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Market summary pptx 19.6.2014

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  • 1. India-GlobalMarketSummary 19-6-2014 • Market edged lower in choppy trade as macroeconomic worries resurfaced as crude oil prices rose. The market breadth indicating the overall health of the market was negative. Among the 30-share Sensex pack, 17 stocks declined and the rest of them gained. Indian stocks witnessed high intraday volatility today, 19 June 2014. Key benchmark indices edged higher in early trade as Asian stocks rose after the US Federal Reserve after a monetary policy review on Wednesday, 18 June 2014, said a highly accommodative stance of monetary policy for the US economy remains appropriate at this juncture. Nifty fell 0.23% to 7540.70 and Sensex fell 0.18% to 25201.80 • Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol. • Brent crude rose as investors worried about exports from Iraq as militant violence in the country continues. Brent crude futures for August delivery were up 12 cents at $114.38 a barrel. The contract had risen 81 cents to settle at $114.26 a barrel on Wednesday, 18 June 2014, the highest level since 6 September 2013. • Increase in oil prices has triggered macroeconomic worries for India which imports majority of its crude oil requirements. Increase in crude oil prices have raised concerns of increase in fuel price inflation and increase in India's current account deficit and fiscal deficit.
  • 2. • ITC gained after a block deal was executed on the counter on BSE today, 19 June 2014. Shares of PSU OMCs and state-run upstream oil firms dropped after international crude oil prices firmed up. Another trigger for the slide in the shares of ONGC and Oil India was reports that oil ministry has proposed that gas price hike should be restricted to incremental production rather than the entire production. Those reports also weighed on the shares of another gas producer Reliance Industries. Many PSU stocks declined after market regulator the Securities and Exchange Board of India (Sebi) at its board meeting today, 19 June 2014, recommended that all listed companies including PSUs should have at least 25% public shareholding in three years. • ONGC and Oil India also slipped after media reports suggested that the petroleum ministry has proposed that higher gas price as per the Rangarajan formula could be allowed only for incremental production over and above the current levels. This is an alternative to applying the formula unconditionally from 1 July 2014. Restricting the higher price to additional output, the ministry feels, would incentivise production while also protecting the interests of consuming industries like power and fertilisers, reports said. • Shares of companies whose fortunes are linked to orders from Indian Railways rose on reports the government is moving swiftly to allow foreign direct investment in railways • Zee Media Corp and Zee Entertainment after the company said its unit, Taj Television India, will distribute over 47 leading television channels belonging to Zee Group and Turner International India • Engineers India jumped 3.60% on reports the company has won its largest ever consultancy contract for a 20 million tonne oil refinery in Nigeria. • GMR infrastructure rose 2.89% after favorable verdict from the arbitration tribunal with regard to concession agreement for modernization and operation of Ibrahim Nasir International Airport. • Hanung Toys & Textiles was locked at 5% upper circuit after the firm said that corporate debt restructuring cell has approved the corporate debt restructuring package of the company in its meeting held on 23 May 2014. • Kotak Mahindra Bank may see action as the Reserve Bank of India that the bank by Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme (PIS) has reached the trigger limit.. • Moody's Investors Service on Wednesday affirmed the credit ratings on Tata Steel as well as Tata Steel UK Holdings, saying that their profitability and cash generation are unlikely to deteriorate in the next 12 months. • Banking and realty stocks led decline as Indian stocks on Thursday as crude oil prices rose and the rupee fell against the dollar after a flare up of militant violence in Iraq, a key oil exporter.
  • 3. Global news • European shares edged higher on Thursday, 19 June 2014, as investor sentiment received a boost from the Federal Reserve which said the US economy is rebounding and that US interest rates would stay low for some time. Asian markets edged lower on Thursday, 19 June 2014, as crude rose as investors worried about exports from Iraq as militant violence in the country continues. Trading in US index futures indicated that the Dow could rise 9 points at the opening bell on Thursday, 19 June 2014. US stocks rallied on Wednesday, 18 June 2014, gaining the most in four weeks, after the Federal Reserve chief signaled no hurry to raise rates. • Chinese Premier Li Keqiang vowed that his nation's economy will not suffer a so-called "hard landing," a report said. • The Federal Reserve said growth is bouncing back and the job market is improving as it continued to reduce the monthly pace of asset purchases. The Federal Open Market Committee trimmed bond-buying by $10 billion for a fifth straight meeting, to $35 billion, keeping it on pace to end the program late this year. • In a statement, the Federal Open Market Committee (FOMC) said that if the incoming information broadly supports the committee's expectation of ongoing improvement in US labor market conditions and inflation moving back toward its longer-run objective, the committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the committee's decisions about their pace will remain contingent on the committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. To support continued progress toward maximum employment and price stability, a highly accommodative stance of monetary policy remains appropriate at this juncture, the FOMC said. The committee was of the view that it will be appropriate to maintain the current zero to 1/4 percent target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the committee's 2% longer-run goal, and provided that longer-term inflation expectations remain well anchored •
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