1. India-GlobalMarketSummary 2-4-2014
• Sensex gains for the sixth day in a row. Market edged higher as gains in European and Asian stocks
boosted sentiment on the domestic bourses. Indian stocks edged higher for the sixth day in a row
today, 2 April 2014. Market edged higher and hit fresh record high at the onset of the trading session.
The market sentiment was boosted by data showing that foreign institutional investors (FIIs)
remained net buyers of Indian stocks. Nifty rose 0.47% to 6752.55 and Sensex rose 0.47% to
22551.49. Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
• Indian government bond prices dropped on concern demand for existing securities will fall as the
government starts its annual borrowing program this week. The yield on 10-year benchmark federal
paper, 8.83% GS 2023, was hovering at 8.9525%, higher than its close of 8.8035% on Friday, 28
March 2014. Bond yield and bond prices move in opposite direction. Trading in the government bond
market resumed after a two-day break due to a local holiday and annual closing of bank accounts.
• Reserve Bank of India Governor Raghuram Rajan said in an interview with a TV channel today, 2
April 2014, that a substantial strengthening of the rupee to 45 or 50 per dollar could hit exports,
although he added the Reserve Bank of India was fine with "a certain amount of leeway" in the
currency. Rajan also said that the RBI does not want to declare victory on inflation yet, despite
keeping interest rates on hold on Tuesday, 1 April 2014, as widely expected. The RBI would rethink
its stance if there is a "substantial" change of inflation, up or down, he said.
• The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI
left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on
Tuesday, 1 April 2014.
• The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY
2014) corporate earnings. Investors and analysts will closely watch the management commentary that
would accompany the results to see if there is any revision in their future earnings forecast of the
company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016
(FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014.
The result season will conclude in end-May 2014.

2. • IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. PSU banks rose
across the board, with Bank of Baroda hitting 52-week high. Among pharma pack, Aurobindo Pharma rose to hit record high
after the company announced completion of the previously announced acquisition of certain commercial operations in
Western Europe from Actavis plc. Airline stocks surged after state-run oil marketing companies on Tuesday, 1 April 2014,
announced reduction in the price of aviation turbine fuel (ATF), reflecting global trends.
• Aurobindo Pharma announced the completion of the previously announced acquisition of certain commercial operations in
Western Europe from Actavis plc.
• Jet fuel constitutes over 40% of an airline's operating costs and the price cut will reduce the fuel cost of the cash-strapped
carriers.
• Neyveli Lignite Corporation edged higher after the company said it attained record physical performance in the year ended
31 March 2014 (FY 2014) with respect to overburden removal, lignite mining and power generation from the existing mines
and power plants in operation.
• JSW Steel rose 0.79% after the firm's commercial and marketing director, Jayant Acharya, said that steel consumption may
rise in the current fiscal by around 5-6% in line with the projected GDP growth of the country.
• Ashoka Buildcon jumped 5.44% after the company said its subsidiary has received fourth tranche of investment of Rs 133
crore for equity investments into various under construction projects.
• Indian Bank said that the bank has decided to increase its base rate by 0.05% from the existing 10.2% to 10.25% per annum
with effect from 1 April 2014.
• Bharat Electronics said that the company recorded a record turnover of Rs 6180 crore on provisional basis for the year ended
31 March 2014 against turnover of Rs 6012 crore in the year ended 31 March 2013
• Hero MotoCorp's total sales increased 11.9% to 5.24 lakh units in March 2014 over March 2013. The company's sales grew
3% to 62.45 lakh units in the fiscal ended 31 March 2014 over the fiscal ended 31 March 2013.
• Tata Motors' total sales fell 29.6% to 51,184 units in March 2014 over March 2013.
• Ashok Leyland reported a 27% decline in its total sales at 10,286 units in March 2014 over March 2013.
• Reliance Industries announced that the Supreme Court has appointed an international arbitrator in the KG D6 issue.
• Axis Bank fell 1.76% after the central bank restricted foreign institutional investors from buying additional shares in the
company as their shareholding has reached the limit.

3. Global news
• European stocks edged higher in choppy trade on Wednesday, 2 April 2014, as investors awaited reports
that may signal the US economic recovery is gathering pace. Asian stocks rose on Wednesday, 2 April
2014, as increase in US manufacturing boosted optimism about growth in the world's biggest economy.
Trading in US index futures indicated that the Dow could advance 32 points at the opening bell on
Wednesday, 2 April 2014. US stocks rose on Tuesday, 1 April 2014, as consumer and technology shares
pushed the Standard & Poor's 500 Index to an all-time high, after an increase in a manufacturing index
boosted optimism the economy withstood severe winter weather.
• A policy meeting of the Governing Council of the European Central Bank (ECB) will be held tomorrow,
3 April 2014, in Frankfurt to decide euro zone interest rates. ECB President Mario Draghi has
consistently reassured listeners that the euro zone isn't heading for deflation, but that the central bank
stands ready to act if needed.
• US manufacturing companies expanded in March at a slightly faster pace compared to the prior month, a
survey of executives found. The Institute for Supply Management manufacturing index edged up to
53.7%, slightly below the consensus forecasts. Any number over 50% means more companies are seeing
an expansion of business instead of a contraction. Separately, the final Markit PMI for the US in March
was unchanged at 55.5, down from 57.1 in February. Any reading over 50 in the purchasing managers
index indicates growth.
• US car sales surged to an annualized rate of 16.4 million in March — the highest rate since November.
• Payroll-processing firm ADP is due to release US private-sector employment numbers for March 2014
today, 2 April 2014.
• The influential US non-farms payroll data for March 2014 will be released this Friday, 4 April 2014.

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