1. India-GlobalMarketSummary 27-3-2014
• Sensex trims gains after hitting record high above 22,300. Volatility ruled the roost
as the market trimmed gains after a rally took them to fresh record high in late trade.
Stocks turned volatile during the latter part of the trading session as traders rolled
over positions in the futures & options (F&O) segment from the near-month March
2014 series to April 2014 series. The market breadth, indicating the overall health
of the market, was positive. The market sentiment was boosted by data showing that
foreign institutional investors (FIIs) made substantial purchases of Indian stocks on
Wednesday, 26 March 2014. Among the 30-share Sensex pack, 19 stocks gained and
rest of them declined. Sensex rose 0.54% to 22214.37 and Nifty rose 0.61% to
6641.75
• The Reserve Bank of India will announce the First Bi-monthly Monetary Policy
Statement, 2014-15 on 1 April 2014. Citing price pressures, the Reserve Bank of
India raised its key lending rates by 25 basis points after Third Quarter Review of
Monetary Policy for 2013-14 on 28 January 2014.
• The next major trigger for the stock market is the outcome of the upcoming Lok
Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May
2014 in nine phases. The counting of votes will be take place on 16 May 2014. The
term of the current Lok Sabha expires on June 1 and the new House has to be
constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP),
including the regions comprising Telangana, Odisha and Sikkim will go to polls to
elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2,
June 7 and May 7 respectively.

2. • Reliance Industries gained in volatile trade after the company announced that the Ministry of Energy
(MOE) of the Republic of the Union of Myanmar has selected RIL for two offshore blocks in Myanmar
Offshore Block Bidding Round
• State Bank of India jumped 4.46% after a foreign brokerage upgraded the stock to buy from neutral rating.
• Dena Bank rose 1.48% after the bank said it has allotted total shares aggregating about 6.90 crore shares at
Rs 52.91 per share to Life Insurance Corporation of India and GIC of India on preferential allotment basis.
• Indian Hotels Company said its board of directors has considered and approved issue of compulsory
convertible debentures by way of a rights issue to the existing shareholders of the company on a record date
for an amount not exceeding Rs 1000 crore.
• Container Corporation of India said that it has been brought to notice of Concor by Ministry of Railways
that according to the decision of Cabinet committee on Economic Affairs and Empowered Group of
Ministers of Govt. of India to disinvest the Government shareholding with Concor for CPSE ETF, 28.44
lakh equity shares (consisting of 1.46% of paid-up share capital) of Concor has been transferred to the
demat account of Department of Disinvestment (DoD), Ministry of Finance which will be in-turn
transferred to CPSE - ETF.
• Marico turns ex-dividend today, 27 March 2014, for third interim dividend of Rs 1.75 per share for the year
ending 31 March 2014.
• ONGC turns ex-dividend today, 27 March 2014, for second interim dividend of Rs 4.25 per share for the
year ending 31 March 2014.
• State Bank of Bikaner & Jaipur turns ex-dividend today, 27 March 2014, for interim dividend of Rs 14.30
per share for the year ending 31 March 2014.
• CMC said it has won a legal case against Kuwait Stock Exchange (KSE). KSE had terminated the contract
with CMC in September 2006, against which CMC filed a legal case in the courts of Kuwait.
• State Bank of Travancore announced that the board of directors of the bank at its meeting held on 26 March
2014, has declared an interim dividend of Rs 2.50 per share to its shareholders for the year ending 31
March 2014.
• Gulf Oil Corporation announced that the board of directors of the company at its meeting held on 26 March
2014, has decided to pay an interim dividend of Rs 2.50 per share, equivalent to 125% for the year ending
31 March 2014.

3. Global news
• European stocks edged lower in choppy trade on Thursday, 27 March 2014, on concern that the crisis in Ukraine may escalate. Asian
stocks edged higher in choppy trade on Thursday, 27 March 2014, as utilities advanced. Trading in US index futures indicated that
the Dow could advance 44 points at the opening bell on Thursday, 27 March 2014. US stocks edged lower on Wednesday, 26 March
2014, after mid-afternoon selling intensified when US President Barack Obama, in a speech in Brussels, called for further economic
sanctions against Russia over its annexation of Crimea.
• US President Barack Obama, in a speech in Brussels, on Wednesday, 26 March 2014, called for further economic sanctions against
Russia over its annexation of Crimea. Obama, speaking in Brussels, warned of consequences of complacency in Ukraine and said
Russia's actions must be met with condemnation.
• The US and European Union have imposed financial sanctions on Russian and Ukrainian officials as well associates of Russian
President Vladimir Putin, leaving open the threat of broader sanctions targeting the Russian economy, including its energy and
financial sectors.
• Italian manufacturing business confidence rose again in March thanks to an improved orders outlook, national statistics institute Istat
said Thursday. Confidence among Italy's manufacturers rose to 99.2 in March--its highest level since July 2011--from 99.1 in
February, according to Istat's monthly survey.
• French consumer confidence rose in March as households grew more optimistic about their financial situation and the overall
standard of living in France, according to data released Thursday by the national statistics agency Insee. In March, the consumer
confidence index increased to 88 from 85 in February, back to its July 2012 level, Insee said.
• Data today, 27 March 2014, showed mainland China industrial profits increased 9.4% in the two months through February year-on-
year, compared with 17% growth a year earlier.
• Taiwan's central bank on Thursday left its key interest rates unchanged for the 11th straight quarter as expected, as inflation remains
low and growth of its major export markets is still uneven. The Central Bank of the Republic of China (Taiwan) said the discount rate
will remain at 1.875%, the secured loan rate at 2.25% and the unsecured loan rate at 4.125%. The bank has stood pat on the three
policy interest rates since the third quarter of 2011.
• During a news conference, Gov. Perng Fai-nan said a moderately accommodative monetary policy will continue to be in place. "We
will have to take into consideration future goods prices, the output gap... and the global economy," he said, when asked about the
timing of raising interest rates.
• In US economic news, orders for big-ticket items rose 2.2% in February, powered by higher bookings for autos and aircraft. Stripping
out the volatile transportation sector, orders rose a smaller 0.2%.
• St. Louis Federal Reserve Bank President James Bullard today, 27 March 2014, said that the key risk for the US economy would be a
bubble forming as the central bank removes monetary-policy accommodations, while he also raised concerns about financial stability
in the US economy. "I don't see a major bubble right now, but one will form as we are trying to remove the accommodation in the
years ahead, because that's what exactly had happened in the 2004-2006 period," Bullard told the Credit Suisse Asian Investment
Conference in Hong Kong. "I do think that's a key risk going forward," he said. Bullard related the risk to the situation in 2006, the
housing prices had already started to peak at the same time as the central bank was in a tightening cycle. "Just because you are
moving away accommodation doesn't mean the risk of bubble forming is going away," he said. Bullard also emphasized that financial
stability concerns are "looming large," as policy makers are thinking about how to accommodate those concerns. He said
macroprudential tools, which have been strengthened, can be used to address emerging bubbles. Bullard is a non-voting member of
Federal Open Market Committee this year.

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