Tuesday, 3 June 2014 said: “the RBI has reduced the SLR by 50 basis points while maintaining the repo rate as unchanged. It is a priority for the Government to maintain a balance between growth and inflation. The Government is also concerned with restarting the investment cycle and moving towards higher growth and employment generation. We would like to address the problem of inflation through supply side measures particularly in relation to food inflation. Fiscal consolidation is a priority for the Government. The RBI has also chosen to maintain a balance between growth and inflation while keeping the policy rates unchanged. It has allowed banks to lend more to the private sector since they will be required to subscribe less to government securities than earlier. It has followed a caliberated approach aimed in the direction of balancing between growth and inflation, he added.

Finance minister Arun Jaitley is expected to table Union Budget for 2014-15 in Lok Sabha by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.

Key benchmark indices edged higher in a choppy trading session on Tuesday, 3 June 2014 after the Reserve Bank of India (RBI) announced reduction in Statutory Liquidity Ratio by 50 basis points for commercial banks after a monetary policy review on Tuesday, 3 June 2014, so as to give banks more freedom to expand credit to the non-government sector. The market sentiment was boosted by the RBI's announcement after the monetary policy review to allow foreign portfolio investors to participate in the domestic exchange traded currency derivatives market to the extent of their underlying exposures plus an additional $10 million. The S&P BSE Sensex garnered 173.74 points or 0.7% to settle at 24,858.59 on that day, a record closing high for the index.

Foreign institutional investors (FIIs) bought shares worth a net Rs 575.09 crore on Tuesday, 3 June 2014, as per provisional data from the stock exchanges.

Asian stocks fell on Wednesday as investors await a report on US jobs and a decision from the European Central Bank on monetary policy later in the week. Key benchmark indices in Indonesia, Singapore, Japan, Hong Kong, and China were down 0.04% to 0.65%. Taiwan's Taiwan Weighted rose 0.07%.

Australia's economy grew at the fastest pace in two years as surging exports and home building showed record-low borrowing costs are sustaining a 22-year expansion even as mining investment slows. First-quarter gross domestic product advanced 1.1% from the previous three months, government data today showed.

US stocks edged lower on Tuesday, following all-time highs for benchmark indexes on Monday, as investors awaited a European Central Bank decision on stimulus measures and a report on American employment in May.

A Commerce Department report showed US factory orders climbed 0.7% in April.

The influential US nonfarm payroll data for May 2014 is due for release on Friday, 6 June 2014.

The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a considerable time after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in measured steps if the economy continues to improve.

In Europe, expectations are that the European Central Bank (ECB) will announce new stimulus measures when the Governing Council of the ECB holds a monthly meeting on euro area interest rates tomorrow, 5 June 2014.

Bank of England's Monetary Policy Committee will probably keep its benchmark interest rate at a record-low 0.5% and leave its bond-purchase program unchanged at a monthly meeting on interest rates in UK tomorrow, 5 June 2014.


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