Special Report by www.epicresearch.co- 18th February 2014

Global markets at a glance

Japan’s Nikkei share average bounced from a 1 1/2-week low on Tuesday morning, spurred by a retreat in the yen and investor hopes the central bank will hint of further stimulus after surprisingly soft fourth quarter gross domestic product data.

Nikkei rose 1.1% to 14,620.20 in mid-morning trade, moving away from lows of 14,214.60 hit on the previous day after sentiment was soured by the soft fourth quarter growth figures. Nikkei stock average rose 1.1 % thanks to a pullback in yen, building on a 0.6% rise the previous

day.

Wall Street Update

With economic data being shoveled aside like snow and earnings season winding down, U.S. stock investors could zero in next week on the Fed’s view of the economy and

technical analysis charts as the S&P 500 nears its record high. The S&P 500 traded on Tuesday above its 50-day moving average for the first time since January 24. That

level, now near 1,811, served as support on a first test shortly after the open on Thursday.

MACRO NEWS

• In Interim Budget P Chidambaram reduced excise duty in some sectors. He has also said FY15 fertilizer subsidy to be at Rs 76,000 crore and Rs 35,000 cr will be rolled out in FY 14 as fuel subsidy. FY15 food subsidy at Rs 1.15 lakh crore. The government is planning to achieve fiscal deficit at 3 percent of GDP by FY17. FY14 non-plan expenditure will be higher than expected while that for FY15 is projected at Rs 12.07 tn, he said. FY15 plan expenditure will be same as last year: Rs 5.55 trillion. While economists are busy doing the math, here are things that are to get cheaper from April 1.

• India aims to raise 389.54 billion rupees ($6.27 billion) in revenue from the telecoms sector, including proceeds from airwave auctions, during the next fiscal year begin- ning April 1.

• Auto, IT, pharma help paint rosy Q3 picture, but current phase of growth not secular across sectors.

• Results Today: ABB , GlaxoSmithKline Pharma , Gujarat Pipavav.

• State financial institutions, LIC to buy stake in BHEL .

STOCKS IN NEWS

• Airtel may announce Loop Mobile acquisition in next 2 days.

• Tata Motors, General Motors India to reduce vehicle prices.

• SBI sees healthy growth in retail loans despite net drop.

• GSK Rs 6,400 crore open offer commences today and will close on March 5

• Hindustan Zinc (HZL), BALCO divestments will not take place this fiscal

   

COMMODITY ROUNDUP

In the morning, the jewellery stocks were up two-five per cent. But soon after the speech, the stocks gave up the gains. Prices closed marginally lower on Friday’s closing. But the gold price jumped Rs 400 per 10g on the MCX after the speech. In the evening, it went up Rs 600 at Rs 29,958 per 10g and in the international market $8-9 since early morning to $1,326 an ounce. In the Mumbai physical market, it closed at Rs 31,085 per 10g, Rs 470 higher from Saturday.

CURRENCY ROUNDUP

The Indian rupee opened on flat note at 61.96 per dollar versus 61.92 Friday and rose to a near one-month high on Monday, helped by some late dollar selling by foreign banks, even as the finance minister presented a largely inline budget, sticking to his fiscal deficit target while doling out sops to some sectors. The partially convertible rupee closed at 61.84/85 per dollar, after hitting 61.83, its strongest since Jan. 22. It had closed at 61.925/935 on Friday. In the offshore non-deliverable forwards, the one-month contract was at 62.15 while the three-month was at 63.01. The rupee’s gains on Monday were in line with other Asian currencies which posted strong gains as the dollar tanked after data showed U.S. manufacturing output unexpectedly fell in January due to cold weather.

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