India-Global Market Summary 07-06-2012• Market rose and hit four and half weeks high after PM announced a big push to the infrastructure sector to revive sagging economic growth. Gains in world stocks underpinned sentiment. Sensex rose 1.18% to 16649.05 and Nifty rose 1.05% to 5049.65. From 30-share Sensex pack, 25 stocks gained and the rest fell. The market breadth was positive.• Monsoon rains were 36% below average in the week to June 6, reflecting the delay in the arrival of the seasonal rains over Kerala from the usual June 1 start date.• FMCG stocks rose on arrival of monsoon in Kerala early this week. Metal stocks gained on hopes for Chinese policy-easing. Interest rate sensitive banking, auto and realty stocks extended recent gains triggered by hopes the Reserve Bank of India (RBI) will cut interest rates at mid-quarter monetary policy review on 18 June 2012 to prop up slowing economy after data released by the government last week showed Indias economy grew 5.3% in Q4 March 2012, its slowest pace of expansion in nearly a decade..
• Gold prices traded mixed. Indian rupee strengthened against dollar• Ashok Leyland climbed up more than 4.5% in two days after the company received overseas order• BHEL today started a 250 mw unit at Harduaganj thermal power project at Uttar Pradesh.• Reliance Industries announced an investment of Rs 1 lakh crore to double operating profits in the next five years• HCL Technologies had unveiled its Global Delivery Centre for business process outsourcing services in Quezon City, Manila, Philippines.• Suzlon Energy had signed an expression of interest with the Government of Karnataka to develop 2,500 megawatts of new wind power capacity in Karnataka between 2012 and 2017.• L&T construction division has secured new orders valued at Rs 2410 crore across various businesses during first quarter ended June 2012• Reliance Industries edged higher after the company targeting to double its operating profit in about five years.
Global news• European stock markets rose on Thursday after the Spanish government sold more debt than it had targeted in a keenly watched auction. Most Asian stocks rose on Thursday, 7 June 2012, as investors hoped for US and European monetary easing to counter growing economic woes. US stocks surged to their best one-day performance so far this year on Wednesday after the European Central Bank indicated that it stands ready to cut rates and on hopes for fresh easing from the Federal Reserve• Spain today sold 2.07 billion euros in government bonds. Borrowing costs rose versus previous auctions, but the sale saw strong demand and the government sold more than euro 1 billion to euro 2 billion targeted by the Treasury.• The Bank of England (BoE) left its key lending rate unchanged and made no adjustments to its bond-buying program on Thursday. The central banks nine- member Monetary Policy Committee left its key bank rate at a record low 0.5%, where it has stood since March 2009. The panel also made no adjustment to its 325 billion pounds ($523 billion) asset-buying program.• The Chinese central bank today announced a surprise cut in interest rates. The Peoples Bank of China lowered both its benchmark and deposit rates by a quarter-point, with the move taking effect from Friday, 8 June 2012. US Federal Reserve Chairman Ben Bernanke will testify before a congressional panel today, 7 June 2012, which is expected to shed light on the Feds view of the economy and possible policy moves.•
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