Market summary pptx 3.3.2014

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Information about Market summary pptx 3.3.2014

Published on March 3, 2014

Author: indiafinancebazaar

Source: slideshare.net

India-Global Market Summary 3-3-2014 • • • • • • • Market edged lower on the first trading session of the week as stocks fell across the world on geopolitical worries over Ukraine and as a measure of Chinese manufacturing slipped. Gains in crude oil prices also weighed on the sentiment on the domestic bourses. India imports two-thirds of its oil consumption. Increase in oil prices raised fears of increase in current account deficit and increase in the government's fiscal deficit. The market breadth, indicating the overall health of the market was negative. The market edged lower in early trade on weak Asian stocks. Among the 30 Sensex shares, 28 declined and only four stocks rose. Nifty fell0.88% to 6221.45 and Sensex fell 0.82% to 20946.65 In the foreign exchange market, the rupee edged lower against the dollar on risk aversion in global markets triggered by escalating geopolitical tension over Ukraine and after an official gauge of Chinese manufacturing dropped to an eight-month low. The Indian manufacturing economy showed signs of strengthening in February, with faster increases in output and new orders bolstering the PMI to reach a one-year peak. New export business also rose at a quicker clip, Markit Economics said. Up from 51.4 in the previous month to 52.5 in February, the headline HSBC India Purchasing Managers' Index (PMI) signalled a solid and stronger improvement in business conditions across the country's goodsproducing sector, Markit Economics said. Production growth accelerated on the back of a stronger rise in incoming new work. The pace of output expansion was solid and the quickest in one year. New orders increased for the fourth month running and at the most pronounced rate since February 2013. Survey respondents commented on higher demand from both domestic and export clients. Indeed new work from abroad rose in the latest month, with the growth rate climbing to the highest since June last year, Markit Economics said in a statement today, 3 March 2014. Consumer goods was again the best performing sub-sector of the manufacturing economy in February, leading the rises in both output and new orders. Operating conditions also improved at intermediate goods producers, but were unchanged in the capital goods category. Reflective of higher production requirements, Indian manufacturers raised their buying activity further in February. Although moderate, the overall expansion in quantity of purchases accelerated to the quickest since April last year. Nonetheless, pre-production stocks fell in the latest month as raw material shortages at vendors' units resulted in longer supplier delivery times. February data also indicated that manufacturing employment increased, stretching the current period of job creation to five months. That said, payroll numbers rose at a fractional pace that was the weakest in that sequence, Markit Economics said.

• As per the data released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation after market hours on Friday, 28 February 2014, the Quarterly GDP at factor cost at constant (2004-05) prices for Q3 of 2013-14 is estimated at Rs 14.8 lakh crore, as against Rs 14.1 lakh crore in Q3 of 2012-13, showing a growth rate of 4.7% over the corresponding quarter of previous year. As per the revision policy, quarterly estimates and growth rates of 2011-12 and 2012-13 have undergone revision on account of revision in annual estimates of 2011-12 and 2012-13. However, the growth rates of Q1 and Q2 estimates of 2013-14 have not been revised and would undergo revision only at the time of the release of fourth quarter estimates and Provisional estimates for the year 2013-14 to be released on 31 May 2014. Therefore, Q1 and Q2 GDP estimates given in this release are based on Provisional estimates of 2012-13 released in May 2013, while the Q3 estimates are based on the First Revised estimates of 2013-14 released in January 2014. • The core sector registered a growth of 1.6% in January 2014, data released by the government after trading hours on Friday, 28 February 2014, showed. The eight core industries have a combined weight of 37.90% in the Index of Industrial Production (IIP). • Arun Jaitley, leader of the Bharatiya Janata Party (BJP) in the upper house of parliament said that the BJP will consider raising the cap on foreign investment in the insurance sector from the current level of 26% if the party comes to power after elections due by May. He said that the BJP had discussed with Congress leaders ways to break the deadlock over the insurance legislation. "We have worked out various alternatives. Unfortunately, this has (been) too close to the elections," Jaitley said. Jaitley said his party would be looking at the measure as a way to revive investment in an economy that grew just 4.7% last year. The ruling Congress government has repeatedly sought parliament's approval to raise the limit to 49%. • Jaitley, however, said that the BJP continues to oppose foreign direct investment in the retail sector. • Cairn India rose along with crude oil prices. Shares of public sector oil marketing companies (PSU OMCs) rose after hiking petrol, diesel and jet fuel prices. Aviation stocks declined after the PSU OMCs hiked the price of jet fuel or aviation turbine fuel by 1% effective 1 March 2014. • Crude oil prices rose amid escalating geopolitical tension between Ukraine and Russia, the world's largest energy exporter. Brent crude oil futures for delivery in April 2014 were up $1.69 a barrel or 1.55% at $110.76 a barrel.

