• Market surged after a news agency quoted an unnamed official of the India Meteorological Department as
saying that conditions have turned favourable for the onset of monsoon in India in about 24 hours. Sensex,
hit record closing high above the psychological 25,000 level. Nifty also scaled record closing high. The
market breadth indicating the overall health of the market was strong, with more than two gainers for every
loser on BSE. The market sentiment was also boosted by an announcement from the Prime Minister's Office
(PMO) that Prime Minister Narendra Modi on Wednesday, 4 June 2014, held discussions with Secretaries of
all the Ministries and senior officers of the Departments of the Government of India wherein the Prime
Minister encouraged the officers to take decisions and assured them that he would stand by them. Sensex
garnered 0.86% to settle at 25,019.51 and Nifty garnered 0.97% to settle at 7,474.10
• US crude oil futures for July delivey fell 39 cents to $102.25 a barrel in electronic trade today. Lower crude
oil prices could reduce under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic
sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
• PSU OMCs hiked diesel prices by 50 paise a litre, excluding state levies, with effect from 1 June 2014.
• The under-recovery on High Speed Diesel (HSD) applicable for first fortnight of June effective 2 June 2014
declined to Rs 2.80 per litre. This was Rs 4.41 per litre during the second fortnight of May 2014. In the case
of PDS Kerosene, the under-recovery for the first fortnight of June 2014 declined to Rs 32.87 per litre, from
Rs 33.84 per litre during the second fortnight of May 2014. In case of domestic LPG, the under-recovery for
the first fortnight of June 2014 declined to Rs 432.71 per cylinder, from Rs 449.13 per cylinder during the
second fortnight of May 2014. Oil Marketing Companies (OMCs), effective from 2nd June 2014, are
incurring combined daily under-recovery of about Rs 262 crore on the sale of Diesel, PDS Kerosene and
Domestic LPG. This is lower than Rs 318 crore daily under-recoveries during the second fortnight of May
• Prime Minister Narendra Modi on Wednesday, 4 June 2014, held discussions with Secretaries of all the Ministries and senior
officers of the Departments of the Government of India. Such a meeting has taken place after more than eight years, the
Prime Minister's Office (PMO) said in a statement. The Prime Minister listened extensively to suggestions and comments of
the Secretaries for nearly two and a half hours. He empathized with the sentiment expressed by the Secretaries and their
anguish in not being able to realize their true potential because of circumstances. He expressed full faith in their commitment
and competence to build a better future for the country.
• He called upon the senior bureaucrats to simplify and streamline the administrative rules and procedures to make them
people-friendly. He emphasized the need for a team spirit and urged the Secretaries to be leaders of their teams. He also
encouraged the officers to take decisions and assured them that he would stand by them. He added that in the process of
governance, ideas should be converted into institutions because institutions last longer than individuals. However, he clarified
that there may be rules and processes which have become outdated, and instead of serving the process of governance, they
are leading to avoidable confusion. He stressed upon the need to identify and do away with such archaic rules and
procedures. He even added that the process of governance of his government should begin with cleaning-up of the offices,
improving the workplace, which would automatically result in a better work culture and efficient services to the citizens.
• The Prime Minister emphasized the need for use of technology for greater efficiency and effectiveness in administration. He
further added that in a democracy, redressal of citizens' grievances is very important, and information technology can help
greatly in this regard. He also added that through use of technology, and better understanding among departments,
administrative and schematic convergence is possible. The Prime Minister said that faster results can be achieved through
collective action. The Prime Minister offered that he would always be ready to give an account of the work being done by
him. The senior bureaucrats echoed this sentiment and welcomed a similar standard of accountability.
• The Prime Minister said that he was accessible to all officers and encouraged them to approach him with their inputs and
• Finance Minister Arun Jaitley said in his opening remarks while holding his first Pre-Budget Consultation with the
representatives of the agriculture sector today, 5 June 2014, that despite the constraints of the economy as it exist today, the
government will try its best to boost the agriculture sector. He said that the concerns of agriculture sector are high on the
priority of the government. Even as agriculture and its allied sector employ the largest numbers of people in the country, yet
its share in the GDP has contracted over the years, Jaitley said.
• The Ministry of Finance said that various suggestions were received from the different representatives of the agriculture
sector. Major suggestions include establishing a Kissan TV Channel to create awareness among farmers about new
technologies, government programmes and quality parameters etc among others.
• Jaitley is expected to table Union Budget for 2014-15 in Lok Sabha by mid-July 2014. An
interim budget was presented by P. Chidambaram in February this year. Essentially, in the
nature of a vote on account, the interim budget was intended to get Parliament approval for
expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok
• The Reserve Bank of India (RBI)'s next undertakes monetary policy review on 5 August 2014.
