India-Global Market Summary 05-06-2012• Market closed with small gains after trading with volatility. Latest data showing that Indias services sector rising at its fastest pace in three months during May supported the bourses. The barometer index, BSE Sensex, managed to end above the psychological 16,000 mark after falling below that mark for a brief period in mid-afternoon trade. The market breadth was positive. Sensex up by 0.2% to 16020.64 and Nifty up by 0.31% to 4863.30• Reliance Industries held firm. FMCG and realty stocks edged lower. Capital goods stocks rose on bargain hunting after recent losses. Telecom stocks fell across the board ahead of the meet of an empowered group of ministers (EGoM) headed by Finance Minister Pranab Mukherjee, today to decide on the base price for the much-awaited auction of telecom spectrum.• Indias annual monsoon rains have reportedly arrived at the southern Kerala coast, brightening prospects of higher farm output by aiding farmers to plant summer- sown crops such as rice, soybean and cotton on time.• Bank shares climbed up in the market as RBI yesterday raised hopes of an interest rate cut in its forthcoming mid-quarter monetary policy review on 18 June 2012.
• Gold futures rebounded in Asia session today as the sentiments turns optimistic in the markets as investors hoped that policy makers would step in to stem growing concerns over the global economy.• Crude prices trade near $100 a barrel level on concern over slowing global economy, which may result in consumption of less fuel than the International Energy Agency had forecast• Hero MotoCorp board approved a proposal to merge Hero Investments, the investment arm of the Hero Group into the company.• Tube Investments of India climbed up 2.66% after 0.96% equity changed hands in three bulk deals on the BSE today, 5 June 2012.• Lupin received approval from US Food and Drug Administration for SUPRAX Capsules 400mg• Essar Oil has completed its Optimisation Project, which has taken the capacity of its Vadinar Refinery in Gujarat to 20 MMTPA, or 4.05 lakh barrels per day
Global news• European stocks were mixed on Tuesday. Asian shares advanced Tuesday to take back a portion of heavy losses made in the previous session, as investors hoped that policy makers would step in to stem growing concerns over the global economy.• Standard & Poors said Monday it sees a one in three chance that Greece will exit the euro zone in the coming months after the country holds elections in mid June. An exit from the euro zone, however, would likely discourage other ailing sovereign states from following suit having witnessed the resulting economic hardships and long delay in harnessing benefits from national currency devaluation. A rejection by Greek voters to enact financial reforms demanded by the European Commission, International Monetary Fund, and European Central Bank would likely result in a cutoff of international aid and subsequent defaults• Chinas services industry expanded at its fastest pace for 19 months in May, with new business and optimism about the future robust. The HSBC China Services Purchasing Managers Index (PMI) rose to 54.7 in May, extending from Aprils six- month peak of 54.1. Services make up about 43% of economic activity. The increase in the HSBC Services PMI comes in marked contrast to Chinas official non-manufacturing PMI, which showed a second straight monthly decline when it was published at the weekend, easing to 55.2 from Aprils reading of 56.1. The difference is a result of using differing methodologies and samples. Still, both are above the 50-mark, which divides expansion from contraction.
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