1. India-Global Market Summary 3-12-2013
• Market edged lower as Asian and European stocks dropped as signs the US economy is
strengthening fueled speculation that the Federal Reserve will soon start tapering monetary
stimulus to the US economy. The US central bank currently buys bonds worth $85 billion a
month in a bid to hold interest rates low and encourage economic growth in the world's biggest
economy. Fed's bond-buying program has been a source of liquidity for most Asian and
emerging markets this year. The market breadth, indicating the overall health of the market,
was positive. Sensex snaps three-day winning streak . Among the 30-share Sensex pack, 19
stocks fell and rest rose. Nifty fell 0.26% to 6201.85 and Sensex fell 0.21% to 20854.92
• RBI placed on its website the Draft Report of the Internal Working Group (IWG) on
Implementation of Countercyclical Capital Buffer (CCCB) in India. The Reserve Bank of
India on Monday, 2 December 2013, also released on its website the draft framework for
dealing with Domestic Systemically Important Banks (D-SIBs).
• RBI said that India's current account deficit (CAD) narrowed sharply to $5.2 billion or 1.2% of
GDP in Q2 September 2013, from $21 billion or 5% of GDP in Q2 September 2012. The CAD
was also much lower than 4.9% of GDP in Q1 June 2013, the RBI said. The lower CAD was
primarily on account of a decline in the trade deficit as merchandise exports picked up and
imports moderated, particularly gold imports. The merchandise trade deficit (BoP basis)
contracted to $33.3 billion in Q2 September 2013, from $47.8 billion a year ago. Net invisibles
during Q2 September 2013 improved, essentially reflecting a rise in net services exports, the
RBI said. Net services exports at $18.4 billion recorded a growth of 12.5% year-on-year in Q2
September 2013, mainly on account of 'computer services'.
• Contraction in the trade deficit coupled with a rise in net invisibles receipts resulted in a
reduction of the CAD to $26.9 billion or 3.1% of GDP during the period April-September
2013, from $37.9 billion or 4.5% of GDP during the period April-September 2012, the RBI
said.

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The Eight Core Industries having a combined weight of 37.9% in the Index of Industrial Production (IIP) contracted
by 0.6% in October 2013, compared with a growth of 7.8% growth in October 2012, posting lowest growth in last
12-months.
In the foreign exchange market, the rupee alternately swung between gains and losses against the dollar.
Bank stocks dropped. Realty stocks edged higher. State-run GAIL (India) rose after the company said that Prime
Minister Dr. Manmohan Singh, has today, 3 December 2013, dedicated to the nation GAIL (India)'s 1,000 km-long
natural gas pipeline from Dabhol in Maharashtra to Bangaluru in Karnataka during the inaugural ceremony of the
8th Asia Gas Partnership Summit (AGPS). The market breadth, indicating the overall health of the market, was
positive.
Steel Strips Wheels rose 1.1% after the company said its total wheel rim sales rose 12% to 8.69 lakh units in
November 2013 over November 2012.
Larsen & Toubro rose 0.17% after the company said L&T Construction won new orders worth Rs 1471 crore across
various business segments in November and December 2013
Alstom T&D India rose 2.02% after the company said it has secured an order worth approximately Rs 79 crore from
Power Grid Corporation of India.
Bajaj Auto lost 0.5% after the company said its total sales declined 17% to 3.10 lakh units in November 2013 over
November 2012.
Hero MotoCorp rose 0.56% after the company said its total sales rose 9% to a record 12 lakh units in OctoberNovember this year over the corresponding period in the previous year.
Hero MotoCorp's sales rose 5.62% to 5.3 lakh units in November 2013 over November 2012. The company
announced sales after market hours on Monday, 2 December 2013.
The follow-on public offer (FPO) of state-run Power Grid Corporation of India (PGCIL) opens for bidding today, 3
December 2013.
NTPC will add another 14,000 megawatts (MW) to its total capacity by the end of 2016-17; the company has
registered a growth of 4.49% of power in this fiscal year in comparison to the last fiscal.
NTPC said its bond issue to raise up to Rs 1,750 crore will open on Tuesday.
Ashok Leyland's total sales fell 27% to 5,375 units in November 2013 over November 2012.
Alstom T&D India had won an order worth approximately Rs 79 crore from Power Grid Corporation of India to
provide 14 shunt reactors for the 765 kilovolt (kV) electrical substations at Kanpur and Jhatikara in the Uttar
Pradesh state.

3. Global news
• European stocks edged lower on Tuesday as investors remained cautious ahead of the closely watched
US nonfarm-payrolls report at the end of the week, which could weaken or strengthen the case for the
Federal Reserve to taper its asset purchases. Asian stocks edged lower on Tuesday, 3 December 2013,
after stronger US manufacturing data boosted speculation the Federal Reserve may pare stimulus to the
US economy sooner than anticipated. Trading in US index futures indicated that the Dow could slide 39
points at the opening bell on Tuesday, 3 December 2013. US stocks dropped on Monday amid data
showing manufacturing unexpectedly climbed last month and reports on holiday retail sales
• China's non-manufacturing purchasing managers' index fell to 56 last month from 56.3 in October,
according to a report released today by the National Bureau of Statistics and the China Federation of
Logistics and Purchasing. A reading above 50 indicates expansion.
• Australia's central bank left its benchmark interest rate unchanged at a record low at 2.5% and said the
currency is still uncomfortably high, even after a 4% decline since its previous meeting. Governor Glenn
Stevens and his board kept the overnight cash-rate target at 2.5%, the Reserve Bank of Australia said in
a statement today in Sydney.
• The Institute for Supply Management's factory index rose to 57.3 in November from 56.4 a month
earlier, the Tempe, Arizona-based group's report showed. Manufacturing accounts for about 12% of the
economy. A separate report from Markit Economics showed the final November index of US
manufacturing increased to 54.7 from 51.8 the previous month.
• Purchases at US stores and websites fell 2.9 percent to $57.4 billion during the four days beginning with
the Nov. 28 Thanksgiving holiday, according to a survey commissioned by the National Retail
Federation.

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