1. India-Global Market Summary 17-09-2014
• Market snaps two-day losing streak. Positive cues from world markets helped key equity benchmark indices
in India register modest gains.. IT and capital goods stocks gained. Cement stocks gained on hopes demand
will pick up as construction activity will be in full swing as the southwest monsoon starts withdrawing.
Benchmark indices witnessed intermittent volatility within positive zone in intraday trade after a higher
opening triggered by firm Asian stocks and after the Dow Jones Industrial Average hit an intraday record
high overnight. Nifty rose 0.54% to 7975.50 and Sensex rose 0.52% to 26631.29
• In overseas markets, European stocks edged higher ahead of the Federal Reserve's decision on monetary
policy. Asian stocks rose on a report China's central bank is boosting stimulus. Investors across the globe are
awaiting the outcome on the Federal Reserve's two-day policy meeting that concludes today, 17 September
2014, to gauge the timing of interest rate hike in the US. The Fed is likely to raise short-term interest rates
next year from their current near-zero levels, where they have been since December 2008.
• Chinese President Xi Jinping arrived in India today afternoon for a three-day official visit. The Chinese
President is expected to pledge billions of dollars for railways, industrial parks and roads in India, according
to reports.
• On the political front, the ruling government led by Bharatiya Janata Party (BJP) suffered a major blow in the
Assembly by-elections in Uttar Pradesh, Rajasthan and Gujarat, the states it had swept in the Lok Sabha polls
four months ago, losing 13 of the 24 seats held by it. The results of the by-elections held in nine states were
announced on Tuesday, 16 September 2014. Counting in one assembly seat in Chhattisgarh will be held on
Saturday, 20 September 2014. Considered yet another test of popularity of Prime Minister Narendra Modi,
reversal in the outcome of by-elections come after the party's disappointing performance in the assembly by-elections
in Bihar, Uttarakhand, Karnataka and Madhya Pradesh in the last two months.
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2. • In the foreign exchange market, the rupee was a tad higher against the dollar. Brent crude oil prices edged higher in choppy
trade.
• Infosys rose 2.42%, with the stock extending Tuesday's gains. The company said that Muji, a leading retailer in Japan, has
deployed InteractEdge from Infosys which will enable Muji to deliver a superior shopping experience through real time
insights into the buying behaviour of its customers.
• Wipro rose 1.83%. Wipro early this week said that the company's subsidiary Wipro Arabia has entered into a strategic
partnership with Saudi-based Saudi Electricity Company (SEC), the largest power utility company in the Middle East serving
approximately 5 million customers in the Kingdom of Saudi Arabia (KSA).
• Cement stocks gained on hopes demand will pick up as construction activity will be in full swing as the southwest monsoon
starts withdrawing
• Mahindra & Mahindra (M&M) issued clarification with respect to the media report titled "M&M in talks to buy Peugeot
Scooter business," that the company examines/pursues various opportunities in different areas,
• Maruti Suzuki India said that the company's Manesar facility has crossed the 25 lakh production milestone this month.
• JSWSteel is close to buying assets/mills/plant of Italy's Lucchini,
• JSW Steel clarified that in line with the company's long term strategy to acquire finishing mills near to the market, it has
submitted binding bid for take over of rolling mills of the Piombini Plant of Lucchini in Italy subject to certain terms and
conditions.
• IDFC said that the Capital Raise Committee of Directors of the company has, approved the allotment of 7.30 crore shares at a
price of Rs 137 aggregating to Rs 1000.10 crore, to qualified institutional buyers.
• Piramal Enterprises clarified that the company has signed an agreement for sale of its Lab Diagnostics & Point of Care
Business to Diasys Diagnostics India, for a consideration of Rs 13 crore.
• Aurobindo Pharma said that the company has received final approval from the US Food & Drug Administration (USFDA) to
manufacture and market Amoxicillin for Oral Suspension USP 125mg/5mL and 250mg/5mL.
• Steel Authority of India lost 1.81% on buzz that the 5% stake-divestment in the company by the government is likely to
happen between 24 September and 26 September 2014
• Cairn India rose 1.94% after the company announced three new oil discoveries in Rajasthan block
• Jubilant FoodWorks shed 2.64% after a foreign brokerage retained cautious outlook on the stock stating it has run ahead of
fundamentals and expectations on near and even medium-term recovery seem to be high

3. Global news
• European stocks edged higher today, 17 September 2014, before the US Federal Reserve's decision on monetary policy. Key
benchmark indices in UK, France and Germany were 0.9% to 0.62%. Asian stocks rose today, 17 September 2014, on a report
China's central bank is boosting stimulus. Trading in US index futures indicated a flat opening of US stocks on Wednesday, 17
September 2014. US stocks rose on Tuesday, 16 September 2014, with the Dow Jones Industrial Average hitting a record intraday
high as markets reacted to wavering expectations over the language the Federal Reserve will use Wednesday, 17 September 2014, to
describe its next policy move.
• Euro area inflation was higher than initially forecast in August, easing pressure on the European Central Bank after it took action to
shield the region from the threat of a downward spiral in prices. Annual inflation was 0.4%, unchanged from July, the European
Union's statistics office in Luxembourg said today. That's above Eurostat's Aug. 29 estimate of 0.3%, which was the lowest reading in
almost five years.
• UK unemployment has fallen to the lowest in six years, indicating continued strength in the labor market that Bank of England
Governor Mark Carney says will eventually boost earnings. The jobless rate based on International Labor Organisation methods fell
to 6.2% in the three months through July from 6.4%, a bigger decline than forecast. A separate measure for August put the claimant
count rate at 2.9%. Both rates are at their lowest levels since 2008.
• Meanwhile, a crucial vote on Scottish independence will be held tomorrow, 18 September 2014. Scotland is currently a part of United
Kingdom.
• China reportedly provided 500 billion yuan ($81.4 billion) of liquidity to its five biggest banks, as leaders in Asia's largest economy
seek to support growth. The People's Bank of China started providing the banks with 100 billion yuan each through standing lending-facilities
with tenor of three months. The PBOC will complete the process today, 17 September 2014, according to reports.
• Investors will look to Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. A two-day policy
meeting of the Federal Open Market Committee (FOMC) ends today, 17 September 2014. At the end of a two-day meeting, the
FOMC is widely expected to announce cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on
track to end the program at its October meeting. The Fed is likely to raise short-term interest rates next year from their current near-zero
levels, where they have been since December 2008.
• The Fed will also announce US economic projections after the policy meet. Fed now releases economic projections four times a year
(March, June, September, and December). Traditionally, the Fed forecasts covered GDP, the PCE price index, and the civilian
unemployment rate. However, the forecast report additionally now includes forecasts for the appropriate timing of the next change in
the fed funds rate and the expected fed funds rate at the end of the next two years. The policy meet will be followed by a press
conference by Federal Reserve Chairwoman Janet Yellen on 17 September 2014.
• The Federal Reserve after two-day policy meeting on 30 July 2014, said it would reduce its purchases of mortgage and Treasury
bonds by $10 billion to $25 billion monthly from $35 billion earlier, as widely expected
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