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Thursday 22 May 2014

INDIAN BENCHMARKS trim gains.

INDIAN EQUITY BENCHMARKS retreated from higher levels but continued to trade in the green zone led by by RIL, ICICI Bank.

Further, IRB Infrastructure Developers Ltd has posted a net profit of Rs. 1092.319 mn for the quarter ended March 31, 2014 as compared to Rs. 1511.374 million for the quarter ended March 31, 2013. Coal India hit their highest level in nearly three years after on speculation that PM-elect Narendra Modi, was exploring breaking up the company and opening up the sector for foreign investment.

The crucial resistance for Nifty is now seen at 7320 and above this 7360. Support for the immediate term is now placed at 7190 and next support will be 7130.

NEWS TO WATCH:

Watch out for the quarterly earnings of HDIL, ITC, Strides Arcolab on 23^RD May 2014.

TOP CORPORATE NEWS

Motherson Sumi Systems Q4 profit rises 54% to Rs 302.5 cr

Motherson Sumi Systems has reported a 54.5 percent growth in net profit to Rs 302.5 crore in the quarter ended March 2014 on consolidated basis, driven by higher revenue and operational performance. The profit in corresponding quarter of last fiscal was Rs 195.8 crore.

Kalindee Rail declines on merger with Texmaco Rail

Kalindee Rail Nirman is locked at the lower circuit of 10% after the company said its board approved the merger with Texmaco Rail & Engineering.

Jewellery shares rally as RBI eases gold import rules

Jewellery makers have rallied by up to 20% after the Reserve Bank of India eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

Bajaj Auto extends rally after Egypt lifts import ban

Bajaj Auto is trading higher by 3%, on reports that Egypt government has lifted the ban on imports of two-wheelers and three-wheelers into the country which was in effect since February 2014.

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Wednesday 21 May 2014

COMMODITY MARKET TREND-22 May 2014

BASE METAL WRAP:

London copper edged up on Thursday from a nine-day low hit the session before after Federal Reserve meeting minutes reassured markets that discussions around rate hikes were "prudent planning" and not a sign hikes would come any time soon.

ENERGY WRAP:

West Texas Intermediate traded near the highest price in more than four weeks after a Chinese manufacturing gauge rose, signaling a stabilizing economy in the world’s second-biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP:

Gold fell on Wednesday as the dollar climbed and equities maintained gains after minutes of the U.S. Federal Reserve's last policy meeting showed the central bank began to lay groundwork for an eventual retreat from stimulus but no final decisions were taken. The RBI eased tough gold import rules on Wednesday by allowing seven more private agencies to ship the precious metal.

GLOBAL EVENTS TO WATCH:

HSBC Flash Manufacturing PMI, French Flash Manufacturing PMI, German Flash Manufacturing PMI, Second Estimate GDP q/q, Core Retail Sales m/m, Unemployment Claims, Flash Manufacturing PMI, Existing Home Sales, CB Leading Index m/m, Natural Gas Storage.

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INDIAN COMMODITY MARKET OUTLOOK 22 MAY 2014

INDIAN BENCHMARK open higher tracking their Asian peers and overnight gains on Wall Street. Bata India is planning to invest Rs1bn in store expansion and upgradation this year.

FURTHER, Kalindee Rail is locked at the lower circuit of 10% after the company’s board approved the merger with Texmaco Rail & Engineering. Jindal Steel and Power will seek shareholder approval to raise up to Rs100bn by issuing non-convertible debentures on a private placement basis.

Trend in FII flows: The FIIs were net sellers of Rs 266cr in the cash segment on Wednesday while the domestic institutional investors (DIIs) were net sellers of Rs. 439cr, as per the provisional figures released by the NSE.

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