Market seen opening lower

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 18.50 points at the opening bell. Asian stocks were mostly lower on Tuesday, 2 July 2013, as anemic manufacturing data from China raised growth fears. Tata Motors said after market hours on Monday, 1 July 2013, that total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were 52,708 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for June 2013 were 48,712 units. The company's sales from exports were 3,996 units in June 2013. Credit rating agency Moody's Investors Service has reportedly downgraded the outlook on Tata Power Company (TPC) to negative from stable. The negative outlook reflects renewed uncertainties related to the material covenant breaches on bank debt associated with TPC's Gujarat-based Mundra Ultra Mega Power Project which is being executed under its fully owned subsidiary, Coastal Gujarat Power or CGPL, said Ray Tay, a Moody's Associate Vice President and Analyst. PSU OMCs will be in focus after they decided to raise diesel price by 50 paise per litre, excluding state levies on Monday. The new rate would come into effect from Tuesday. Meanwhile, the Minister of Petroleum & Natural Gas Dr. M. Veerappa Moily directed PSU OMCs, at a meeting of CMDs and Directors (Mktg) of PSU OMCs and Indian Sugar Mills Association (ISMA) on Monday, 1 July 2013, to make all efforts for expediting delivery of already procured quantity of ethanol. Moily also asked PSU OMCs to expeditiously procure additional quantity of ethanol through fresh tenders to meet the requirement of 5 per cent mandatory Ethanol Blended Petrol (EBP) programme. Moily had called the meeting of PSU OMCs and ISMA to expedite procurement and the delivery of ethanol for the EBP programme as per CCEA decision taken in a meeting held on 22.11.2012. The minister observed that against a requirement of 100 crore litres ethanol per year, PSU OMCs have so far finalized procurement of around 40 crore litres of ethanol for next twelve months. To meet the balance requirement, PSU OMCs are planning to float another tender in the month of July 2013 for procurement of ethanol. During the meeting, ISMA suggested that OMCs could procure the finalized quantity of 40 crore liters entirely in the next 3-4 months and fresh fender may be floated for the requirement of ethanol coinciding with next sugar season which starts from October 2013. The supply from new tender could be from the month of November 2013. Godrej Properties turns ex-dividend today, 2 July 2013, for dividend of Rs 4 per share for the year ended 31 March 2013 (FY 2013). Key benchmark indices edged higher for the third in a row on Monday, 1 July 2013, as gains in European stocks boosted sentiment. The S&P BSE Sensex advanced 181.58 points or 0.94% to 19,577.39, its highest closing level since 3 June 2013. Foreign institutional investors (FIIs) sold shares worth a net Rs 1.48 crore on Monday, 1 July 2013, as per provisional data from the stock exchanges. Asian stocks were mostly lower on Tuesday, 2 July 2013, as anemic manufacturing data from China raised growth fears. Key benchmark indices in China, Hong Kong, Indonesia and South Korea were down 0.14% to 0.5%. Key benchmark indices in Taiwan, Singapore and Japan were up 0.02% to 0.85%. US stocks edged higher on Monday, 1 July 2013, after the Institute for Supply Management reported an increase in its US manufacturing index. The Institute for Supply Management reported its manufacturing index in the United States rose to 50.9% in June from 49% in May. Readings over 50% indicate expansion.