Special Report by www.epicresearch.co- 12th February 2014

Global markets at a glance

 

European markets climbed on Tuesday. Europe’s leading Blue-chip index for the Eurozone, EURO STOXX 50 gained 44.55 points or 1.47% to settle at 3,077.08. UK’s benchmark index FTSE 100 climbed 81.11 points or 1.23% to settle at 6,672.66. French benchmark index CAC 40 rose 46.19 points or 1.09%, to end at 4,283.32. Meanwhile, Germany’s benchmark index DAX added 188.91 points or 2.03% to close at 8,478.77.

 

Wall Street Update

 

Wall Street rose for a fourth straight session on Tuesday as Congress agreed to advance legislation extending U.S. borrowing authority and the Federal Reserve’s new chief held

off from making any changes to its schedule for trimming stimulus.

 

U.S. stocks were set for a slightly higher open on Tuesday after Federal Reserve Chair Janet Yellen reinforced the Fed’s plan to scale back its market-friendly stimulus while noting the health of the labor market needed to improve. S&P 500 e-mini futures rose 1.75 points and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 26 points and Nasdaq 100 futures added 8.5 points.

 

MACRO NEWS

 

• Today the govt will release CPI inflation for January and the industrial production for December.

• Dr Reddy’s Laboratories surpassed street expectations on every parameter with the third quarter (October- December) net profit growing over 70 percent compared to same quarter last year. This was squeezed by higher expenses and tax cost. Consolidated net profit increased to Rs 618.53 crore from Rs 363.3 crore. Net sales grew 23.3 percent year-on-year to Rs 3,533.76 crore in the quarter ended December 2013 driven by global generics.

• Kejriwal targets Reliance over gas price.

• Aditya Birla Nuvo Ltd reported a 11.57 per cent rise in consolidated net profit at Rs 345.27 crore for the third quarter ended December 31, 2013.

• Prism Cement reported Rs 62.34 cr net loss for the Oct- Dec. quarter on lower sales and higher input costs.

• The govt said it will respond to any U.S. trade action it, a day after Washington said it would take them to the WTO to gain a bigger foothold for U.S. manufacturers in its fast-growing solar products market.

• India’s merchandise exports grew by only 3.8 per cent in January.

 

 

STOCKS IN NEWS

 

• The Puducherry government owned Anglo French Textiles here, which was closed for over a year, will reopen and restart production in a phased manner from tomorrow.

• Ahead of the forthcoming general elections, Tata Global Beverages that operates Tata Tea, today launched the second phase of its ‘Power of 49′.

• HPCL reported a net loss of Rs 1,734 crore in the December quarter after the government paid less than half of the due oil subsidy.

   

COMMODITY ROUNDUP

 

SILVER MCX Short term trend is UP, Immediate support @44600 Immediate Resistance @ 45250 SILVER MCX Closed @ 44670.00 . Yesterday Intraday Range of SILVER MCX was

509. Volumes were 12310 lots. For today Keep a close eye on US data, volatility may Rule the overall Market due to USDINR Movements.

 

Gold hit a three-month high and global shares edged higher on Tuesday as investors bet that the new head of the US Federal Reserve would navigate through her first testimony

to Congress without rocking the markets boat.

 

CURRENCY ROUNDUP

 

The rupee was trading marginally strong due to dollar flows from custodian banks. At 1655 hrs, the rupee was trading at Rs 62.24 compared with previous close of Rs 62.44 per dol lar. But currency dealers say public sector banks may buy dollars for oil marketing companies (OMCs) later in the day,

which will keep rupee under pressure. The Indian rupee strengthened on Tuesday in thin trade as dollar selling by some foreign banks and slightly better-than-hoped trade numbers aided sentiment.

 

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