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Market summary pptx 17.6.2014


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Market summary pptx 17.6.2014

  1. 1. India-GlobalMarketSummary 17-6-2014 • Market rallied to fresh intraday high in late trade. A slide in crude oil prices and gains in European stocks underpinned sentiment on the domestic bourses. The market breadth indicating the overall health of the market was strong. Among the 30-share Sensex pack, 23 stocks gained and rest of them declined. In the foreign exchange market, the rupee reversed intraday fall against the dollar. Nifty rose 1.30% to 7631.70 and Sensex rose 1.31% to 25521.19 • India's macroeconomic worries eased as crude dropped after recent gains triggered by unrest in Iraq. Brent crude oil futures for August delivery were down 46 cents at $112.48 a barrel. The contract had risen 37 cents to settle at $112.57 a barrel on Monday, 16 June 2014, after touching an intraday high of $113.28 a barrel. The recent increase in crude oil price and fall in rupee against the dollar stoked concerns of fuel price inflation and increase in India's current account deficit and fiscal deficit. India imports majority of its crude oil requirements.
  2. 2. • Reserve Bank of India Governor Raghuram Rajan said that the country is watching the Iraq situation, but despite the uncertainty the domestic economy is currently better prepared to deal with any shocks on the external front compared to last year. Rajan reportedly said on the sidelines of an industry event that since India has sufficient foreign reserves and the current account is also low, one shouldn't worry too much about the external side at this point. • Reacting to increase in inflation based on the wholesale price index to five-month high in May 2014, Finance Minister Arun Jaitley was quoted by the media as saying on Monday that the rising inflation was due to the hoarding of food stocks. He said that the Centre is committed to ease supply side bottlenecks and has also asked states to take firm measures against hoarders to check speculation. The Finance Minister reportedly said that the government is committed to take measures which will positively impact the GDP and result in higher growth than expected. The Finance Minister said inflation which is moving upward now would eventually come down. • India's largest oil exploration firm ONGC extended gains in late trade. PSU OMCs extended Monday's gains as the under-recovery on diesel declined for the fortnight commencing 16 June 2014. Maruti Suzuki India rose after a foreign brokerage maintained buy rating on the stock with a 15% increase in target price. Bank stocks were in demand. Cement stocks also gained. • PSU OMCs extended Monday's gains as the under-recovery on diesel declined for the fortnight commencing 16 June 2014. Indian Oil Corporation (IOCL) rose 4.57%. HPCL advanced 3.58%. BPCL gained 2.49%. • Tata Steel rose after it said that the Committee has proposed to seek approval of the members of the company through postal ballot for increase in borrowing limits from Rs 50000 crore to Rs 70000 crore
  3. 3. • Maruti Suzuki India rose 1.45% after a foreign brokerage maintained buy rating on the stock with a 15% increase in target price to Rs 2,700 per share. • Cairn India received approval to augment hydrocarbon production from the RJ-ON-90/01 Block in Barmer to 300,000 barrels of oil per day (bopd) from the current limit of 200,000 bopd. • The panel set up by the environment ministry, however, imposed certain conditions for the company, including uploading the status of environment compliance and results of monitored data on its website and updating it periodically, reports added. • United Spirits fell 1.14%. United Spirits said that the company is in the process of making certain enquiries in relation to the position of certain balances owing to the company from certain trade debtors aggregating to an amount of up to approximately Rs 590 crore • State Bank of Travancore rose 2.16% after the bank said its board of directors will meet on 20 June 2014 to consider and review the issue size of the proposed rights issue of the equity shares of the bank. • Arvind Remedies rose 1.75% after the company said it signed a pact with Adesh University to make formulation products targeting certain diseases. • Pennar Industries rose after the company along with its subsidiaries received orders worth Rs 105 crore. • Fulford (India) hit a lower circuit limit of 5% after the company said its promoter may consider other strategic alternatives in relation to its ownership of shares in the company if the delisting offer fails. • Hanung Toys & Textiles was locked at 5% upper circuit after the firm said its board has given its nod for issue and allotment of equity shares to promoters, promoters group by way of preferential issue.
  4. 4. Global news • European stocks gained on Tuesday, 17 June 2014. Most Asian stocks rose on Tuesday, 17 June 2014. Trading in US index futures indicated that the Dow could advance 46 points at the opening bell on Tuesday, 17 June 2014. US stocks rose on Monday, 16 June 2014, as corporate deals and growth in American manufacturing overshadowed escalating tension in Iraq. • Investor confidence in Europe's largest economy fell for a sixth straight month in June. The Center for European Economic Research, or ZEW institute, said on Tuesday economic expectations for Germany dropped to 29.8 points in June, down from 33.1 in May. • Annual inflation in the UK slowed in May to its lowest rate in almost five years, a sign that price pressures remain subdued despite a rapid pickup in growth. The Office for National Statistics said the annual rate of inflation was 1.5% in May, down from 1.8% a month earlier. May's reading was the lowest since October 2009, when annual inflation was also measured at 1.5%. • British consumer prices rose 1.5% in May from the same month last year, down from a rate of 1.8% in April, the U.K. Office for National Statistics reported Tuesday. • China attracted $8.6 billion of foreign direct investment in May, down 6.7% from a year earlier, the Ministry of Commerce said in a statement Tuesday. The figure was down from April's $8.7 billion, which was 3.4% higher from a year earlier. FDI in the January- May period rose 2.8% on year to $48.91 billion. • Japan's government late Monday, 16 June 2014, released a draft of Prime Minister Shinzo Abe's long-awaited growth strategy. This included already-flagged policies such as a plan to cut the corporate tax rate and other steps like a promise to ease regulation in agriculture and allow more foreign workers to be employed in the housekeeping and nursing sectors. • Fresh data from the factory sector showed that manufacturing remained a bright spot in the US economy at the end of the second quarter. Manufacturing activity in the New York region held steady in June after hitting an almost four-year high in May, the Federal Reserve Bank of New York said Monday. • Another data showed that industrial production in the US climbed in May. Output at factories, mines and utilities rose 0.6% after a revised 0.3% drop in April, a report from the Federal Reserve showed. • Home builders' confidence rose in June to the highest level in five months, but respondents were still a bit pessimistic, according to the National Association of Home Builders/Wells Fargo housing-market index released Monday. • A two-day meeting of the Federal Open Market Committee on US monetary policy begins today, 17 June 2014. • The International Monetary Fund (IMF) cut its growth forecast for the US economy this year and said the Fed may have scope to keep interest rates at zero for longer than investors expect. The institution now sees the world's largest economy growing 2% in 2014, down from an April estimate of 2.8%. The IMF left a 2015 prediction unchanged at 3%, and said it doesn't expect the US to see full employment until the end of 2017, amid low inflation. • The Bank of Russia said Tuesday it is cutting forex intervention aimed at smoothing ruble volatility, partially removing a defense implemented in early March before Moscow annexed Crimea. The central bank plans to let the ruble float freely from 2015 and will focus on taming inflation through interest rates. The regulator would still intervene if needed to maintain financial stability
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