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Market summary pptx 10.6.2014

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  • 1. India-GlobalMarketSummary 10-6-2014 • Market recovers in late trade. Recovery in European stocks helped recovery on the domestic bourses in late trade. The market breadth indicating the overall health of the market was positive. Among the 30-share Sensex pack, 16 stocks declined and rest of them gained. Nifty rose 0.02% to 7656.40 and Sensex rose 0.01% to 25583.69 • President Pranab Mukherjee said in his speech addressing a joint sitting of Parliament on Monday, 9 June 2014, that the backbone of government's new ways of working will be a Digital India. Information Technology will be used to drive re-engineering of government processes to improve service delivery and programme implementation. The government will strive to provide Wi-Fi zones in critical public areas in the next five years. The National e- governance plan will be expanded to cover every government office from the centre to the Panchayat to provide a wide variety of services to citizens. • The National Stock Exchange (NSE) has decided to conduct an auction for the allocation of unutilized debt limits for Government Debt category tomorrow, 11 June 2014. The amount for the auction has been set at Rs 7152 crore. As per debt utilisation status available on NSDL, the total investment of all the FIIs/FPIs/QFIs in Government Debt (auction) reached Rs 92394 crore on Monday, 9 June 2014, which is 92.82% of total permitted limit of Rs 99546 crore. Separately, NSE said in another circular that FIIs should not increase their long position in interest rate futures (IRF) till the time the overall long position of FIIs in cash and IRF comes below 85% of existing permissible limit.
  • 2. • India can easily cut down its fiscal deficit without hurting people, if there is enough political will, the finance ministry's principal economic adviser Ila Patnaik reportedly said in a panel discussion in her capacity as an economist. Patnaik also said there were enough leakages in schemes and excess subsidies to cut the country's deficit, while replying in her private capacity to a question on fiscal consolidation. • The India Meteorological Department (IMD) on Monday, 9 June 2014, said rainfall over the country as a whole for the 2014 southwest monsoon season (June to September) is likely to be below normal (90-96% of long period average). Quantitatively, monsoon season rainfall for the country as a whole is likely to be 93% of the long period average with a model error of ±4%. Region wise, the season rainfall is likely to be 85% of LPA over North-West India, 94% of LPA over Central India, 93% of LPA over South Peninsula and 99% of LPA over North- East India, all with a model error of ± 8 %. The monthly rainfall over the country as whole is likely to be 93% of its LPA during July and 96% of LPA during August both with a model error of ± 9. • After IMD's forecast of below normal rains this year, Agriculture Minister Radha Mohan Singh on Monday, 9 June 2014, reaffirmed government's seriousness in tackling any situation arising out of poor monsoon. Contingency plans are already in place, state governments have been suitably advised, sufficient foodstocks are in place, and quick action will be taken to tackle any situation arising out of deficient monsoon, he said. Storage position in major reservoirs across the country, except in Southern India, is satisfactory, the Ministry of Agriculture said. Crop contingency plans have been developed for 500 out of about 540 agricultural districts by Central Research Institute of Dryland Agriculture (CRIDA) in collaboration with State Agricultural Universities and concerned state governments to deal with challenges posed by aberrant monsoon.
  • 3. • India's farm sector accounts for 14% of India's nearly $2 trillion economy, with two-thirds of its 1.2 billion population living in rural areas. • Rains are vital to rejuvenate an economy battling its longest economic slowdown since the 1980s and to cool inflation running close to double digits. The new government on Monday made fighting food inflation its top priority. • Finance Minister Arun Jaitley on Monday, 9 June 2014, said at a Pre-Budget Meeting with the finance ministers of all states and union territories that the Centre and the states must complement each other in managing the economy and the fiscal policy. Goods and Services Taxes (GST) is one pending issue on which consensus needs to be built and implementation done at an early date, Jaitley said. Implementation of GST has the potential to significantly improve the growth story, he said. • Jaitley said the government is committed to breaking the vicious cycle of high inflation and high interest rates. • IT stocks extended Monday's gains triggered by strong US job data for May 2014. Tech Mahindra hit 52-week high. Realty stocks edged lower on profit booking after recent strong gains. Shares of Essar group companies surged. • Realty stocks edged lower on profit booking after recent strong gains. DLF (down 3.52% to Rs 232.80), Sobha Developers (down 5.83% to Rs 526), Housing Development and Infrastructure (HDIL) (down 2.77% to Rs 108.80) and Unitech (down 3.97% to Rs 36.30) declined. • Shares of Essar group companies surged. Essar Ports jumped 10.17% . Essar Oil jumped 6% Essar Shipping jumped by the maximum permissible daily level of 5% • KPR Mill rose 4.46% after the company said that in order to meet increased demand in garment exports, the company has initiated expansion plans in its garment business. • In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.265, compared with its close of 59.20/21 on Monday, 9 June 2014. • Shares of FMCG stocks fell after the India Meteorological Department said rains this year will be below normal as the chances of El Nino occurring during monsoon are very high • Geometric rose 4.48% after the company announced that it has signed an application maintenance contract with Volvo Cars, Sweden • Foreign institutional investors (FIIs) bought shares worth a net Rs 536.68 crore yesterday • Idea Cellular said that the Board of Directors of the bank has decided to close the Issue and approved the issuance of 22.38 crore shares to QIBs at an issue price of Rs 134 per share, including a premium of Rs 124 per share
  • 4. Global news • European stocks edged higher in choppy trade on Tuesday, 10 June 2014, after positive economic data in UK and France. Asian stocks edged up on Tuesday, 10 June 2014, after a record close for US stocks on Monday on the back of economic optimism in the US. Trading in US index futures indicated that the Dow could fall 21 points at the opening bell on Tuesday, 10 June 2014. US stocks rose on Monday, with benchmark indexes extending records, as small-cap shares rallied and Family Dollar Stores Inc. advanced with Analog Devices Inc. amid deals activity • UK industrial production rose for a third month in April, driving the annual increase to the biggest since 2011. Output rose 0.4% from March, when it gained a revised 0.1%, the Office for National Statistics said today in London. • French industrial production rebounded in April on an increase in manufacturing and energy and output, national statistics bureau Insee said Tuesday. Industrial output rose 0.3% in April from March, and Insee revised the March reading upwards to a 0.4% contraction from a 0.7% contraction previously. • Meanwhile, French business sentiment declined in May and economic growth will be tepid in the second quarter of the year, a Bank of France survey showed Tuesday. Based on its monthly survey, the Bank of France expects the economy will grow only 0.2% in the second quarter from the first. • China's central bank said it will cut the level of deposits that banks have to keep with it by 50 basis points for some lenders, a move aimed at freeing up more cash for loans to bolster flagging economic growth. The People's Bank of China said in a statement that the reduction would be effective from June 16, and will apply to banks whose new loans to the farm sector last year exceeded 50% of total new lending for 2014. It is also a requirement that outstanding loans to the farming sector exceeds 30% of total outstanding loans. The central bank said in a short statement that current liquidity in China's banking system was ample, and that the direction of the country's monetary policy had not changed. • China's inflation accelerated in May to the fastest pace in four months on food costs, while a decline in factory-gate prices moderated. Consumer prices rose 2.5% from a year earlier, the statistics bureau said today in Beijing. The producer-price index fell 1.4% after a 2% decline the previous month.
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