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Market summary pptx 9.6.2014


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Market summary pptx 9.6.2014

  1. 1. India-GlobalMarketSummary 9-6-2014 • Market edged higher after President Pranab Mukherjee said in his speech addressing a joint sitting of Parliament that reforms will be undertaken to enhance the ease of doing business, the tax regime will be made non-adversarial, conducive to investment, enterprise and growth and that the government will follow a policy of encouraging investments, including through foreign direct investment (FDI). Firmness in global stocks also boosted sentiment on the domestic bourses as Sensex and Nifty, both, hit record high. The market breadth indicating the overall health of the market was strong. The market sentiment was boosted by data showing that foreign funds made heavy purchases of Indian stocks on Friday, 6 June 2014. Nifty rose 0.94% to 7654.60 and Sensex rose 0.72% to 25580.21 • India's long coastline will become the gateway for the nation's prosperity, the President of India said. The government will facilitate modernization of existing ports on one hand, and development of new world class ports on the other. Stringing together the Sagar Mala project, the government will connect the ports with the hinterland through road and rail. Inland and coastal waterways will be developed as major transport routes. • In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 59.09, compared with its close of 59.17/18 on Friday, 6 June 2014. .
  2. 2. • President Pranab Mukherjee today, 9 June 2014, in his address to the joint sitting of Parliament said that containing food inflation will be new government's top priority. The government is preparing contingency plans for sub-normal monsoons, he said. There would be an emphasis on improving the supply side of various agro and agro-based products. • The customary speech by the president is delivered at the first session of parliament every year and aims to highlight the broader policies the government intends to pursue. • The President said that economic revival is of paramount importance for the government after two consecutive years of below 5% GDP growth. The government will work towards reigniting the investment cycle, accelerate job creation and restore the confidence of the domestic as well as international community in India's economy. The government will create a policy environment which is predictable, transparent and fair. The government will embark on rationalisation and simplification of the tax regime to make it non-adversarial and conducive to investment, enterprise and growth, the President said. • The government will make every effort to introduce the GST while addressing the concerns of States. Reforms will be undertaken to enhance the ease of doing business, the President said. For rapid creation of jobs in the manufacturing sector, the government will strategically promote labour- intensive manufacturing. Employment opportunities will also be expanded by promoting tourism and agro-based industries. • The President said that the government will chalk out an ambitious infrastructure development programme to be implemented in the next 10 years. A fast-track, investment friendly and predictable PPP mechanism will be put in place. Modernization and revamping of Railways is on top of the infrastructure agenda. Taking urbanization as an opportunity rather than a challenge, the government will build 100 cities focussed on specialized domains and equipped with world class amenities.
  3. 3. • India needs to transform itself into a globally competitive manufacturing hub powered by skill, scale and speed. To this end, the government will set up world class investment and industrial regions, particularly along the Dedicated Freight Corridors and Industrial Corridors spanning the country. • Environment and forest clearance systems will be made more predictable, transparent and time- bound. The government will adopt a National Land Use Policy which will facilitate scientific identification of non-cultivable land and its strategic development. • Finance Minister Arun Jaitley on Friday, 6 June 2014, said that the economic situation at present is quite challenging but there is enthusiasm among the industry to turn it to its advantage. He said that there is need to give directional thrust to translate the same into better results. The Finance Minister was speaking while interacting with the captains of Indian Trade and Industry as part of his Pre- Budget Consultation meetings. Various suggestions were received from the representatives of different industry and trade groups. Major suggestions include that the government to follow the path of fiscal consolidation, curbing inflation especially food inflation, push GST, deferment of GARR for at least next three years, no retrospective amendments in tax laws henceforth as it hurts business sentiments in general and discourages foreign investment in particular. • Auto stocks rose after President Pranab Mukherjee said his speech addressing a joint sitting of Parliament that the government will initiate a fast, time-bound and well monitored programme for execution of the National Highways programme to overcome the stagnancy of the past few years. Realty stocks extended recent gains with DLF, Sobha Developers, Housing Development and Infrastructure (HDIL) and Unitech scaling 52-week high. Shares of port operators edged higher after President Pranab Mukherjee said in his speech addressing a joint sitting of Parliament that the government will evolve a model of port-led development.
  4. 4. • Coal India jumped after President Pranab Mukherjee said in his address to the joint sitting of Parliament that the government will formulate clear rules for allocation of coal, minerals and telecoms spectrum. The stock was up 4.86% at Rs 410. Reforms in the coal sector will be pursued with urgency for attracting private investment in a transparent manner, the President said. • Cadila Healthcare rose 3.42% after the company said that the Zydus Group will be presenting data on its molecule ZYDPLA1, a novel compound in the Gliptin class of anti-diabetic agents • Reliance Communications rose after the company announced the launch of One India, One Rate Plans, a first-of-its-kind free National Roaming offer for post-paid and pre-paid GSM customers. • Coal India rose 5.18% after President Pranab Mukherjee today in his address to the joint sitting of Parliament said the government will formulate clear rules for allocation of coal, minerals and telecoms spectrum • NTPC rose 0.76% on reports the company has invited bids for construction of the 1,320 megawatts Khargone thermal project in Madhya Pradesh, estimated to cost Rs 7000 crore. • Divi's Laboratories rose 3.43% after the company said that it has had an inspection by the USFDA, with no major observations, for its Unit-II at Bheemunipatnam Mandal, near Visakhapatnam. • JSW Steel said that crude steel production rose 6% to 10.68 lakh tonnes in May 2014 over May 2013. • IDBI Bank said that the Board of Directors has granted in principle approval for the proposal to raise equity capital to the extent of Rs 4000 crore through QIP / follow-on public offer • NHPC said that in accordance with Ministry of Power's letter dated 6 June 2014, Shri R. S. T. Sai, CMD, THDC India has taken over the additional charge of the post of Chairman & Managing Director • Divi's Laboratories said it has had an inspection by the USFDA, with no major observations, for its Unit-II at Bheemunipatnam Mandal,
  5. 5. Global news • European stocks advanced on Monday, 9 June 2014, amid optimism the global economic recovery remains on track. Asian stocks rose on Monday, 9 June 2014, after US payrolls, Chinese trade and Japanese economic-growth data beat estimates. Trading in US index futures indicated that the Dow could fall 10 points at the opening bell on Monday, 9 June 2014. US stocks rose on Friday, 6 June 2014, extending records for equity benchmarks, as data showed payrolls pushed past their pre-recession peak for the first time in May. • Japan's economy, Asia's second largest, expanded an annualized 6.7% in the first quarter, faster than the preliminary reading of 5.9%. • Chinese exports beat projections, rising 7% last month from a year earlier. Imports dropped 1.6 % from a year earlier after a 0.8% advance in April. The trade surplus swelled to $35.92 billion. • The 217,000 advance in hiring in May was broad-based and followed a 282,000 gain in April, figures from the Labor Department showed. It marked the fourth consecutive month employment increased by more than 200,000, the first time that's happened since early 2000. The jobless rate unexpectedly held at an almost six-year low of 6.3%. • James Bullard, president of the Federal Reserve Bank of St. Louis, speaks on the US economic outlook in Tennessee today, 9 June 2014, after US nonfarm payrolls topped a pre-recession high in May.
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