Market summary pptx 24.2.2014

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Information about Market summary pptx 24.2.2014

Published on February 24, 2014

Author: indiafinancebazaar


India-Global Market Summary 24-2-2014 • Market extended gains and hit fresh intraday high in late trade as European stocks reversed initial losses after the latest data showed that German business confidence brightened for a fourth straight month in February 2014. Germany is Europe's biggest economy. The market sentiment was boosted by data showing that foreign funds remained buyers of Indian stocks on Friday, 21 February 2014. The market breadth, indicating the overall health of the market, was positive. Market edged lower in early trade on weak Asian stocks. Nifty rose 0.5% to 6186.10 and Sensex rose 0.53% to 20811.44 • In the foreign exchange market, the rupee reversed initial losses against the dollar as equities rose. The partially convertible rupee was hovering at 62.02, compared with its close of 62.12/13 on Friday, 21 February 2014. • Government bond prices dropped after Reserve Bank of India Governor Raghuram Rajan on Sunday, 23 February 2014, warned that inflation remains the biggest threat to economic growth. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.8604%, higher than its close of 8.7954% on Friday, 21 February 2014. Bond yield and bond prices move in opposite direction. • Rajan said reining in price gains is the Reserve Bank of India's number one challenge and action will be data dependent. "Even at this point our challenge really is to bring inflation down, because inflation is hurting growth. As inflation comes down, we will get much more possibilities for growth," Rajan said in Sydney in an interview to a news agency. Rajan, who last month warned of a breakdown in international monetary policy cooperation, said there was "widespread agreement" that advanced economies should worry about spillover effects of central bank actions. • Finance Minister P. Chidambaram last week said that RBI must strike a balance between price stability and growth, while adding that the elected government must determine the pace of growth and policies that help the economy expand.

• • • • • • • • • • • • • • • • • • • • • Pharma stocks gained on renewed buying. Dr. Reddy's Laboratories, Lupin and Cadila Healthcare hit record high. Shares of state-run power generation major NTPC tumbled after the Central Electricity Regulatory Commission in its latest order directed power utilities to charge production incentives based on actual offtake, instead of on their readiness to produce power at above 85% capacity utilization. Shares of India's largest power generation firm by capacity NTPC tumbled on huge volume after the Central Electricity Regulatory Commission in its latest order directed power utilities to charge production incentives based on actual offtake, instead of on their readiness to produce power at above 85% capacity utilization. Punjab National Bank rose 1.02% ; bank has raised Rs 1000 crore capital through Tier II (Basel III Compliant) bonds. United Bank of India surged 5.95%. has accorded its approval to create, offer, issue and allot by conversion of up to 80000 PNCPS of Rs 100,000 each The approvals of the Board are subject to all applicable approvals/consents from various Regulators and specific approval by the Central Government in this regard. Union Bank of India edged higher in choppy trade after the state-run bank denied media reports that it is in merger talks with troubled state-run bank United Bank of India. United Bank of India also denied media reports that it is in merger talks with Union Bank of India. Reliance Infrastructure rose 0.33% after company announced completion of the Trichy-Karur road in Tamil Nadu undertaken through its special purpose vehicle TK Toll Road. JSW Steel said that subject to customary closing conditions and third party consents, the company intends to acquire 26% equity in Vallabh Tinplate immediately and shall increase its equity stake in VTPL to 50% in due course. JSW Steel said that investment in Tinplate business was made in line with the company's strategic goal to enhance the share of value added products segment in the overall product basket to about 40%. IDFC will be watched after RBI notified that the foreign share holding by foreign institutional investors (FIIs) in IDFC has crossed the overall limit of its paid-up capital. Telecom stocks will be watched after the telecommunications regulator has reportedly recommended a 48% increase in the minimum bid price for airwaves in the 800 megahertz band in a planned auction. Tech Mahindra and Church Mutual Insurance Company (Church Mutual) announced a partnership to continue development of a new cloud based policy processing system for Church Mutual. Merrill-based Church Mutual, an insurer rated A (Excellent) by A.M. Best Company, is the leading insurer of religious institutions in the United States. TVS Motor Company announced a reduction in the prices of its two and three wheelers on account of reduction in excise duty announced on 17 February 2014 by the Government of India. BEML said it has rolled out 136th Metro Car to Delhi Metro Rail Corporation, the final consignment for deployment in the RS-6 Project of Delhi Metro. BEML has bagged an order worth Rs 923.44 crore from Delhi Metro in March 2011 for the supply of 136 Intermediate Cars for its prestigious RS-6 Project for replacing the existing 4-Car train sets to 6-Car train sets for enhancing passenger carrying capacity. GMR, Temasek and IDFC Alternatives led consortium of Investors (IDFC Consortium) have agreed to restructure their existing investment in GMR Energy (GEL). SKF India's net profit surged 50.32% to Rs 48.39 crore on 15.31% growth in total income from operations to Rs 599.59 crore in Q4 December 2013 over Q4 December 2012. Shriram City Union Finance in a clarification to the exchange with respect to a news item titled "Su-Kam's pilot project for solar power backup" said that the company has been discussing with Su-Kam which is in normal course of business. Unitech on media report regarding loan from LIC, has strongly urged all its stakeholders to ignore unfounded media reports.

