India-Global Market Summary 30-05-12Are you confused with savings and investment? Attend ourwebinar session conducted on every Sunday from 11:00 a.m to1:00 p.m and clarify all your doubts in finance planning. Visitwww.ifmaonline.com and enroll yourself to take up training.• Market declined in a volatile trade on weak global stocks amid incessant worries about Spains finances and the fallout from the European debt crisis. The market breadth was weak. Sensex lost 0.77% to 16312.15 and Nifty lost 0.79% to 4950.75. Among the 30-share Sensex pack, 20 fell while the rest rose.• The market edged lower in early trade on weak Asian stocks. Volatility ruled the roost as key benchmark indices recovered to hit fresh intraday highs in mid- afternoon trade as political worries eased after DMK chief M Karunanidhi said that he never threatened the Centre of a pull out from the coalition government over petrol price hike. Volatility continued as the market hit fresh intraday low in late trade.• Banks stocks fell across the board. PSU bank stocks fell across the board after the government on Tuesday, 29 May 2012, directed state-run banks to restructure Rs 35000 crore worth of debt on the books of textile companies and also asked the central bank in consultation with the finance ministry to consider a two-year moratorium on term loans and other measures to help cash-strapped companies in the ailing textile sector improve their working capital positions
• Indian rupee depreciates continuously and fell over the psychological level of Rs56 against dollar• SCI reported net loss of Rs355.85 crore during the fourth quarter ended March 2012 as against net loss of Rs6.17 crore during the same period last year• Aurobindo Pharma net profit for the quarter ended March 2012 declined 13.6% to Rs 108 crore as against Rs125 crore in the same period last year, due to sharp drop in income from contract manufacturing and US sales.• GAIL net profit declined 38.27% to Rs 483.34 crore on 19.6% growth in total income to Rs 10718.28 crore in Q4 March 2012 over Q4 March 2011.• Tata Motors tumbled nearly 12% as the companys American Depository Receipt (ADR) fell almost 3% on Tuesday, 29 May 2012, after the company reported quarter results.• M&M rose in choppy trade after strong results. ONGC dropped on concerns about the companys high subsidy burden. Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. Sun Pharmaceutical Industries gained after strong results.• Metal stocks declined as optimism about Chinese stimulus measures to power the economy took a hit after a state media report suggested the package will be relatively mild compared to actions taken at the height of the global financial crisis four years ago.• IT shares gains as Indian rupee weakness against dollar. Capital goods stocks edged lower. Airline stocks dropped across the board.
Global news• European shares slipped on Wednesday amid incessant worries about Spains finances and the fallout from the European debt crisis. Asian stock markets fell on Wednesday, 30 May 2012, paring strong gains from the previous session as hopes for strong stimulus spending in China faltered, and as more trouble in Spain posed fresh threats to the euro zone. Optimism about Chinese stimulus measures to power the economy took a hit after a state media report suggested the package will be relatively mild compared to actions taken at the height of the global financial crisis four years ago. China is the worlds second biggest economy after the US.• The yield on the 10-year Spanish government bond surged 22 basis points to 6.686% on Wednesday after independent credit-rating firm Egan-Jones Ratings Co. on Tuesday downgraded Spain to B from BB- with a negative watch. Spain will inevitably be faced with payments to support a portion of its banking sector and for its weaker provinces, Egan-Jones said. Assets of Spains largest two banks exceed its GDP• Separately, Bank of Spain Governor Miguel Angel Fernández Ordóñez will step down a month ahead of schedule, giving his successor a head start on trying to tame the countrys unraveling fiscal situation, the Bank of Spain said in a statement Tuesday. The Bank of Spain has come under criticism for its handling of Bankia, with reports surfacing Tuesday that one of the lenders former executives would get a 14 million euro ($18 million) pension payout. Spanish bank Bankia was nationalized on 9 May 2012.
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