Special Report by www.epicresearch.co- 25th February 2014

Global markets at a glance

Demand for Spanish equities helped European shares to six-year highs on Monday, but weaker-than-expected results from HSBC and a disappointing outlook from Volkswagen capped the gains. The pan-European FTSEurofirst 300 closed up 0.6 % at 1,351.65 points, the highest closing price since May 2008. The euro zone’s blue-chip Euro STOXX 50 index finished up 0.8 % at 3,157.31 points.

Wall Street Update

The Dow Jones industrial average .DJI rose 103.84 points or 0.64 %, to close at 16,207.14. The S&P 500. SPX gained 11.36 points or 0.62%, to end at 1,847.61, after rising to an

intraday record of 1,858.71. The Nasdaq Composite .IXIC added 29.558 points or 0.69 %, to finish at 4,292.968.

MACRO NEWS

• Stating that the forthcoming elections will delay the reform process and hurt growth, international rating agency Moody’s on Monday said it expects growth to pick up to only 5.5 % in FY15..

• NCAER says After a slide in the second quarter of the current fiscal, higher exports, enhanced farm produce and moderation in inflation improved business confidence during the October-December period.

• India and US to finalize a agreement that will help shield Indian financial entities such as banks, insurance companies, custodians and broking houses from facing pe- nal taxes in the US for failing to disclose the dealings of American citizens. The US govt will, from July this year, implement the Foreign Account Tax Compliance Act, or FATCA, which makes it mandatory for foreign financial institutions to report accounts of US citizens held with them.

• Gujarat to announce an increase in laborers’ daily wages.

• SKS Microfinance securitizes Rs 158.27 crore.

STOCKS IN NEWS

• Moily says that Govt. will not be able to terminate RIL’s contract for KG-D6 gas fields as matter is pending before arbitral tribunal.

• Essar Energy rejects full takeover bid.

• Pfizer to buy stake in two foreign units.

• Ranbaxy Laboratories suspends drug ingredients shipment from 2 plants.

• Reliance Industries’ partners may have to sell KG-D6 gas at $4.2/unit.

   

COMMODITY ROUNDUP

MCX Gold futures for April broke above Rs 30000 levels today following supportive global cues. Last week, the COMEX Gold futures trespassed the $1300 an ounce gushing up to

near 4 month highs on back to back weak economic data releases from US which bolstered the case for slow rollback of the Fed’s bond buying program. The metal is holding up

well today and the COMEX futures are trading at $1333.10 per ounce, up $9.50 per ounce on the day right now. The MCX Gold futures are trading at Rs 30093, up nearly Rs 200

per 10 grams on the day.

CURRENCY ROUNDUP

The Japanese currency has stayed not far from five-year lows, with the dollar trading around 102.50 yen on Tuesday. The yen trammeled familiar ranges of the past couple of

weeks, with the dollar trading at 102.47 yen.

The Indian rupee opened flat at 62.10 per dollar on first day of the week as against Friday’s closing value of 62.12 per dollar. The euro holds steady against the dollar this morning, retaining the gains from late last week as political unrest in Ukraine showed signs of settling down for the time being.

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