Global news • • • • • • • • • • European stocks erased earlier losses and moved higher on Monday, 24 February 2014, after data showed German business confidence brightened for a fourth straight month in February. Asian stocks edged lower on Monday, 24 February 2014, amid speculation that reduced lending to the property industry will curb growth in the world's second-largest economy after a Chinese state-owned newspaper said some Chinese banks curbed loans to property developers. Trading in US index futures indicated that the Dow could drop 5 points at the opening bell on Monday, 24 February 2014. US stocks edged lower in choppy trade on Friday, 21 February 2014, after the latest data showed existing-home sales in January showed a bigger-than-expected decline. In other economic news on Friday, Dallas Federal Reserve President Richard Fisher said the central bank should continue to taper its bond-buying program that's boosted stocks. German business confidence improved more-than-expected this month to hit the highest level since July 2011, industry data showed on Monday. In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 111.3 in February, up from a reading of 110.6 in January. The Current Assessment Index rose to 114.4 this month, up from 112.4 in January. The Business Expectations Index, which measures attitudes toward business prospects over the next six months, dipped to 108.3 this month from 108.9 in January. The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors. Italian Prime Minister Matteo Renzi faces his first confidence vote in parliament today, 24 February 2014, since taking office last week. Renzi will address the Senate in Rome to introduce his 16-member cabinet and outline his strategy for governance. In Ukraine, lawmakers on Sunday, 23 Febraury 2014, gave presidential powers to parliament speaker Oleksandr Turchynov, after ousting Viktor Yanukovych from the role as violence amid anti-government protests killed at least 82 people last week. The new regime issued an arrest warrant for Yanukovych. The US, Europe and the UK have said they would help with financial aid when a new cabinet is formed. Industrial Bank Co. and other unidentified banks have curbed lending to the property sector and related industries such as steel and cement, Shanghai Securities News reported as China said new home prices rose in 69 of 70 cities last month from a year before. But the growth in newhome prices in China's first-tier cities slowed in January, National Bureau of Statistics data today showed. Richmond Fed President Jeffrey Lacker on Friday, 21 February 2014, said the 2008 Federal Open Market Committee transcripts released earlier in the day show "me and several other consumers of economic research grappling with some very difficult policy decisions." In prepared comments at Arizona State, he said there wasn't enough discussion during the crisis about specific models of banking and financial markets that there could have been, and there wasn't enough discussion about long-term consequences. Lacker said he still opposes the Fed's credit market interventions and said he remains "deeply skeptical about the advisability of those actions." Speaking of the market for asset-backed commercial paper, he said markets were responding in a plausibly efficient manner to significant revisions in expectations about the underlying economic fundamentals. Lacker also said the Fed's emergency lending program simply reallocated credit and was not like the "lender of last resort" that Henry Thornton and Walter Bagehot wrote about in the 1800s. Finance leaders from the world's biggest economies leaned on central banks and governments to help spur growth, reverting to the global economy's playbook of recent years, in an effort to safeguard a fragile recovery. Group of 20 officials ended their two-day summit on Sunday, 23 February 2014, saying they would look to boost world growth by more than $2 trillion over the next few years under a strategy crafted by the International Monetary Fund. Under the G-20 plan, advanced economies would continue with their easy-money policies while emerging markets would seek to restructure their economies and tame inflation. In addition, governments everywhere would be expected to channel private-sector finance into new infrastructure projects. The G-20's final communiqué highlights agreement among central banks to communicate their stimulus-exit strategies clearly and in a timely fashion. The communiqué warned that the global economy faces a period of potential "excessive volatility" harmful to growth as countries adjust their economic policies. "We do not want any surprises," Joe Hockey, Australia's treasurer and G-20 host, said at the conclusion of the summit on Sunday

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