1. India-GlobalMarketSummary 29-01-2015
• Market rebound in late trade took key benchmark indices into positive zone from negative zone. The
market breadth indicating the overall health of the market was negative. Market witnessed intraday
volatility as traders rolled over positions in the futures & options (F&O) segment from the near month
January 2015 series to February 2015 series. The near month January 2015 derivatives contracts
expired today, 29 January 2015. Nifty rose 0.43% to 8952.35 and Sensex rose 0.41% to 29681.77
• Meanwhile, the Union Cabinet yesterday, 28 January 2015, decided that the Government of India
(GoI) will not file Special Leave Petition (SLP) before the Supreme Court of India against a Bombay
High Court order dated 10 October 2014 which had quashed a transfer pricing-related tax demand on
Vodafone Group Plc. This is a major correction of a tax matter which has adversely affected investor
sentiment, according to a government statement issued yesterday, 28 January 2015
• Meanwhile, the Reserve Bank of India (RBI) is widely expected to keep its main lending rate viz. the
repo rate unchanged at 7.75% after a monetary policy review next week. The sixth bi-monthly
monetary review from the RBI is scheduled on Tuesday, 3 February 2015. The central bank may
likely focus on the details of the upcoming Union Budget 2015-16 which is scheduled on 28 February
2015, before taking a call on further monetary policy easing. The RBI surprised financial markets by
announcing a cut in the repo rate by 25 basis points in an unscheduled monetary policy review on 15
January 2015, citing easing of inflationary pressures in the economy. The annual rate of inflation
based on the combined consumer price indices (CPI) for urban and rural India rose to 5% in
December 2014 from 4.4% in November 2014. Over the long term, the RBI aims to restrict consumer
price inflation to 4%, within a two-per-cent band.
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2. • Index heavyweight and cigarette major ITC edged higher. Index heavyweight Reliance Industries (RIL) edged higher on
reports that RIL and its partner BP plc of UK will invest about Rs 6000 crore by 2016 to help sustain and improve recovery
from the two main gas fields in the eastern offshore KG-D6 block. Dr Reddy's Laboratories (DRL) rose in volatile trade after
declaring Q3 result. Sesa Sterlite rose after declaring Q3 result.
• HDFC Bank edged higher after the Cabinet Committee on Economic Affairs gave its approval to the proposal of the private
sector bank for maintaining the permissible foreign holding in the bank up to 74% of the total paid up capital and issuance of
equity shares of the bank aggregating to an amount of Rs 10000 crore to NRIs/FIIs/FPIs subject to aggregate foreign
shareholding not exceeding 74% of the post issue paid up capital of the bank. HDFC dropped after announcing Q3 result.
• PSU OMCs were in demand as global crude oil prices dropped overnight with shares of HPCL scaling record high. Coal
India dropped in volatile trade after the government after market hours yesterday, 28 January 2015, announced that it will sell
up to 10% stake in the state-run coal major through the stock exchanges mechanism on Friday, 30 January 2015.
• Sesa Sterlite company's consolidated net profit fell 15.02% to Rs 1587.50 crore on 1.55% fall in total income to Rs 19218.90
crore in Q3 December 2014 over Q3 December 2013.
• Oriental Bank of Commerce fell 7.65% after net profit slumped 91.27% to Rs 19.56 crore on 7.79% growth in total income
to Rs 5458.79 crore in Q3 December 2014 over Q3 December 2013.
• Reliance Industries rose 2.4% on reports that the firm and its partner BP plc of UK will invest about Rs 6000 crore by 2016 to
improve gas recovery in KG-D6 block.
• Just Dial gained 1.75% after the company said that net profit rose 8.03% to Rs 32.14 crore on 20.57% rise in total income to
Rs 157.88 crore in Q3 December 2014 over Q3 December 2013
• Pitti Laminations was locked at 20% upper circuit after net profit spurted 752.9% to Rs 2.90 crore on 98.5% growth in net
sales to Rs 92.19 crore in Q3 December 2014 over Q3 December 2013.
• VIP Industries tanked 9.31% after net profit declined 15.84% to Rs 8.50 crore on 7.2% growth in total income from
operations to Rs 253 crore in Q3 December 2014 over Q3 December 2013.
• Bharat Heavy Electricals rose 3.21% after the firm said it has commissioned the second 600 MW thermal unit of Jindal India
Thermal Power's upcoming 2x600 MW thermal power project in Odisha.
• Alstom T&D India's net profit slumped 92.74% to Rs 2.58 crore on 16.12% decline in total income to Rs 766.47 crore in Q3
December 2014 over Q3 December 2013.
• Dr Reddy's Laboratories reported 7.09% fall in net profit to Rs 574.53 crore on 9.17% rise in total income to Rs 3877.20
crore in Q3 December 2014 over Q3 December 2013.

3. Global news
• European stocks fell today, 29 January 2015, as disappointing earnings from Royal Dutch Shell Plc dragged
energy companies lower. Asian stocks declined today, 29 January 2015, after the US Federal Reserve
unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with
plans to raise interest rates this year. Trading in US index futures indicated that the Dow could rise 32 points at
the opening bell today, 29 January 2015. US stocks ended yesterday's choppy trading session sharply lower after
the Federal Reserve's policy-making committee reiterated it plans to remain patient and watch the data as it
decides when to raise interest rates.
• German unemployment fell in January, the country's labor office said today, 29 January 2015. The number of
unemployed fell by 9,000 in January after seasonal variations in the data, following a 25,000 drop in December.
The seasonally adjusted unemployment rate was 6.5% in January, down from 6.6% in December.
• Greece's Prime Minister Alexis Tsipras reportedly said yesterday, 28 January 2015, that he will push for debt
relief from the country's international creditors.
• Japanese retail sales rose 0.2% in December from a year earlier, marking the sixth straight month of increase, the
government said today, 29 January 2015. The figures, released by the Ministry of Economy, Trade and Industry,
highlighted that consumer demand continues to rebound after the national sales tax increased to 8% from 5% in
April.
• The US Federal Reserve yesterday, 28 January 2015 said the US economy was expanding "at a solid pace" with
strong job gains in a signal that the central bank remains on track with its plans to raise interest rates this year.
The Fed repeated it would be "patient" in deciding when to raise benchmark borrowing costs from zero, though
it also acknowledged a decline in certain inflation measures.
• After a two-day meeting of the Federal Open Market Committee, policymakers struck an upbeat tone on the US
economy's prospects and held to their view that energy-led weakness in inflation would dissipate. "Economic
activity has been expanding at a solid pace," the Fed said in a statement that marked an upgrade to its prior
assessment of a "moderate pace" of growth. "Labor market conditions have improved further, with strong job
gains and a lower unemployment rate."
• The US Commerce Department releases its first estimate of fourth-quarter GDP tomorrow, 30 January 2015
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