1. India-Global Market Summary 18-09-2014
• Sensex, Nifty hit one-week high after strong gains. Market jumped after the US
Federal Reserve at the end of a two-day policy meeting on Wednesday, 17
September 2014, maintained a commitment to keep US interest rates near zero for a
"considerable time". Meanwhile, the Indian and Chinese governments signed a five-year
trade and economic co-operation pact and a railway co-operation pact. Chinese
President Xi Jinping is on a three-day visit to India.. The market breadth indicating
the overall health of the market was strong. A sustained rise in intraday trade took
the Sensex past the psychological 27,000 level and the Nifty past the psychological
8,000 level in afternoon trade. Nifty rose 1.75% to 8114.75 and Sensex jumped
1.81% to 27112.21
• The US Federal Reserve at the end of a two-day policy meeting on Wednesday, 17
September 2014, maintained a commitment to keep US interest rates near zero for a
"considerable time" after the bond-buying program ends even as its rate projections
suggested some officials might have in mind a slightly more aggressive path of rate
increases next year and in 2016 than previously thought. Low interest rates in the US
have triggered large inflow of dollars into emerging markets as investors seek higher
yields and India has been one of the major beneficiaries. The Fed has kept its short-term
interest rate near-zero since December 2008.
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2. • In the foreign exchange market, the rupee edged lower against the dollar on dollar's broad strength
after the Fed statement. Brent crude oil prices extended overnight losses.
• Zee Entertainment Enterprises will replace United Spirits in the 50-share CNX Nifty index from
tomorrow, 19 September 2014. Shares of United Spirits gained 0.46%.
• Merck & Co., Inc. and Sun Pharmaceutical Industries through their respective subsidiaries
announced an exclusive worldwide licensing agreement for Merck's investigational therapeutic
antibody candidate, tildrakizumab,
• Ranbaxy Laboratories said that the company has received a Civil Investigative Demand (CID) from
the United States Department of Justice relating to the manner in which it reports pricing data for
certain products eligible for reimbursement under the Medicaid program. .
• Idea Cellular turns ex-dividend today, 18 September 2014, for final dividend of Rs 0.40 per share for
the year ended 31 March 2014.
• IFCI surged 4.92% after the firm's CEO & MD Malay Mukherjee was quoted as saying that the
company has received three bids for its 2.5% stake in National Stock Exchange and the stake sale is
in the process of evolution
• Thomas Cook (India) rose 2.47% after the company's subsidiary IKYA Group announced the signing
of a definitive agreement to acquire Brainhunter, subject to statutory and regulatory approvals.
• Emami Paper Mills rose 3.58% after the company said that the preference share committee of the
company at its meeting held Wednesday, 17 September 2014, allotted preference shares to
promoters.
• Realty stocks surged. Shares of power generation and power distribution companies edged higher. IT
stocks gained. A number of second line IT stocks also surged.

3. Global news
• European stocks advanced today, 18 September 2014, as US Federal Reserve Chair Janet Yellen indicated that interest
rates won't increase anytime soon. Asian stocks today, 18 September 2014, extended previous day's gains triggered by
reports that China's central bank is providing liquidity to support the economy and after the US Federal Reserve after a
two-day policy meet on Wednesday, 17 September 2014, renewed a pledge to keep interest rates near zero for a
considerable time. Trading in US index futures indicated that the Dow could gain 53 points at the opening bell on
Thursday, 18 September 2014. US stocks edged higher in volatile trading on Wednesday, 17 September 2014, after the US
Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time" and repeated concerns over
slack in the labor market, standing firm against calls to overhaul its policy statement.
• The European Central Bank's first targeted-loan program came in below estimates in a sign that President Mario Draghi
has a way to go to meet his stimulus target. The Frankfurt-based central bank said it allotted 82.6 billion euros ($106.5
billion) at a fixed interest rate of 0.15% in its targeted longer-term refinancing operations today. The lending program is
part of a range of ECB measures to stave off deflation in the euro area that Draghi says will boost the institution's balance
sheet to as much as 3 trillion euros from 2 trillion euros. By tying the cheap four-year loans to the size of banks' loan
books, the ECB intends to spur lending to the real economy.
• In UK, a crucial vote on Scottish independence is underway today, 18 September 2014. Scotland is currently a part of
United Kingdom.
• China's new-home prices fell in all but two cities monitored by the government last month as tight credit damped demand
even as local home-purchase restrictions were eased. Prices dropped in 68 of the 70 cities in August from July, including
in Beijing and Shanghai, the National Bureau of Statistics said in a statement today, the most since January 2011 when the
government changed the way it compiles the data.
• In a statement after a two-day meeting, it announced a further $10 billion reduction in its monthly purchases, leaving the
program on course to be shuttered next month. While the Fed expects to keep rates low for a “considerable time,” Yellen
in a news conference declined to say how much time that meant. She also repeatedly stressed the timing depends on how
the economy performs.
• While the Fed's policy statement emphasised rates would stay low for now, its rate projections suggested some officials
might have in mind a slightly more aggressive path of rate increases next year and in 2016 than previously thought. In
June, the median estimate among Fed officials for the Fed's target interest — meaning half of estimates were above and
half were below — at the end of 2016 was 2.5%. The latest estimate for the end of 2016 was between 2.75% and 3%.
• Meanwhile, the latest economic data showed that US consumer prices fell for the first time in nearly 1-1/2 years in
August and underlying inflation pressures were muted, giving the Fed more ammunition in its argument to keep rates low.
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