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Market summary pptx  16.6.2014
 

Market summary pptx 16.6.2014

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    Market summary pptx  16.6.2014 Market summary pptx 16.6.2014 Presentation Transcript

    • India-GlobalMarketSummary 16-6-2014 • Volatility ruled the roost in late trade as market once again turned negative after reversing intraday losses. The market breadth indicating the overall health of the market was negative. The market sentiment was edgy as crude oil prices rose and as the rupee fell against the dollar which stoked concerns of fuel price inflation and increase in India's current account deficit and fiscal deficit. The latest showing increase in inflation based on the wholesale price index in May 2014 also weighed on sentiment. Among the 30-share Sensex pack, 16 stocks declined and rest of them gained. Nifty fell 0.11% to 7533.55 and Sensex fell 0.15% to 25190.48 • The oil ministry today, 16 June 2014, said that the under-recovery on diesel applicable for second fortnight of June 2014, effective 16 June 2014, will go down to Rs 1.62 per litre from Rs 2.80 per litre during first fortnight of June 2014. In the case of PDS kerosene and domestic LPG, the under-recoveries for the second fortnight of June 2014 continue to be Rs 32.87 per litre and Rs 432.71 per cylinder respectively, as in the first fortnight of June. • PSU OMCs effective 16 June 2014, are now incurring combined daily under-recovery of about Rs 249 crore on the sale of diesel, PDS kerosene and domestic LPG. This is lower than daily under-recovery of Rs 262 crore during the first fortnight of June 2014. The under-recoveries for the financial year 2014-15 are projected to be Rs 91665 crore while the figure was Rs 139869 crore in 2013-14.
    • • Prime Minister Narendra Modi said on Saturday, 14 June 2014, said that repairing the economy would require unpleasant decisions and tough actions. His comments have triggered speculation that the government may raise fuel prices and/or announce diesel price deregulation to reduce the government's fuel subsidy burden. • In the foreign exchange market, the rupee edged lower against the dollar as strong demand for the greenback from oil marketing companies weighed after global crude prices surged to nine-month highs on Friday, 13 June 2014. • Increase in crude oil price and fall in rupee has stoked concerns of fuel price inflation and increase in India's current account deficit and fiscal deficit. Brent crude oil futures rose to near nine-month high today, 16 June 2014, on fears the insurgency in Iraq could worsen and affect oil exports. Brent crude oil futures for August delivery were up 27 cents at $112.73 a barrel. India imports majority of its crude oil requirements. • The annual rate of inflation based on the monthly wholesale price index (WPI) accelerated to 6.01% for the month of May 2014, from 5.2% in April 2014, data released by the government today, 16 June 2014, showed. The WPI inflation for March 2014 was revised upwards to 6%, from 5.7% reported earlier. Non-food manufacturing inflation edged up to 3.8% in May 2014, from 3.4% in April 2014. • Prime Minister Narendra Modi on Saturday, 14 June 2014, said setting the economy on the right track would require unpleasant decisions and tough actions. He added that he was confident that the people would support these decisions, as they would be in the national interest. The Prime Minister said that the government would lay targeted focus on the areas of entrepreneurship, skill development and infrastructure, to harness the talent and energy of India's youth. • Modi called for two movements to be pursued in mission mode. He called for “Swachh Bharat” – Clean India, to be achieved by the 150th birth anniversary year of Mahatma Gandhi, in 2019. He also called for providing a home with basic amenities of water, power and sanitation, to all families by the 75th anniversary of Indian independence, in 2022. These missions would also build infrastructure and boost employment, the Prime Minister said. The Prime Minster was speaking at in a meeting with leaders from various walks of life in Goa. • Index heavyweight Reliance Industries declined. Shares of state-run gas transmission and distribution company GAIL (India) surged on buzz that a foreign brokerage has raised the price target on the stock. PSU OMCs reversed intraday fall in volatile trade after the oil ministry said the under-recovery on diesel declined in the fortnight commencing 16 June 2014. Realty stocks edged higher.
    • • GAIL (India) surged 3.96% to Rs 433.30 on buzz that a foreign brokerage has raised the price target on the stock to Rs 525 from Rs 450 earlier. • PSU OMCs reversed intraday fall in volatile trade after the oil ministry said the under-recovery on diesel declined in the fortnight commencing 16 June 2014. • DLF said that DLF Promenad, a subsidiary of the company has successfully placed the commercial mortgage backed security (CMBS) issuance of Rs 375 crore, with a competitive coupon rate of 10.90% per annum and legal maturity of 7.5 years. • Future Lifestyle Fashions said that duly authorized Committee of Directors, at its meeting held on 13 June 2014, has made allotment of 1.55 crore equity shares of Rs 2 each at a premium of Rs 78.50 per share to PI Opportunities Fund-I • JK Cement said that the board of directors of the company has decided to raise long term funds by way of issue of securities and/or non convertible debentures • Asian Paints turns ex-dividend today, 16 June 2014, for final dividend of Rs 4.20 per share for the year ended 31 March 2014 (FY 2014). • IndusInd Bank turns ex-dividend today, 16 June 2014, for dividend of Rs 3.50 per share for the year ended 31 March 2014 (FY 2014). • Torrent Pharmaceuticals turns ex-dividend today, 16 June 2014, for final dividend of Rs 5 per share for the year ended 31 March 2014 (FY 2014). • DIC India turns ex-dividend today, 16 June 2014, for dividend of Rs 4 per share for the year ended 31 December 2013 (FY 2013). • Titagarh Wagons rose 2.50% after the company said it forayed into metro coach business. • Nitesh Estates surged 3.66% after the company said it has signed up a joint development pact for development of a gated community in an area of 12 acres to accommodate 440 units • Central Bank of India rose 2.16% after the bank said that it has fixed issue price of Rs 81.83 per share for preferential allotment of shares to LIC. • Hero MotoCorp fell 0.26% after US-based private equity firm Bain Capital on Friday, 13 June 2014, sold 56.18 lakh shares of Hero MotoCorp via bulk deals on BSE and NSE. • Yes Bank rose 0.87% after the bank's advance tax payment rose 20.19% to Rs 125 crore in Q1 June 2014 over Q1 June 2013.
    • Global news • European stock markets dropped for a second day on Monday, 16 June 2014, as rising tensions and violence in Iraq hampered investors' risk appetite and drove oil prices to a nine-month high. Asian stocks were mixed on Monday, 16 June 2014. Trading in US index futures indicated that the Dow could fall 47 points at the opening bell on Monday, 16 June 2014. US stock rose modestly on Friday, 13 June 2014, but trading was choppy with news out of Iraq resulting in price swings in late trade. • In economic news, the University of Michigan/Thomson Reuters sentiment gauge fell in June to 81.2 — the lowest level in three months. Separately, government data ahead of the open showed wholesale prices for May fell unexpectedly. • The Federal Open Market Committee (FOMC) undertakes monetary policy review at a two-day meeting that begins tomorrow, 17 June 2014. The FOMC after a monetary policy review on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve. The Fed also said at that time that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends
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