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Market summary pptx 25.6.2014

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Market summary pptx 25.6.2014

  1. 1. India-GlobalMarketSummary 25-6-2014 • A bout of volatility was witnessed as markt trimmed losses after hitting fresh intraday low in late trade. Shares of automobile companies rose after news reports in late trade that Finance Minister Arun Jaitely has announced extension of the concessional excise duty on automobiles, capital goods and consumer goods by six months till 31 December 2014. The market breadth indicating the overall health of the market was positive. Among the 30 Sensex shares, 15 rose and remaining shares fell. Nifty fell 0.14% to 7569.25 and Sensex fell 0.22% to 25313.74 • In the foreign exchange market, the rupee edged lower against the dollar. Brent crude oil futures dropped. Brent crude futures for August delivery were off 76 cents at $113.70 a barrel. • The Budget Session of Parliament will commence from 7 July 2014 and the session is scheduled to conclude on the 14 August 2014, the Ministry of Parliamentary Affairs said on Tuesday, 24 June 2014. • At the time of presentation of Interim Budget for 2014-15, the Congress led United Progressive Alliance (UPA) government had in February this year reduced excise duty on small cars, two wheelers, scooters and commercial vehicles to 8% from 12%. Excise duty on sports utility vehicles (SUVs) was cut to 24% from 30% and that on mid and large cars was cut to 24/20% from 27/24%. At that time, the reduction is excise duty was restricted till 30 June 2014 as an interim relief major for the auto sector. • A similar interim relief was announced during the Interim Budget for 2014-15 by way of reduction of excise duty on some capital goods and consumer goods until 30 June 2014.
  2. 2. • ITC declined. Some private banks declined. • ITC had recovered after Monday's slide triggered by reports that Union health minister Harsh Vardhan has suggested increase in excise duty on cigarettes in upcoming final Union Budget for 2014-15 to deter people from smoking. • TCS company said that it has been selected by Dutch insurance firm, REAAL N.V., to develop and modernize the mainframe applications and servicing the company's life insurance portfolio. • IndusInd Bank rose 0.44% after bank today announced its Currency Chest at Guindy, Chennai. • Parsvnath Developers rose by maximum permissible 5% upper limit on reports that company plans to divest land parcels worth Rs 1000 crore to raise funds. • Engineers India rose 4.51% after the company said that the Government has decided to grant Navratna status to the company. • DCM Shriram rose 1.43% after the company said it sold its textile spinning unit in Rajasthan for Rs 17.12 crore. • Gammon Infrastructure Projects hit an upper circuit limit of 5%, with the stock extending recent rally triggered by the firm's board approving a QIP of equity shares or equity linked instrument of upto Rs 500 crore • Astrazeneca Pharma India fell 1.93% after the stock market regulator on Tuesday, 24 June 2014, said stock exchanges will closely monitor the company's delisting process and promptly report any aberrations. • Shree Renuka Sugars lost 1.85% after the company said it has no intention to increase the stake in Renuka do Brasil S/A or to buy out the minority shareholder in Renuka do Brasil S/A. • Gokul Refoils & Solvent rose 0.82%, with the stock rising amid volatility after the company said its board will meet on 4 July 2014, to consider proposal related to arrangement and business re-alignment • Strides Arcolab rose 3.51% after the company said it has received abbreviated new drug application approval from United States Food and Drug Administration for Imiquimod Cream.
  3. 3. Global news • European stocks fell for a fourth day on Wednesday, 25 June 2014, the longest stretch in seven weeks, as violence in the Middle East escalated. Asian stocks dropped on Wednesday, 25 June 2014, led by material shares, as escalating violence in the Middle East sapped demand for riskier assets. Trading in US index futures indicated a flat opening of the US stocks on Wednesday, 25 June 2014. US stocks fell for the second day on Tuesday, 24 June 2014, as reports of escalating violence in the Middle East overshadowed data that boosted optimism in the world's biggest economy. • Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday
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