1. India-GlobalMarketSummary 12-01-2015
• Nifty hits one-week high. Gains in European stocks triggered up move for key equity
benchmark indices in India in what was a choppy trading session. Banking, FMCG and IT
stocks led the up move. European stocks rose on reports that a bond-buying scheme by
the European Central Bank is taking firmer shape. Sensex hit its highest level in almost a
week. The market breadth indicating the overall health of the market was positive. Nifty
rose 0.46% to 8323 and Sensex rose 0.46% to 27585.27.
• Meanwhile, Prime Minister Narendra Modi yesterday, 11 January 2015, said that the
government is committed to create a policy environment that is predictable, transparent
and fair.
• Dr Raghuram Rajan, Governor, Reserve Bank of India (RBI) and Dr Mario Draghi,
President of the European Central Bank (ECB) today, 12 January 2015, signed a
Memorandum of Understanding (MoU) on cooperation in the field of central banking.
The MoU provides a framework for regular exchange of information, policy dialogue and
technical cooperation between the two institutions. Technical cooperation may take the
form of joint seminars and workshops in areas of mutual interest in the field of central
banking.
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2. • Prime Minister Narendra Modi yesterday, 11 January 2015, said that the government is committed to create a policy
environment that is predictable, transparent and fair. Speaking at Vibrant Gujarat summit at Gandhinagar in Gujarat, Modi
said that the government is putting all efforts to ensure faster and yet inclusive growth. Modi said that HSBC's latest report
has identified India as the world's largest growing exporter, which is set to move from being the fourteenth to the fifth largest
exporter in the world by 2030. Modi has that the government has taken far reaching decisions to ensure supply of key natural
resources. He further said that the government has also amended legal provisions to facilitate availability of land. This has
been done to enable development in remote areas while ensuring better returns to the farming community. Modi said that the
government has put focus on building infrastructure through public and private investments. With regard to the
manufacturing sector, Modi said that the government's focus is on promoting labour intensive manufacturing.
• The government will unveil industrial production data for November 2014 after trading hours today, 12 January 2015.
Industrial production had witnessed a surprise contraction of 4.2% in October 2014. The government will release the data on
CPI inflation for December 2014 after trading hours today, 12 January 2015. The government will release data on WPI for
December 2014 at 12 noon on Wednesday, 14 January 2015.
• Adani Enterprises rose 2.55% after the company said it tied up with Australia's Woodside Energy for oil & gas exploration
and production opportunities
• United Spirits rose 7.20% after minority shareholders of the company approved a proposal to make and sell brands owned by
its parent Diageo Plc
• Coal India fell 4.17% on report the government is planning to sell a 10% stake in the state-run coal miner.
• FMCG stocks edged higher, with Hindustan Unilever (HUL) hitting record high. Index heavyweight and cigarette maker ITC
edged higher. Capital goods stocks also gained.
• In the foreign exchange market, the rupee edged higher against the dollar as a drop in US wages last month spurred
speculation the US Federal Reserve will delay an increase in interest rates.
• Brent crude oil futures extended losses from the lowest level in more than 5-1/2 years after a prominent investment bank
reportedly cut its oil-price projections for this year and the next.
• Meanwhile, as per media reports, the government's revenue department is pushing the Income Tax department to include
portfolio investors (FPIs) under the Minimum Alternate Tax (MAT) on their gains from stock market transactions. The
Income Tax department reportedly issued show-cause notices to more than 35 foreign portfolio investors (FPIs) last month on
why the concerned FPI isn't liable to pay MAT.

3. Global news
• European shares edged lower today, 9 January 2015, after data showed Germany's economic recovery is slowing. Asian
European stocks edged higher today, 12 January 2015, on reports that a bond-buying scheme by the European Central
Bank (ECB) is taking firmer shape. Asian stocks edged lower today, 12 January 2015, amid concern Europe's stimulus
plans may not solve the euro region's economic woes and after an unexpected drop in American wages clouded the
outlook for US interest rates. Trading in US index futures indicated that the Dow could gain 65 points at the opening bell
today, 12 January 2015. US stocks fell on Friday, 9 January 2015, following a two-day rally as December's jobs report
gave a mixed view of the economy, with financial shares leading the way lower.
• The ECB is reportedly planning a quantitative easing program that could be based on contributions made by central banks
into the ECB. Germany pays 17.9% of the total contributions while Cyprus pays the least, at 0.15% of the total
contributions to the ECB, according to reports. Nothing has been finalized yet, reports said.
• The French economy grew only slightly in the final quarter of 2014, a business confidence survey by the Bank of France
showed today, 12 January 2015. French gross domestic product expanded 0.1% in the fourth quarter from the third, the
central bank said.
• Meanwhile, uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until
the early election in the country later this month. Greece is set to hold snap elections on 25 January 2015 after it failed to
elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls
ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll
back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the
government negotiated in 2012.
• US job growth increased briskly in December, but wages posted their biggest decline in at least eight years in a sign the
tightening labor market has yet to give much of a boost to workers. Nonfarm payrolls increased by 252,000 last month
after an upwardly revised jump of 353,000 in November, the Labor Department said. The jobless rate fell 0.2 percentage
point to a 6-1/2-year low of 5.6%, but that was mainly because people left the labor force.
• The drop in labor participation and a surprise five-cent, or 0.2 percent, decrease in average hourly earnings, which nearly
erased November's gains, took some shine off the otherwise upbeat report
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