Market summary pptx  26.6.2014
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Market summary pptx 26.6.2014 Presentation Transcript

  • 1. India-GlobalMarketSummary 26-6-2014 • Volatility ruled the roost in late trade market extended intraday losses. After trimming losses in mid- afternoon trade, the Sensex lost ground after a sudden slide in late trade. The market breadth indicating the overall health of the market was negative. The market sentiment was hit adversely as the government's decision to defer revision in gas prices for three months came contrary to market expectations that the new government will quickly take business-friendly decisions aimed at economic revival. Prime Minister Narendra Modi is perceived as a business friendly leader. Nifty fell 1% to 7493.20 and Sensex fell 0.99% to 25062.67 • The government announced extension of concessional excise duty on automobiles, capital goods and consumer durables by six months up to 31 December 2014. It may be recalled that the Congress led United Progressive Alliance (UPA) government had in Interim Budget for 2014-15 in February this year reduced excise duty on small cars, two wheelers, scooters and commercial vehicles to 8% from 12%. Excise duty on sports utility vehicles (SUVs) was cut to 24% from 30% and that on mid and large cars was cut to 24/20% from 27/24%. At that time, the reduction is excise duty was restricted till 30 June 2014 as an interim relief measure for the auto sector. • Similarly, excise duty was cut to 10% from 12% for a period up to 30 June 2014 for capital goods and consumer durable falling under chapter 84 and chapter 85 of the Schedule to the Central Excise Tariff Act. The chapter 84/85 includes products like boiler, turbine, transformers, motors, air conditioners, toaster, oven, switches, switchgears etc. • The government said that comprehensive discussions are necessary on the issue of natural gas pricing and the gas pricing guidelines. The government said that consultations will be held with all stakeholders and public interest will be kept in mind.
  • 2. • The price of natural gas would have doubled to $8.4 per unit from 1 April 2014 after the Congress led United Proressive Alliance (UPA) government in January this year approved a new formula for pricing all domestic gas from 1 April 2014. However, gas price revision could not be implemented because of the electoral code of conduct due to Lok Sabha elections in April-May 2014. • Reliance Industries (RIL), ONGC and Oil India dropped after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, 25 June 2014, deferred a decision on revision of natural gas pricing by three months. L&T rose after the company said its wholly owned subsidiary L&T Technology Services has purchased 74% of the equity capital of Thales Software India, the Indian subsidiary of Thales. • L&T and Thales said in a joint statement that L&T's wholly owned subsidiary L&T Technology Services has purchased 74% of the equity capital of Thales Software India, the global technology leader in aerospace, transportation and defence and security markets. • Coal India was down 2.07% after a news agency quoted Sangita Chourre, joint secretary in the department of disinvestment in finance ministry, as saying that stake sale in Coal India is in "action plan". • Dewan Housing Finance Corporation jumped 7.81% after the company said that credit rating agency CARE has up-graded the ratings assigned to the long term bank facilities and other instruments/securities of the company. • Kesoram Industries surged 8.07% after it said that the board of directors to consider and evaluate steps that the company may need to pursue to implement reorganisation and realignment due to the imminent necessity for the company to explore options for reorganising and realigning its existing businesses. • In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.16, compared with its close of 60.125/135 on Wednesday, 25 June 2014. • Monsanto India jumped 4.40% after the company's US parent beat quarterly forecasts and improved its near-term outlook • NRB Bearings rose 2.55% after Sundaram Mutual Fund bought 0.96% stake in the company through bulk deal on NSE on Wednesday, 25 June 2014 • GAIL (India) lost 1.53% after the company clarified that it has so far not acquired any shale gas asset in US apart from participation in Carrizo s Eagle Ford asset in 2011 • Crompton Greaves rose 2.23% after the company along with the other consortium partners has received order in excess of 150 million euros, for the offshore wind project Gemini in the Netherlands • Shares of fertiliser companies rose after the Cabinet Committee on Economic Affairs deferred the decision to hike gas price by three months. • Crompton Greaves said that along with the other consortium partners Fabricom and Iemants, has been selected by Van Oord, for the offshore wind project “Gemini” in the Netherlands
  • 3. Global news • European markets edged lower in choppy trade on Thursday, 26 June 2014, on weaker than expected US growth figures. Asian stocks rose on Thursday, 26 June 2014, amid optimism the US economy is emerging from a worse-than-estimated contraction last quarter. Trading in US index futures indicated that the Dow could gain 5 points at the opening bell on Thursday, 26 June 2014. US stocks gained for the first time in three days on Wednesday, 25 June 2014, as investors speculated the economy is recovering from a first-quarter contraction and Monsanto Co. announced a $10 billion stock buyback plan. • A report showed that US gross domestic product shrank 2.9% in the first quarter, the worst reading since 2009. Orders for business equipment climbed in May, a sign that corporate investment is helping revive the economy after slumping at the start of the year
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