1. India-GlobalMarketSummary 7-6-2013
• Market dropped in choppy trade, with investor sentiment hit by a weak rupee.
Sensex reached its lowest closing level in 5-1/2 weeks and Nifty settle at 6-week
low. The market breadth, indicating the overall health of the market, was negative.
Indian stocks fell for the second straight day today. Sensex lost 0.46% to settle at
19,429.23 and Nifty lost 0.68% to 5,881. Among the 30-share Sensex pack, 22
stocks fell and rest of them rose.
• Dr Reddy's Laboratories scaled record high. IT stocks rose on a weak rupee. Index
heavyweight Reliance Industries (RIL) reversed intraday gains triggered by its
telecom unit, Reliance Jio Infocomm, and Reliance Communications announcing a
pact for sharing of RCom's nationwide telecom tower infrastructure.
• Bank stocks extended intraday losses in late trade. Auto stocks declined. Metal
stocks also fell. Car major Maruti Suzuki India declined as the company suspended
production for a day at both of its plants in Manesar and Gurgaon today, 7 June
2013, to adjust inventory levels in response to falling sales.
• The rupee hit one-year low below the 57 mark and was trading at 57.05 against the
dollar versus its previous close of 56.84/85. A weak rupee makes imports costlier,
stoking inflation concerns, thereby capping the Reserve Bank of India's scope to
extend monetary easing and counter the slowest economic growth in a decade.

2. • Car major Maruti Suzuki India declined 2.04%, with the stock extending initial losses. The company has suspended
production for a day at both of its plants in Manesar and Gurgaon today, 7 June 2013, to adjust inventory levels in
response to falling sales. A firm yen also weighed on the Maruti counter as it could make imports of components
costlier for the car major.
• Among PSU bank stocks, Canara Bank, State Bank of India (SBI), Union Bank of India, Bank of India, Bank of
Baroda and Punjab National Bank dropped by 1.27% to 4.27%.
• Mahindra Satyam rose 1.19% after the company said that it has won a new multiyear contract from Bridgestone
Europe for its managed services. The company will work on SAP based mission critical applications for
Bridgestone Europe. Mahindra Satyam has been working with Bridgestone since 2005 in providing IT application
development and support services.
• Kansai Nerolac Paints lost 1.44% as the stock turned ex-dividend today, 7 June 2013, for dividend of Rs 11 per
share for the year ended 31 March 2013.
• Mahindra Lifespace Developers jumped 3.82% after the company's board recommended raising foreign institutional
investors' investment limit in the paid up equity share capital of the company to 49% from 30%.
• Shares of companies whose fortunes are linked to orders from Indian Railways edged higher.
• Shipping Corporation of India (SCI) jumped 4.54% after the company signed a Memorandum of Understanding
with GAIL (India) for transportation of LNG sourced by GAIL from USA. Shares of GAIL (India) edged lower in
choppy trade. Under the MoU, both GAIL and SCI will cooperate for transportation of 5.8 million tonnes per
annum (MTPA) of LNG being sourced by GAIL from Sabine Pass and Cove Point terminals in USA.
• GAIL has signed a LNG sales and purchase Agreement with Cheniere Energy Partners, LP (Cheniere) to procure 3.5
MTPA of LNG from the latter's Sabine Pass Terminal in Louisiana, USA for a period of 20 years. GAIL has also
signed a terminal service agreement with Dominion through GAIL Global (USA) LNG LLC for booking 2.3 MTPA
liquefaction capacity in the Cove Point LNG liquefaction terminal project located at Lusby in the state of Maryland.
As the agreements are on FOB basis, GAIL is required to make its own arrangements for transportation of LNG
from these terminals. The transportation of LNG is expected to begin from mid-2017.
• Shares of organised retailers fell as the government said on Thursday in a clarification of rules announced last year
that the foreign supermarkets entering India must invest in new supply chain infrastructure, such as warehouses and
cold-storages, rather than buying existing assets.

3. Global news
• European markets edged lower on caution ahead of the much anticipated nonfarm payrolls
report from the US. Asian stocks fell on Friday as gains in yen weighed on Japanese shares
and as investors awaited a US jobs report later in the global day. Chinese stocks dropped
ahead of a long weekend and before the release of a slew of economic data over the next
three days, including monthly inflation and exports. Trading in US index futures indicated
that the Dow could fall 23 points at the opening bell on Friday. US stocks ended higher on
Thursday, snapping a two-session losing streak, as investors eagerly awaited Friday's May
employment report for clues about monetary policy.
• German industrial production surged the most in more than a year in April as construction
activity surged after an unusually long winter damped output. Production jumped 1.8%
from March, when it gained 1.2%.
• The European Central Bank (ECB) and the Bank of England (BoE) on Thursday, 6 June
2013, held their main interest rates at record lows, with the ECB saying data supports its
forecast of a gradual economic recovery across the region. The ECB and BoE both held
their benchmark interest rates at the record-low level of 0.5%.
• Data showed that US jobless claims fell by 11,000 to 346,000 in the week ended June 1,
essentially in line with expectations. Federal Reserve Chairman Ben Bernanke said last
month that the bank could start scaling back its aggressive easing program in coming
months if data continue to improve.
•

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