The RBI kept its main lending rate -- repo rate -- unchanged at 8% after a monetary policy
review on 3 June 2014. The central bank at that time signaled it would ease monetary policy if
inflation slows faster than targeted.
• Steel shares were in demand with Jindal Steel & Power, JSW Steel, Tata Steel and Steel
Authority of India hitting 52-week high. Sesa Sterlite and NMDC also hit 52-week high. PSU
OMCs extended gains as crude oil prices declined, with BPCL scaling record high. FMCG
stocks rose on reports monsoon could arrive on India's southeast coast in the next 24 hours
• Shares of Reliance Anil Dhirubhai Ambani (ADA) group edged higher on renewed buying.
• Steel shares edged higher. Jindal Steel & Power was up 3.02% at Rs 338.10. The stock hit 52-
week high of Rs 341.90 in intraday trade.
• Shares of Tata Steel and Steel Authority of India extended recent gains triggered by reports
the two steel makers have restarted most of their iron ore mines in Odisha state after getting
new permits from the Odisha state government. Iron ore is a key input in steel making.
• NMDC has reportedly raised ore prices by up to 9% in June, the first increase in
five months as supply has been cut by a temporary ban on some mines in Odisha
• Piramal Enterprises rose 0.81% after the company said it has acquired 9.99% equity
stake in Shriram City Union Finance.
• Mercator rose 2.89% after the company said that its step down overseas subsidiary
engaged in carrying on the business of oil & gas and allied services has entered into
an agreement to avail a facility of $55 million.
• KSK Energy Ventures surged 4.53% after the firm said it has approved an issue
price of Rs 99 per share as part of QIP issue of 4.04 crore equity shares aggregating
to approximately Rs 400 crore.
• IL&FS Transportation Networks rose 2.22% after the firm said it has increased its
equity stake from 14.5% to 49% in the capital of Srinagar Sonmarg Tunnel way.
• Suzlon Energy rose 4.39% after the company said it has been awarded a 100.8 MW
order by ReNew Wind Power, India's leading IPP in the wind energy sector.
• Idea Cellular rose 0.59% on reports the mobile phone operator plans to launch a
share sale to raise as much as $500 million on Thursday to part fund its capital
expenditure including a purchase of mobile radiowaves.
• European stocks edged lower on Thursday, 5 June 2014, as investors were hesitant of making any major
moves ahead of the European Central Bank meeting later in the day. Asian stocks edged higher in
choppy trade on Thursday, 5 June 2014. Trading in US index futures indicated that the Dow could gain
3 points at the opening bell on Thursday, 5 June 2014. US stocks edged up on Wednesday with the S&P
500 index ending at a new record as investors brushed off weaker-than-expected labor market data and
focused on acceleration in services-sector growth.
• German factory orders rebounded in April from the biggest plunge in more than a year, signaling that
growth in Europe's largest economy remains on track. Orders, adjusted for seasonal swings and
inflation, increased 3.1% from March, when they declined 2.8%, the Federal Statistics Office in
Wiesbaden said today.
• There are expectations that ECB will announce new stimulus measures when the Governing Council of
the ECB holds a monthly meeting on euro area interest rates today, 5 June 2014.
• Bank of England's Monetary Policy Committee will probably keep its benchmark interest rate at a
record-low 0.5% and leave its bond-purchase program unchanged at a monthly meeting on interest rates
in UK today, 5 June 2014.
• HSBC/Markit's measure of the China service sector eased to 50.7 in May from April's 51.4, though that
was still above the 50-point level that is supposed to separate growth from contraction.
• Service industries in the US expanded at the fastest pace in nine months in May. The Institute for Supply
Management said its services sector index rose to 56.3 last month from 55.2 in April as new orders,
order backlogs and hiring increased. It was the highest reading in nine months. The Federal Reserve said
in its Beige Book review of regional conditions that the world's largest economy expanded at a modest
to moderate pace last month. The Beige Book, released two weeks before policy makers meet, supported
Fed Chair Janet Yellen's view that the US economy is rebounding from a 1% contraction in the first
quarter caused largely by harsh winter weather. The Commerce Department said the trade gap increased
6.9% to $47.2 billion in April as imports hit a record high and exports slipped. It was the largest deficit
in two years.
• A private report showed employment rose less than economists projected. Private employers added
179,000 jobs to their payrolls last month after hiring 215,000 workers in April, according to payrolls
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