1. India-GlobalMarketSummary 18-6-2014
• Volatility ruled the roost in late trade as fresh selling derailed an intraday recovery
triggered in mid-afternoon trade on positive European stocks. The market breadth
indicating the overall health of the market was negative. Among the 30-share Sensex
pack, 24 stocks declined and rest of them rose. Nifty fell 0.96% to 7558.20 and
Sensex fell 1.08% to 25246.25
• In a bid to put a lid on increase in prices of essential food items of daily
consumption, the government on Tuesday, 17 June 2014, unveiled some anti-
inflationary measures. Keeping in mind the increasing trend in the price of onions,
the government has imposed a minimum export price (MEP) of $300 per metric ton
on the export of onions, the Ministry of Consumer Affairs, Food & Public
Distribution said in a statement. This is expected to have a salutary impact on the
availability of onions in the domestic market, the government said. The Centre said
that the Delhi state government will be asked to consider delisting fruits and
vegetables from the purview of the Agricultural Produce Market Committee
(APMC) Act and would also be asked to procure additional supplies of onions for
distribution through the government's own retail outlets.

2. • Keeping in mind the increase in the retail price of rice, the Centre has decided to release more
supplies of rice to state governments through the Food Corporation of India for Public Distribution
System. The Centre also reviewed the steady increase in the retail price of milk and took a decision
to consider withholding export incentives on milk currently in force.
• Brent crude futures edged lower in volatile trade. Brent crude futures for August delivery were down
5 cents at $113.40 a barrel. In the foreign exchange market, the rupee edged lower against the dollar
as international crude oil prices rose.
• Increase in oil prices has triggered macroeconomic worries for India which imports majority of its
crude oil requirements. Increase in crude oil prices have raised concerns of increase in fuel price
inflation and increase in India's current account deficit and fiscal deficit.
• Reliance Industries (RIL) dropped in late trade market with high volatility after Chairman Mukesh
Ambani said at the company's annual shareholders' meeting today, 18 June 2014, that RIL is
investing over Rs 1.8 lakh crore in its businesses in the current three years' investment cycle. Bank
stocks fell across the board. But, private sector Kotak Mahindra Bank scaled record high on plan to
raise FII cap to 40% from 37%.
• Kotak Mahindra Bank proposed to raise the ceiling for FII, FPI and QFI investments in the bank to
40% from 37% to help it comply with RBI directive to bring down its current promoter stake by one-
fourth in little over next two and half years.
• Bank of India lost 3.65%., have approved the raising of Tier-1 and Tier-2 capital by issue and fresh
equity shares and Tier-1 and Tier-2 bonds at an appropriate time subject to all necessary approvals.
• HCL Technologies announced that its customer, Purdue Pharma L.P, a leading pharmaceutical
company has extended its end-to-end IT Infrastructure Management engagement with HCL, marking
an important milestone for the strategic partnership signed in year 2010.

3. Global news
• European shares edged higher on Wednesday, 18 June 2014, as investors look
ahead to the Federal Reserve's policy decision. Asian stocks were mostly lower
on Wednesday, 18 June 2014, as investors await the Federal Reserve monetary
policy decision scheduled to be released later in the global day today, 18 June
2014. Trading in US index futures indicated a flat opening of US stocks on
Wednesday, 18 June 2014. US stocks ended Tuesday, 17 June 2014 slightly
higher, with the main benchmarks gaining for the third consecutive day.
However, gains were muted as headlines of violence in Iraq did not abate.
• A two-day meeting of the Federal Open Market Committee on US monetary
policy concludes today, 18 June 2014. The FOMC after a monetary policy review
on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth
straight $10 billion cut, and said further reductions are likely in "measured steps"
if the economy continues to improve. The Fed also said at that time that it will
keep the benchmark interest-rate target at almost zero for a "considerable time"
after its bond-buying program ends

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