1. India-GlobalMarketSummary 23-12-2014
• Market slide in choppy trade; Reversing initial gains market edged
lower after the latest trends of assembly elections results showed that
the BJP was inching closer to forming the next government in
Jharkhand and that no single party or alliance will be able to form
government in Jammu and Kashmir (J&K) on its own.
• The market breadth indicating the overall health of the market was
weak. Nifty fell 0.68% to 8267 and Sensex 0.71% to 27506.46
• NTPC gained after board approved bonus issue of non-convertible,
redeemable, taxable fully paid-up bonus debentures. Cipla rose after
Cipla Medpro announced that it has been awarded R2 billion share
of the South African government's 2015-17 National ARV tender.
Shares of private sector banks were mixed. Shares of most public
sector banks declined.
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2. • On the political front, the latest trends of assembly elections results showed that the BJP was inching closer
to forming the next government in Jharkhand and that no single party or alliance will be able to form
government in Jammu and Kashmir (J&K) on its own. The BJP led alliance was leading in 40 seats in the
81-seat Jharkhand assembly. To form government in Jharkhand, a party or alliance needs 41 of the state's 81
seats. The Jharkhand Mukti Morcha (JMM) was leading in 19 seats. In Jammu & Kashmir (J&K), a close
fight is on between the BJP and the PDP, as trends show no clear winner in the 87-seat J&K assembly. The
PDP was leading in 30 seats. The BJP was leading in 25 seats. The National Conference was leading in 15
seats and the party Congress was leading in 11 seats. To form government in J&K, a party or alliance needs
44 of the state's 87 seats. The results of the assembly election in both these states will be out today, 23
December 2014. The final round of assembly elections in the two states was concluded on 20 December
2014.
• Meanwhile, both the Houses of Parliament were adjourned sine die today, 23 December 2014. With this, the
month-long winter session came to a close.
• In the foreign exchange market, the rupee edged lower against the dollar on account of month-end dollar
demand from importers.
• Global crude oil prices retreated yesterday, 22 December 2014. Deregulation of diesel price announced by
the Indian government in October 2014 and a sharp decline in global crude oil prices over the past few
months will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep
slide in global crude oil prices will also help India in containing its current account deficit and fuel price
inflation. India imports 80% of its crude oil requirement. However, a weakness in rupee against the dollar
will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of
imports.
• Coal India (CIL) fell 1.67%. The company announced that the company will form a joint venture with
GAIL (India) for coal gasification. GAIL (India) will hold majority stake in this joint venture. CIL said it
will form a separate joint venture with RCF for ammonium Nitrate (AN) plants, coal mine, coal washery,
power plant and utilities. CIL will hold majority stake in this joint venture.

3. Global news
• European stocks edged higher today, 23 December 2014, after European Commission said its preliminary
measure of consumer confidence edged higher this month. Asian shares were mixed today, 23 December 2014.
Key benchmark indices in Taiwan, Singapore and Indonesia were up by 0.03% to 0.26%. Trading in US index
futures indicated that the Dow could gain 17 points at the opening bell today, 23 December 2014. US stocks
ended higher on Monday, 22 December 2014, with both the Dow and S&P 500 ending at records as large-cap
technology shares gained and offset continued weakness in energy names
• Consumers in the 18 countries that share the euro became slightly more upbeat in December, likely reflecting the
boost to real incomes from falling oil prices. The European Commission said its preliminary measure of
consumer confidence rose to minus 10.9 in December from minus 11.5 in November.
• French producer prices fell in November on the month due to lower oil prices, French statistics agency Insee
said Tuesday. The producer price index declined 0.1% in November from October, and fell 2% compared with
the same period a year earlier.
• China's Shanghai Composite was off 3.03%. China recorded a deficit of $20.8 billion in its services trade with
the rest of the world in November, official data showed Tuesday. That was wider than a $17.2 billion deficit in
the services trade for October. China previously reported a record $54.47 billion surplus on its merchandise trade
in November. In November, the tourism sector recorded a deficit of $7.5 billion, while "other business services"
had a deficit of $9.5 billion, the State Administration of Foreign Exchange said in a statement on its website
Tuesday. Over the first 11 months of the year, the country's services trade posted a deficit of $154.9 billion, the
regulator said. The nation had a surplus of $332.5 billion in its merchandise trade over the same 11-month
period.
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