Market summary pptx 20.06.2012

India-Global Market Summary 20-06-2012• Market rose on hopes of easing of monetary policy by Fed. World stocks rose on the back of upbeat US housing data overnight and on prospects of more monetary easing by the Federal Reserve. The market breadth was positive. The market pared gains after a firm start triggered by higher Asian equities. A bout of volatility was witnessed as key benchmark indices recovered soon after paring intraday gains in early afternoon trade. Sensex rose 0.36% to 16920.36 and Nifty up by 0.46% to 5127.30. Among the 30- share Sensex pack, 18 gained while the rest declined.• Several major emerging-market countries early this week detailed their plans to lift the International Monetary Funds bailout fund by more than euro 90 billion ($114 billion) to euro 456 billion to help contain the European sovereign-debt crisis. India will contribute $10 billion to the crisis management fund.• Gold futures slipped in Asia session today as continues gains in equity markets diminished golds demand as safe asset• Indian rupee opened slightly higher tracking overnight gains in the euro as well as positive local shares as investors hope the Fed would launch a new round of monetary stimulus by the end of its two-day policy meeting later today.• Software pivotals were mixed. Bank stocks edged higher. Construction shares rose on renewed buying. Software pivotals were mixed. Bank stocks were in demand. Construction shares rose on fresh buying. Cement stocks declined on worries the Competition Commission of India will soon impose fines over alleged price collusion in the industry. Airlines shares rose on reports the civil aviation ministry will meet with finance ministry counterparts to discuss lowering aviation turbine fuel taxes

• Ranbaxy Laboratories rose after the company said that Daiichi Sankyos subsidiary Daiichi Sankyo Venezuela S.A. will begin marketing products of Ranbaxy in Venezuela as part of the hybrid business model. Reliance Industries rose in choppy trade. FMCG major Hindustan Unilever scaled record high.• Welspun Energy plans to raise an amount of $150 million to $200 million through stake sale for the investment in wind energy farms.• Sterlite Technologies had received Rs2200 crore debt from banks for two grid projects• Jindal Steel & Power gained 2.62%. The company is reportedly likely to exit from a three-year long takeover tussle for listed Australian coal explorer Rocklands Richfield, following an aggressive bid by Chinas Linyi Mining Group, which has swung the support of Rocklands senior management to the Chinese offer.• Bhel advanced 1.68% on reports the Prime Ministers Office (PMO) has called a meeting today to revive the contentious issue of imposing duty on foreign power equipment in the country.• Educomp Solutions climbed up more than 8% in the market after the company said it has tied up funding worth $155 million through external commercial borrowings to pay off existing foreign currency convertible bonds on due date.

Global news• European stocks rose on expectations of more monetary easing by the Federal Reserve. Asian stocks rose on Wednesday, 20 June 2012, on the back of upbeat US housing data overnight. Moodys Investors Service today upgraded Turkeys government bond ratings by one notch to Ba1 from Ba2, and maintained the positive outlook.• China shouldnt allow annual economic growth to slip below 7.5%, and more support measures might be needed, Ministry of Finance researcher Jia Kang said Wednesday. The Chinese government has set a gross domestic product growth target of 7.5% for 2012, but concern over global economic conditions has raised doubts that the target can be met. The latest data showed Japans trade deficit widening by a larger-than-expected margin in May 2012.• Four members of the Bank of Englands Monetary Policy Committee (MPC) voted in favor of an increase in the banks asset purchase program, while the committee unanimously agreed on keeping interest rates at a record low of 0.5%. The MPC further discussed a cut in interest rates, but judged that lower rates would not have any advantages over the asset purchase program.• A key summit of the European Union is scheduled on 28 and 29 June 2012 to discuss the ongoing European debt crisis. Tighter European banking supervision and measures to strengthen the monetary union are largely expected to be among top proposals at an EU summit.• The Spanish government holds a critical bond auction tomorrow, 21 June 2012. At its bond auction Thursday, Spain will offer euro 1 billion to euro 2 billion of three bonds, maturing in 2014, 2015 and 2017.• The two-day meeting of the Federal Open Market Committee on US interest rates ends today, 20 June 2012. Investors are expecting further easing from the US central bank amid slower economic growth in the worlds biggest economy, either through extension of its $400 billion Operation Twist program or possibly another round of quantitative easing.

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Market summary pptx 20.06.2012

by Ifb India on Jun 20, 2012

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