Special Report by www.epicresearch.co- 10th February 2014

Global markets at a glance

 

European equities closed higher for a second day on Friday, as investors brushed off a worse-than-expected U.S. nonfarm payrolls report for January. The pan-European

FTSEurofirst 300 Index closed up 0.7% at 1,299.53 points following the release of jobs data in the U.S. Asian markets settled on a positive note on Friday. Japanese benchmark index Nikkei 225 went up 307.29 points, or 2.17% to close at 14,462.41. Hong Kong’s Hang Seng index increased 213.72 points, or 1% to close at 21,636.85. China’s Shanghai Composite index rose 11.41 points, or 0.56% to settle at 2,044.50.

 

Wall Street Update

 

US stocks jumped on Friday, giving the S&P 500 its first weekly gain in four as the impact of a weak reading on the labor market was dulled by harsh weather conditions and

traders focused on expectations of further economic strength. Nonfarm payrolls added 113,000 jobs in January – well shy of the forecast for 185,000. December payrolls

were revised upward by only 1,000 to 75,000. The US unemployment rate in January hit a five-year low of 6.6 percent; slightly above the 6.5 percent level that Fed officials

have said would prompt them to consider raising bench-mark interest rates from near zero.

 

MACRO NEWS

 

• Tata Power reported consolidated net loss of Rs 75 cr. on account of forex loss in the quarter ended Dec. 2013. It had posted a loss of Rs 329cr. in corresponding quar-

• ter of last fiscal due to impairment loss of Rs 260cr. The forex loss during the quarter stood at Rs 160 cr. As against loss of Rs 85 cr. in a year-ago period.

• Sugar export subsidy likely at Rs 3500/ton.

• BPO major Genpact today reported a 8.6 per cent decline in its net profit at $48.8 million for the fourth quarter ended December 31, 2013. The company had reported a net profit of $53.4 million for the December quarter of 2012, Genpact said in a statement. Revenues for the quarter under review stood at $558.5 million, up 10 per cent from $507.7 million in the same period of the previous year.

• RCOM reported a 2.7% jump in its consolidated net profit at Rs 108 crore for the December quarter of this financial year and said tariff will go up as spectrum prices are high. The firm had posted a net profit of Rs 105 crore in the year-ago period.

• RBI allows banks to use countercyclical buffer to fight NPAs.

 

 

STOCKS IN NEWS

 

• IMG starts process for residual stake sale in HZL, Balco.

• HDFC Bank faces deposit concentration risk.

• ICICI Bank files winding up petition against Ventureast backed VKS Farms.

• India approves Vodafone’s $1.6 bln stake hike in unit.

• Haryana approves Reliance’s quitting SEZ; to give Rs 343cr.

   

COMMODITY ROUNDUP

 

Commodities witnessed a strong beginning in February with the agro-commodities and metals providing optimism while gold stock markets stabilized after a weak beginning.

 

Copper received its first weekly gain on recovery trends in US economy while Shanghai copper rose ater markets returned after a week long Lunar New Year holiday. Gold con-

tinued to grind higher.

 

Gold continued to grind higher with traders still looking for a driver or an event that eventually could take the price out of the established range between 1,231-1,280 USD/oz.

 

CURRENCY ROUNDUP

 

Rupee was pulled down by oil bids after the opening stronger on global dollar weakness. The rupee-dollar pair was at 62.43/44 versus its previous close of 62.5250/5350 after rising to 62.35 earlier in the session. The rupee ended marginally lower on Wednesday as sentiment remained cautious with foreign funds continuing to be steady sellers of local debt ahead of key US nonfarm payrolls data.

 

The partially convertible rupee closed at 62.57/58 per dollar compared with Tuesday’s 62.5250/5350.

 

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