Special Report by www.epicresearch.co- 20th February 2014

Global markets at a glance

European shares pared early losses in late trade on Wednesday, tracking a rally in Wall Street, with WM Morrison gaining in the afternoon after a report that the grocer

may be taken over by private-equity firms. The FTSEuro-first 300 mounted a recovery in thin volumes to close up 0.1 percent at 1,338.67, as Wall Street turned higher after

a cautious start before U.S. Federal Reserve minutes were released.

Japan’s Nikkei share average fell for a second day following declines on Wall Street as minutes of the U.S. Federal Reserve’s latest policy-setting meeting indicated it will keep

trimming its stimulus. The Nikkei shed 0.8 percent to 14,643.01 in mid-morning trade, after falling 0.5 percent to 14,766.53 on the previous day.

Wall Street Update

Stocks slid on Wednesday in a late selloff after minutes of the U.S. Federal Reserve’s latest policy-setting meeting indicated that the central bank will keep trimming its bond-buying stimulus unless there is a significant economic surprise. The Dow Jones industrial average .DJI fell 89.84 points or 0.56 percent, to end at 16,040.56. The S&P 500 .SPX slipped 12.01 points or 0.65 percent, to finish at 1,828.75. The Nasdaq Composite .IXIC dropped 34.83 points or 0.82 percent, to close at 4,237.954. The S&P 500 set an all-time closing high of 1,848.38 on January 15, and came within a point of that level at its session high on Wednesday.

MACRO NEWS

• Shares of jeweler stocks are on buyers’ radar as Finance Minister P Chidambaram may be looking into removing restrictions on import of gold.

• Govt. orders CNG retailers to provide cost-break up.

• Ranbaxy and Teva settle with NY Attorney General over collusion.

• Infrastructure investment declined since 2010-11; government taking steps to boost it.

• Indian banks lose Rs 17,284 cr in fraud cases, reveals RTI.

• Tatamotors says to pass on entire benefit of excise duty cut to customers

• MCX says it intends to divest stake in few ventures.

• NTPC plans two more power projects in Madhya Pradesh.

• Greaves Cotton : Amansa Holdings sells 13.3 lakh shares at Rs 60/share (Note: As on December 2013 stake of 4.29 percent).

• Magma Fincorp : Macquarie Bank sells 14.93 lakh shares at Rs 66.5/share.

STOCKS IN NEWS

• Bajaj to deepen Kawasaki, KTM partnerships to lift exports.

• State Bank of India may slow hiring in next few years.

• Ranbaxy, Teva settle US anti-trust probe for $3,00,000.

• M&M Cuts prices across its vehicle range.

   

COMMODITY ROUNDUP

Silver prices fell by 0.81% to Rs 47,635 per kg in futures trade after speculators trimmed positions on weak cues from the global market. At the Multi Commodity Exchange, silver for delivery in March fell by Rs 389, or 0.81%, to Rs 47,635 per kg in a business turnover of 751 lots. Also, the white metal for delivery in May declined by Rs 398, or 0.81%, to Rs 48,640 per kg in business volume of 82 lots. A subdued trend in the global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cut, triggered offloading of positions by speculators that led to fall in silver prices at futures trade here. In the international market, silver fell 0.70% to $21.77 an ounce in Singapore.

CURRENCY ROUNDUP

The greenback traded mixed to higher against most major currencies after the Federal Reserve said in the minutes of its January policy meeting released earlier that it should continue tapering its monthly bond-purchasing program, which weakens the greenback to spur recovery. In U.S. trading on Wednesday, EUR/USD was down 0.15% at 1.3738. At its Jan. 28-29 policy meeting, the Fed voted to trim its monthly asset purchasing program to $65 billion from $75 billion and stressed benchmark interest rates will stay at 0.00-0.25% until the unemployment rates approaches 6.5% or even dips below that mark, depending on the health of the economy in the context of price stability.

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