INDIAN BENCHMARKS end lower amid volatility.

INDIAN EQUITY BENCHMARKS ended with losses for second consecutive trading session. Today’s decline was led by the Oil & gas stocks, especially the oil marketing companies like BPCL, ONGC and IOC were badly battered amid concerns of the escalating war situation in Iraq.

Further, Shares in United Spirits dipped almost 8% as lenders to the UB-Group owned Kingfisher Airlines have invoked shares of United Spirits that were pledged as collateral. Sesa Sterlite Ltd has urged the Odisha government to extend the benefits under the state's SEZ (Special Economic Zone) policy to run its idle aluminium SEZ at Jharsuguda.

The crucial resistance for Nifty is now seen at 7605 and above this 7670. Support for the immediate term is now placed at 7500 and next support will be 7485.

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COMMODITY MARKET UPDATE 19 JUNE 2014

BASE METAL WRAP: Janet Yellen did more of the usual as widely expected, the Fed pushed ahead with plans to wind down one of its main stimulus programs, reducing its monthly asset purchases from $45 billion to $35 billion beginning in July. Nickel-Prices corrected sharply post the inventories showed a massive increase in the stocks and the cancelled warrant ratio also declined.

ENERGY WRAP: West Texas Intermediate rose for the first time in four days after a government report showed U.S. crude supplies shrank and as Iraqi forces battled insurgents north of Baghdad. Brent extended gains in London.

PRECIOUS METAL WRAP: Gold traded near the highest level in three weeks as the U.S. Federal Reserve trimmed its outlook for economic growth and said interest rates will remain low, boosting demand for bullion as an alternative investment.

GLOBAL EVENTS TO WATCH: FOMC Press Conference, GDP q/q, Libor Rate, SNB Monetary Policy Assessment, SNB Press Conference, Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index, CB Leading Index m/m, Natural Gas Storage.

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TOP CORPORATE NEWS

Shriram Transport Fin to borrow up to Rs 3,000 cr via NCDs

Shriram Transport Finance Ltd plans to borrow up to Rs 3,000 crore through non-convertible debentures to support its financing activities. The company has filed a draft offer document for the public issue of 3 crore secured redeemable NCDs of face value of Rs 1,000 each.      

                                                                                                

Tata Steel to seek shareholders' nod for raising Rs 14k cr

Tata Steel will seek shareholders nod to raise up to Rs 14,000 crore through privately placed debt securities in domestic as well as global markets.

Reliance to invest Rs 1.8 lakh cr in 3 years

Reliance Industries will invest Rs 1.8 lakh crore across businesses in the next three years and launch the much-awaited 4G broadband services in 2015 as it looks to break-into top 50 companies of the world.

Voltas hits 3.5-year high

Shares of Voltas touched three-year-and-five-month high as Bank of America Merrill Lynch upgraded the stock to buy from underperform as it thinks the company is well placed to benefit from a cyclical recovery in the consumer durables and the construction sectors.

INDIAN BENCHMARKS ended at lower levels …Nifty ends below 7600

INDIAN EQUITY BENCHMARKS ended at lower levels after al-Qaida group attacked Iraq’s biggest oil refinery bringing production to a halt.

Further, Tata Steel would seek its shareholders approval to issue up to Rs. 140 billion of privately placed debt securities. The bonds may be convertible or non-convertible, and issued in the domestic or international market. Reliance Industries to start offering next year fourth-generation telecommunications services as the energy major seeks to boost revenue from new business areas.

The crucial resistance for Nifty is now seen at 7675 and above this 7700. Support for the immediate term is now placed at 7510 and next support will be 7485.

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COMMODITY MARKET UPDATE 18 JUNE 2014

BASE METAL WRAP: 

Copper climbed for a fourth session amid speculation that demand will stabilize in China as policy makers try to support growth in the world’s largest consumer of industrial metals. Nickel advanced to a two-week high.

ENERGY WRAP: 

West Texas Intermediate rose for the first time in three days after an industry report showed U.S. crude stockpiles shrank and as Iraqi forces clashed with militants. Brent was steady in London.

PRECIOUS METAL WRAP: 

Gold traded below the highest level in three weeks before the U.S. Federal Reserve concludes a two-day policy meeting today, while investors weighed tensions in Iraq and Ukraine.

GLOBAL EVENTS TO WATCH: 

MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes, MPC Member Weale Speaks, Wholesale Sales m/m, Current Account, Crude Oil Inventories, MPC Member Haldane Speaks, FOMC Economic Projections, FOMC Statement, Federal Funds Rate.

INDIAN BENCHMARK open flat tracking mixed global cues.

INDIAN BENCHMARK open flat tracking mixed global cues.

FURTHER, Kotak Mahindra Bank proposes to raise the ceiling for FII 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. The Reliance Industries annual general meeting will be in focus especially with a new government at the Center. The company will be hosting its 40th Annual General Meeting today.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Tuesday while the DIIs were net sellers of Rs. 236cr, as per the provisional figures released by the NSE.

INDIAN BENCHMARKS ends higher… Infra, banks gain

INDIAN EQUITY BENCHMARKS edged up recovering from mid-day losses as buying activity in Oil&Gas, Banking and Capital Goods shares.

Further, Cipla subsidiary of the company Cipla Mauritius has signed a definitive agreement with the company’s existing Sri Lankan distributor for acquisition of 60 percent stake in a new company which will market the company’s products in Sri Lanka. Cairn India climbed over a percent that the company received environment nod to raise production from its Rajasthan block to 3 lakh barrels per day.

The crucial resistance for Nifty is now seen at 7675 and above this 7700. Support for the immediate term is now placed at 7510 and next support will be 7485.

TOP CORPORATE NEWS

RCOM plans to tie-up with Reliance Jio

Anil Ambani-promoted Reliance Communications is planning with Mukesh Ambani’s Reliance Jio for a pan-India intra-circle agreement. The intra-circle roaming pact will also give Reliance Jio roaming rights on RCom’s 2,100-MHz 3G band and offer services on this band.

Cairn India receives environmental nod for raising oil output at Rajasthan block

Cairn India has received environmental nod for increasing crude oil production from Rajasthan fields by 50% to 300,000 barrels per day. The Environmental clearance has been granted to Cairn India to augment hydrocarbon production.

Tata Steel gains on fund raising plan

Tata Steel rose 1.57% after the company plans to raise up to Rs 14000 crore through privately placed debt securities in the domestic and or international capital markets.

Idea Cellular extends gain after RBI allows FII limit hike

Idea Cellular has moved higher by 5%, extending its previous day’s 1% gain, after the Reserve Bank of India announced that foreign institutional investors can purchase up to 49% stake from 24% earlier.