1. India-Global Market Summary 02-08-2012
• Market declined after four days as investors nervously awaited the latest policy
decision from the European Central Bank. Weak Asian market also weighed on
sentiment. Sensex down by 0.21% to 17221.69 and Nifty down by 0.24% to
5227.90. From the 30-share Sensex pack, 18 stocks fell and the rest of them rose.
• ITC hit record high. Reliance Industries trimmed intraday losses in volatile trade.
Ashok Leyland surged after strong sales in the month just gone by. Shares of
companies whose fortunes are linked to orders from Indian Railways and
construction shares surged after Prime Minister Dr. Manmohan Singh today
approved relaxation in the land transfer policy of the government for government
owned land so that infrastructure projects are not held up because of procedural
delays. This would speed up the award of public private partnership (PPP) projects
from this month onwards significantly
• Airline stocks were mostly lower as state-owned oil companies on Wednesday
raised jet fuel or ATF rates by a steep 4.5% on firming international crude oil
prices. Capital goods stocks extended recent gains. Interest rate sensitive banking
stocks were mostly lower as the Reserve Bank of India (RBI) kept repo rate
unchanged. Lube oil major Castrol India hit record high.

2. • GlaxoSmithkline Consumer Healthcare rose, with the stock extending Wednesday's
1.46% gains triggered by the company reporting strong second quarter earnings.
• Ashok Leyland surged 4.31% to Rs 23 after the company said its total sales jumped
25% to 9,785 units in July 2012 over July 2011.
• Rupee trades weaker tracking a global dollar rally after the U.S. Federal Reserve
refrains from additional stimulus
• Cummins India jumped 7.44% after net profit rose 1.9% to Rs 180.55 crore on
21.79% growth in income from operations to Rs 1258.75 crore in first quarter
ended June 2012 over first quarter ended June 2011
• Federal Bank net profit jumped 30.23% to Rs 190.35 crore on 21.99% growth in
total income to Rs 1661.04 crore in first quarter of current fiscal over previous
fiscal
• Engineers India net profit rose 4.2% to Rs 154.29 crore on 15.7% fall in net sales to
Rs 719.99 crore in first quarter ended June 2012 over year ago period
• Manappuram Finance gained after net profit surged 46.3% to Rs 157.77 crore on
47% rise in total income to Rs 725.48 crore in first quarter ended June 2012 over
June 2011

3. Global news
• European stock markets edged higher on Thursday, led by banks and oil firms, as investors awaited the
latest policy decision from the European Central Bank, hoping for action to curb the region's debt crisis.
Asian shares eased on Thursday as investors turned increasingly cautious as hopes of stimulus action by
central banks thinned ahead of a European Central Bank's meeting later in the day and after the US
Federal Reserve took no action a day earlier. US stocks fell on Wednesday after the Federal Reserve
took no new monetary stimulus after a two-day policy meeting
• The Governing Council of the European Central Bank (ECB) holds a monthly monetary policy review
on interest rates for the euro area on today, 2 August 2012. The Monetary Policy Committee of Bank of
England also holds a monthly policy meeting on interest rates in the United Kingdom (UK) today.
• Germany retained a stable outlook for its top credit rating at Standard & Poor's just over a week after
Moody's Investors Service warned that the nation's Aaa grade was at risk. The long-term debt sovereign
rating for Europe's largest economy was maintained at AAA
• Moody's on July 23 lowered the outlook for the Aaa credit ratings of Germany, the Netherlands and
Luxembourg to negative, citing "rising uncertainty" over Europe's debt woes.
• The People's Bank of China on Thursday, 2 August 2012, said it will make stabilizing economic growth
a bigger priority, signalling rising concern at the slowdown in the world's second-largest economy. But it
added new language on growth, saying it would "put stabilizing growth in a more important position,"
signalling that it sees the slowdown as the biggest risk in the Chinese economy, and signalling that it
may take further measures to boost growth.
• China's central bank drained a net 86 billion yuan ($13.6 billion) from the banking system this week via
its regular open-market operations, highlighting its concerns that inflation may rebound later this year
despite recent data showing the country's July manufacturing activity undershot market expectations.
• The Federal Reserve stopped short of offering new monetary stimulus on Wednesday even as it signaled
further bond buying could be in store to help a US economic recovery that it said had lost momentum
this year. Fed officials described the economy as having "decelerated somewhat," a change of tone from
its previous assessment in June when it said the economy had been "expanding moderately".

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