• • • • • • • • • • • • • • • • • TVS Motor Company rose 2.27% to Rs 87.85 after the company said its total sales rose 7% to 1.77 lakh units in February 2014 over February 2013. TVS Motor Company (TVS)'s total exports surged 31% to 28,782 units in February 2014 over February 2013. Two wheeler exports registered a growth of 26% to 22,713 units in February 2014 over February 2013. Shares of public sector oil marketing companies (PSU OMCs) rose after hiking petrol, diesel and jet fuel prices. HPCL (up 1.46%) and Indian Oil Corporation (up 0.77%) gained. BPCL was flat at Rs 377.65. PSU OMCs on Friday, 28 February 2014, hiked the price of petrol by 60 paise and diesel by 50 paise per litre effective Friday midnight amid rising crude oil prices and depreciation of rupee against the dollar. This price hike is exclusive of local taxes. PSU OMCs also hiked the price of jet fuel or aviation turbine fuel by 1% effective 1 March 2014. Separately, the price of non-subsidized cooking gas (LPG), which customers buy after using up their quota of 12 subsidised cylinders, was cut by Rs 53.5 per cylinder, the second straight reduction in rates since February. The 14.2-kg cooking gas cylinder that consumers buy beyond their entitled 12 cylinders at subsidised rates, will now cost Rs 1,080.50, down from Rs 1,134, in Delhi. The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the second fortnight of February 2014. The under-recovery on High Speed Diesel (HSD) applicable for first fortnight of March 2014 rose to Rs 8.37 per/litre. This was Rs 8.31 per litre during the second fortnight of February 2014. In case of PDS Kerosene, the underrecovery is Rs 36.34 per litre for March 2014. The under-recovery is Rs 605.80 per cylinder for domestic LPG cylinders for March 2014. While the under-recovery for diesel is calculated on fortnightly basis, the under-recovery for PDS Kerosene and LPG is calculated on monthly basis. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals. The government has already freed pricing of petrol. The three fuel retailers – Indian Oil Corporation (IOC), HPCL and BPCL revise jet fuel prices on the first of every month, based on the average international price in the preceding month. HT Media rose 2.77% after high-net worth investor Rakesh Jhunjhunwala picked up 0.64% stake in the company through bulk deals on Friday, 28 February 2014 Mahindra & Mahindra reported a 12% decline in its total auto sales at 42,166 units in February 2014 over February 2013. Maruti Suzuki India said its total sales declined 0.4% to 1.09 lakh units in February 2014 over February 2013.. Tata Motors said that total sales (including exports) of Tata commercial and passenger vehicles in February 2014 were 39,951 vehicles ONGC said that Mr Dinesh Kumar Sarraf is the new Chairman and Managing Director of ONGC and Chairman of ONGC Group of Companies. ONGC Videsh said it completed the acquisition of 10% participating interest (“PI”) in the Rovuma Area 1 offshore Block from Anadarko Moçambique Area 1 Limitada (“Anadarko”). On the 24th August 2013 Reliance Industries said that a section of the press has regurgitated the false and defamatory allegations made against the company on Thursday. HDFC said it has raised ECB of $300 million from a consortium of 4 lenders viz. State Bank of India (SBI), Sumitomo Mitsui Banking Corporation (SMBC), The Bank of Tokyo-Mitsubishi UFJ, and DBS Bank. Voltas said it has executed a joint venture (JV) agreement with Dow Chemical Pacific (Singapore) Pte (Dow) for establishing a JV company in India, to tap the growing water and waste water treatment market in the country. Oriental Bank of Commerce said it intends to raise Tier II capital to the extent of Rs 1000 crore through issue of Basel III compliant Tier II Bonds on private placement basis. Sterling Biotech reported net loss of Rs 105.99 crore in Q4 December 2013, higher than net loss of Rs 91.06 crore in Q4 December 2012.

Global news • • • • • • • European stocks edged lower on Monday, 3 March 2014, amid increasing geopolitical tension over Ukraine, and as a measure of Chinese manufacturing slipped. Asian stocks edged lower on Monday, 3 March 2014, amid escalating geopolitical tension over Ukraine and after an official gauge of Chinese manufacturing dropped to an eight-month low. Trading in US index futures indicated that the Dow could drop 110 points at the opening bell on Monday, 3 March 2014. Most US stocks rose on Friday as some positive economic data boosted the S&P 500 to record levels for a second straight day. The Chicago Purchasing Managers Index rose to 59.8 in February, topping expectations, while the final February reading on consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers also rose more than expected. China's Shanghai Composite rose 0.92%. China's Purchasing Managers' Index fell to 50.2 in February compared with January's 50.5 reading, the lowest since June, the National Bureau of Statistics and China Federation of Logistics & Purchasing said March 1 in Beijing. HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to a final reading of 48.5 in February from 49.5 in January, HSBC Holdings PLC said Monday. The US, the UK and Canada are suspending preparations for a meeting of the Group of Eight industrial nations in Russia in June. Russia may lose its membership of the G-8, while the US is considering imposing sanctions, US Secretary of State John Kerry said on Sunday, 2 March 2014. Russia's central bank unexpectedly raised its policy interest rate sharply to 7% from 5.5% previously, effective Monday morning. The Bank of Russia's move came as the Russian ruble plunged to record low against the dollar as well as euro following Moscow's intervention in Ukraine. "The decision is meant to avoid emerging risks to inflation and financial stability associated with the recently seen increased volatility on the financial markets," the central bank said in a statement. The central bank described the move as "temporary". A meeting of China's lawmakers to set economic policy and growth targets begins on Wednesday, 5 March 2014. The latest meeting of the legislature, the first to be overseen by President Xi Jinping and Premier Li Keqiang, comes as leaders pledge to give markets a "decisive" role in the economy. Investors will be watching the National People's Congress (NPC) meeting for clues to the next steps to fix local-government finances, charge market prices for natural resources, rein in shadow-banking risks, free up deposit rates and open up state businesses to private investment. Other reports released on Friday suggested an economy that struggles to gain traction. GDP was estimated to have grown at an annual rate of 2.4% in the fourth quarter, the Commerce Department said. That was below estimates and down sharply both from its estimate last month of 3.2% and the 4.1% rate in the third quarter. Separately, pending home sales rose 0.1% in January, far below expectations for growth of 2%. The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.

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