1. India-GlobalMarketSummary 14-7-2014
• Market eked out small gains after alternately moving between positive and negative
zone in late trade. The market breadth indicating the overall health of the market was
negative. Among the 30-share Sensex pack, 16 stocks declined and rest of them
gained. Nifty fell 0.07% to 7454.15 and Sensex fell 0.07% to 25006.98
• Revenue Secretary Shaktikanta Das was quoted by the media as saying on Saturday,
12 July 2014, that the government would shortly take a view on whether tax law
General Anti-Avoidance Rules (GAAR) should be implemented from the scheduled
date of April 2015. Reports that the government has reiterated that General Anti
Avoidance Rules (GAAR) will be applicable from 1 April 2015 spooked the market
on Friday, 11 July 2014 -- a day after the presentation of the Union Budget 2014-15
on 10 July 2014. The Sensex lost 1.37% on Friday, 11 July 2014.
• There was an expectation that the new government will postpone the implementation
of GAAR to a future date. GAAR is a tool to curb tax avoidance. GAAR announced
by the previous government had sparked alarm among foreign investors because of
provisions that included tightening rules on investments from countries that have
double taxation treaties with India.
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2. • In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at
60.13, compared with its close of 59.93/94 on Friday, 11 July 2014.
• On the macro front, inflation based on the wholesale price index eased to 5.43% in June 2014, from 6.01% in May 2014, data
released by the government during trading hours today, 14 July 2014, showed. Core inflation or non-food manufacturing
inflation edged up to 3.9% in June 2014, from 3.8% in May 2014. Meanwhile, WPI inflation for April 2014 was revised
upwards to 5.55%, from 5.2% reported earlier.
• The government is scheduled to announce the data of inflation based on consumer price index (CPI) for the month of June
2014 after trading hours today, 14 July 2014.
• Industrial output grew at its strongest pace in 19 months at 4.7% in May 2014, higher than 3.4% growth in April 2014, data
released by the government on Friday, 11 July 2014, showed.
• Capital goods stocks edged higher on renewed buying. IT major Infosys dropped. Hindalco Industries (up 4.54%), Tata Steel
(up 3.28%) and Tata Power Company (up 3.18%) edged higher from the Sensex pack.
• Hindustan Unilever (down 2.95%), Wipro (down 1.95%) and HDFC (down 0.8%) edged lower from the Sensex pack.
• L&T gained 1.93%. L&T said that its wholly owned subsidiary dedicated to oil and gas -- L&T Hydrocarbon -- has secured
an order worth Rs 5076 crore from Kuwait Oil Company.
• Bank of Maharashtra said that the board has allotted 13.33 crore equity shares of Rs 10 each for cash at conversion price of
Rs 44.09 per share aggregating to Rs 588 crore on conversion of PNCPS of Rs 588 crore held by GoI
• Lakshmi Vilas Bank said that its board of directors will meet on 16 July 2014, to consider the terms for issue of equity shares
on rights basis and decide
• Ramkrishna Forgings said that the long term rating of the company has been upgraded from BBB+ (negative Outlook) to
BBB+ (Stable Outlook) by Crisil.
• Coromandel International turns ex-dividend today, 14 July 2014, for dividend of Rs 4.50 per share for the year ended 31
March 2014.
• JK Cements turns ex-dividend today, 14 July 2014, for dividend of Rs 3 per share for the year ended 31 March 2014.
• Mcleod Russel India turns ex-dividend today, 14 July 2014, for dividend of Rs 7 per share for the year ended 31 March 2014.
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3. Global news
• European stocks advanced on Monday, 14 July 2014, as oil dropped as the threat
of supply disruptions in the Middle East abated. Asian markets edged higher on
Monday, 14 July 2014, as euro zone banking jitters faded. Trading in US index
futures indicated that the Dow could rise 51 points at the opening bell on
Monday, 14 July 2014. US stocks rose on Friday, 11 July 2014 as a rally in
Amazon.com Inc. and EBay Inc. led an intraday rebound from declines spurred
by concern over financial stress in Europe
• The Bank of Japan concludes a two-day monetary policy meeting tomorrow, 15
July 2014.
• Singapore's economy unexpectedly contracted in the second quarter as a tight
labor supply and company moves to shift production overseas hurt
manufacturing. Gross domestic product fell an annualized 0.8% in the three
months through June from the previous quarter, when it expanded a revised
1.6%, the trade ministry said in a statement today, 14 July 2014.
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