Market summary pptx 11.6.2014


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Market summary pptx 11.6.2014

  1. 1. India-GlobalMarketSummary 11-6-2014 • Market edged lower in choppy trade as weakness in European stocks hit sentiment on the domestic bourses adversely. The BSE Mid-Cap index was off more than 1%. The market breadth indicating the overall health of the market turned positive from negative in late trade. Indian stocks snapped four-day winning streak today, 11 June 2014. Nifty fell 0.39% to 7626.85 and Sensex fell 0.43% to 25473.89. • India's merchandise exports jumped 12.4% to $28 billion in May 2014 over May 2013, data released by the government today, 11 June 2014, showed. Imports declined 11.41% to $39.23 billion in May 2014 over May 2013. Oil imports rose 2.5% at $14.46 billion in May 2014 over May 2013. Non-oil imports dropped 17.9% at $24.77 billion in May 2014 over May 2013. • The trade deficit declined to $11.23 billion in May 2014, from $19.37 billion in May 2013. Trade deficit for the first two months of this financial year declined to $21.32 billion, from $37.04 billion during the corresponding period in the previous year.
  2. 2. • The government is due to release industrial production data for April 2014 after trading hours tomorrow, 12 June 2014. Industrial production shrank for a second straight month in March 2014. Industrial production declined 0.5% in March 2014, compared with a contraction of 1.8% in February 2014. • The government is due to release CPI inflation for May 2014 after trading hours tomorrow, 12 June 2014. CPI inflation accelerated to 8.59% (provisional) in April 2014, from 8.31% (final) in March 2014. Core CPI which excludes food and energy prices eased to 7.8% in April 2014, from 7.81% in March 2014. • Finance Minister Arun Jaitley said on Tuesday, 10 June 2014, that the growth of the country has been below 5% in the recent years. He said that economic growth cannot be compromised at any cost. The Finance Minister said that the government is committed to bring the economy back on the track. He said that priority of the government would be to restore the economic growth, curb inflation, follow the path of fiscal consolidation and to create an environment for higher employability. The Finance Minister was making the opening remarks during his Pre- Budget consultation with economists. • Major suggestions from economists included doing away with retrospective tax amendments, removal of all kind of cess and surcharges and instead increase rate of tax if so required, removal of dividend distribution tax and introduction of inheritance tax above certain threshold limit as in case of many other capitalist countries. • Metal and mining stocks declined. Realty stocks tumbled. Tata Power Company (down 5.51%), Coal India (down 3.99%) and Bharat Heavy Electricals (Bhel) (down 3.83%) edged lower from the Sensex pack.
  3. 3. • JSW Steel dropped 1.94% The company clarified with respect to the news articles in the media titled "JSW Steel to buy Welspun Maxsteel for Rs 1100 crore", that the company doesn't offer any comments on market rumours and speculation. However, as a long term strategy, the company will like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets. In that perspective, the company keeps scanning suitable opportunities, which have a strategic fit, JSW Steel said. • Unitech dropped 7.11%. With reference to an announcement made by Unitech Corporate Parks PLC to sell its entire interest in the portfolio of 6 IT SEZ/Parks in India, Unitech announced that the interest of two of the affiliates of Unitech in 4 of these 6 IT SEZ/Parks stands transferred to an independent third party. • In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 59.27, compared with its close of 59.29/30 on Tuesday, 10 June 2014. • DCW surged 4.78%, after the company scheduled a board meeting on 18 June 2014 to consider issue of shares on preferential basis to promoters and promoter group. • Future Lifestyle Fashions jumped 5.31% after the company said it has acquired 12% stake in Unico Retail, a company engaged in the business of handbags, belts and wallets under the brand PEPERONE in India. • JMT Auto was locked at 5% upper circuit after the company's board at its meeting held on Tuesday, 10 June 2014, approved the issue of bonus shares in the ratio of 5:2 i.e., five bonus shares for every two shares held. • Aurobindo Pharma turns ex-dividend today, 11 June 2014, for 2nd interim dividend of Rs 1.75 per share for the year ended 31 March 2014 (FY 2014). • Idea Cellular said that, the Securities Allotment Committee of the Board, has approved making of issuance of upto 5.18 crore shares for cash at a price of Rs 144.68 per equity share aggregating to approx Rs 750 crore, to Axiata Investments • Crompton Greaves said that its automation business unit has been awarded a significant contract for supply of 7.5 lakh smart meters from the Spanish utility Gas Natural Fenosa and will be one of its main smart meter suppliers for the next two years. •
  4. 4. Global news • European stocks fell from multiyear highs on Wednesday, 11 June 2014, after the World Bank cut its global growth forecast for 2014. Asian stocks edged higher in choppy trade on Wednesday, 11 June 2014. Trading in US index futures indicated that the Dow could fall 40 points at the opening bell on Wednesday, 11 June 2014. Most US stocks managed small gains on Tuesday, with the Dow Jones Industrial Average closing at an all-time high. • UK unemployment fell to the lowest level in more than five years as the strengthening economic recovery boosted payrolls by a record. The jobless rate dropped to 6.6% in the three months through April from 6.8% in the first quarter, the Office for National Statistics said in London today. While employment rose 345,000, the biggest increase since records began in 1971, the data also showed wage growth slowed. • China will quicken interest rate liberalisation and preparations for setting up a deposit insurance system in 2014, the central bank said on Wednesday. The People's Bank of China (PBOC) reiterated elements from its 2013 annual report stating it would keep its monetary stance prudent, while still making pre-emptive moves to fine-tune policy. • Data showed US wholesale inventories increased 1.1% in April, more than the estimates. A separate report showed job openings rose to 4.5 million in April from 4.17 million in March. • The World Bank cut its global growth forecast amid weaker outlooks for the US, Russia and China, while calling on emerging markets to strengthen their economies before the Federal Reserve raises interest rates. The Washington-based lender predicts the world economy will expand 2.8% this year, compared with a January projection of 3.2%. The US forecast was reduced to 2.1% from 2.8% while outlooks for Brazil, Russia, India and China were also lowered. The 2015 estimate for world economic growth was unchanged at 3.4%.
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