Special Report by www.epicresearch.co- 14th February 2014
Global markets at a glance
Japan’s Nikkei average slid nearly 2 percent on Thursday, snapping a three-day winning streak, as investors cautiously awaited US economic data and sold shares across
the board. The Nikkei ended 1.8% or 265.32 points lower at 14,534.74, marking its biggest daily percentage drop in a week. On Wednesday, it had notched a 1-1/2-week closing
high.
European stocks snapped a week-long winning streak on Thursday, weighed down by a batch of disappointing updates from blue-chip companies .
Wall Street Update
US Stocks closed higher on Thursday, with the Nasdaq rising for a sixth straight day, as investors looked past disappointing data on consumer spending, chalking the weakness up to weather instead of weaker fundamentals. The Nasdaq is up about 5.7 percent over the past six sessions, its best six-day advance since December 2011. Both the Dow and S&P 500 rose for the fifth session out of the last six. Indexes opened lower but gained throughout the session, although Cisco Systems, which sank after warning about a slump in revenue, limited the Dow’s advance.
MACRO NEWS
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Whole Sale Price Index Data iwill be announced today at 12 pm.
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Ahead of interim Budget, a United Nations report today said the government is unlikely to meet fiscal deficit target of 4.8 per cent of the GDP in the current fiscal due to low growth and high subsidy.
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Determined to turn its third attempt at launching bond futures into a success, RBI is pressuring state-owned banks to trade the derivatives that provide hedges against the country’s volatile interest rates.
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Hindalco Industries, the flagship company of Aditya Birla group, reported a 23% decline in Q3 (Oct-Dec) consolidated net profit. The company attributed fall in prof- itability to higher effective tax rate for the quarter. Net profit slipped (increased 6% quarter-on-quarter) to Rs 333.98 cr. from Rs 433.52 cr. while net sales increased 6% (15% sequentially) to Rs 7,201 cr. vs same quarter last year driven by higher volume.
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Sebi okays new corporate governance rules, changes for MFs.
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ONGC Q3 net up 17.5% to Rs 7126 cr on higher other income.
STOCKS IN NEWS
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Tata Motors, Westport launch natural gas engine for medium commercial vehicles
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United Bank of India may get fresh capital infusion from government
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Panasonic may enter single-brand retail in India for lighting products
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IIL Q3 net rises 45% to Rs 6.76 crore
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Eros International Q3 net profit up 41% to Rs 91.99 cr.
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State Bank of India is set to announce its third quarter (October-December) earnings on today.
COMMODITY ROUNDUP
SILVER MCX Short term trend is UP, Immediate support @ 44700Immediate Resistance @ 45050 SILVER MCX Closed @ 44839.00 Yesterday Intraday Range of SILVER MCX was
372. Volumes were 12940 lots. For today Keep a close eye on US data, volatility may Rule the overall Market due to USDINR Movements. GOLD MCX Short term trend is UP,
Immediate support @ 29100 Immediate Resistance @ 29250 GOLD MCX Closed @29132.00 Yesterday Intraday Range of GOLD MCX was 156 Volumes were 11036 lots. For
today Keep a close eye on US data, volatility may Rule the overall Market due to USDINR Movements.
CURRENCY ROUNDUP
The Indian Rupee slipped from its seven week high against the US dollar today as the local stocks dropped following the global rout. The currency is quoting a 62.35 against the dollar right now after hitting highs under 62 levels yesterday. The local markets dropped as weakness in global stocks
dampened investors’ sentiment. The barometer index, the S&P BSE Sensex hit its lowest level in more than 18 weeks.
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