Market summary pptx 11.3.2014

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Information about Market summary pptx 11.3.2014

Published on March 11, 2014

Author: indiafinancebazaar


India-GlobalMarketSummary 11-3-2014 • Market edged lower in choppy trade after provisional data showed that India's merchandise exports fell 3.67% year-on-year in February 2014. The market breadth, indicating the overall health of the market was negative. The market edged higher in early trade on firm Asian stocks. Sensex snaps 5-day winning streak. Nifty fell 0.39% to 6511.90 and Sensex fell 0.49% to 21826.42 • India's trade deficit narrowed to $8.13 billion in February 2014, from $14.12 billion in February 2013. Total imports declined 17.09% year-on-year at $33.81 billion in February 2014. Merchandise exports fell 3.67% year-on-year at $25.68 billion in February 2014. The trade deficit for the 11-month period April 2013 to February 2014 narrowed to $128.08 billion, from $179.92 billion during the period from April 2012 to February 2013. • The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014. • The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively. • With the election code of conduct coming into force, government authorities will not be able to announce any major policy initiatives. However, they can announce routine or unavoidable policy measures after taking the approval of the election commission.

• The Dravida Munnettra Kazhagam (DMK) in its Lok Sabha election manifesto released in Chennai today, 11 March 2014, said that the party is opposed to foreign direction investment (FDI) in retail and education. The manifesto also talks about the Tamils in Sri Lanka. Abolition of death sentence, statehood to Puducherry, implementation of Sethusamudhram project and making Tamil the local official language are some of the other promises made by the DMK in its Lok Sabha election manifesto. The M Karunanidhi-led DMK has been opposed to the death sentence to the killers of former Prime Minister Rajiv Gandhi. The DMK has also been backing the demand for the killers to be released from jail. • Metal stocks edged lower after data released by China recently showed China's exports slumped in February. Shares of state-run iron ore miner NMDC fell after the company unveiled its iron ore production and despatches data for the 11 months period ended February 2014. • NMDC fell 2.57% after the company said its total iron ore production rose 2.90% to 26.42 million tonnes (provisional) for the 11-month period ended February 2014 over corresponding previous year period. • Sun Pharmaceutical Industries fell 2.63% to Rs 580.35, with the stock extending its recent decline. Reports on Monday, 10 March 2014 indicated that the company has recalled thousands of bottles of generic diabetes medication after some bottles contained epilepsy medicine. • Tata Steel said that since announcement dated on 10 April 2013 regarding amalgamation of Kalimati with the company under the Scheme of Amalgamation, the company has taken various steps to complete the amalgamation • State Bank of India (SBI) turns ex-dividend for Interim Dividend of Rs 15 per share for the year ending March 2014. • Petron Engineering Construction said it has received letter of award for civil contract at Nagpur Cement Works at Nagpur in Maharashtra from UltraTech Cement for a total contract value of Rs 54.70 crore plus service tax. • CRISIL turns ex-dividend for final dividend of Rs 4 per share and special final dividend of Rs 6 per share for the year ended 31 December 2013.

Global news • European stocks reversed initial gains on Tuesday, 11 March 2014, as investors weighed corporate earnings and watched developments in Ukraine. Asian stocks edged higher on Tuesday, 11 March 2014, after the Bank of Japan kept monetary policy unchanged. Trading in US index futures indicated that the Dow could drop 10 points at the opening bell on Tuesday, 11 March 2014. US stocks slid on Monday, pulling the Standard & Poor's 500 Index down from a record, as a slowdown in Chinese exports fueled concern about global economic growth. • Data today showed German exports rose 2.2% in January 2014. That was the biggest month-on-month growth since May 2012. Imports jumped 4.1% in the period, also exceeding estimates. • European Union finance ministers resume talks today, 11 March 2014, as they search to break a deadlock on a bank- failure law for the euro area. Officials are searching for a compromise on the Single Resolution Mechanism and a common fund to cover the cost of saving or closing banks. European Central Bank President Mario Draghi last week said that failure to reach a deal before May's parliament elections would have severe consequences for the euro-area and its banking union. • Russia showed no signs of yielding in the Crimean standoff as Ukraine bolstered its defenses before its prime minister meets US President Barack Obama tomorrow, 12 March 2014. In addition to testing its military's combat readiness, Ukraine may mobilize 20,000 people to protect borders, Interior Minister Arsen Avakov said. Russia has vowed to defend the ethnic Russian majority in Crimea after an uprising unseated Ukraine's Moscow-backed leader. It rejects the legitimacy of the new cabinet in Kiev. • The Bank of Japan (BoJ) maintained record easing, keeping ammunition as an April sales-tax bump threatens to trigger the deepest one-quarter contraction since the March 2011 earthquake. The BoJ kept a pledge to expand the monetary base at a pace of 60 trillion to 70 trillion yen ($677 billion) per year, the central bank said in a statement in Tokyo today, 11 March 2014, after a monetary policy review. The BoJ said that Japan's economy has continued to recover moderately and a front-loaded increase in demand prior to the consumption tax hike (scheduled in April) has recently been observed. • A report yesterday, 10 March 2014, showed aggregate financing in China dropped to 938.7 billion yuan ($153 billion) last month amid a crackdown on shadow lending, down from January's record 2.58 trillion yuan. Central Bank Governor Zhou Xiaochuan said today, 11 March 2014, that China's deposit rates will be liberalized in one to two years. Zhou commented at a press briefing in Beijing as part of sessions of the annual meeting of the National People's Congress. He also said that interest rates will initially rise as controls are removed. • The Federal Reserve will continue to trim its monthly asset purchases at a $10 billion pace, Charles Evans, president of the Chicago Fed and among the most dovish US policymakers said on Monday as he also detailed how the US central bank might rewrite its plan for keeping interest rates low. "We're at a point now where we're, moving away from purchasing assets, we're tapering, and our balance sheet continues to be very large but we're not going to add to it as much," Evans told a gathering at Columbus State University. "The last two meetings we reduced the purchase flow rate by $10 billion and we're going to continue to do that," he said flatly.

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