INDIAN BENCHMARK open to record high, big boost

INDIAN BENCHMARK open to record high, big boost comes from GDP numbers which were out on Friday. GDP grew fastest in over two years at 5.7% in the first quarter of FY15. The Supreme Court will today decide what to do with captive coal blocks, having deemed more than 200 allocations made since 1993 to be illegal.

FURTHER, Wockhardt Ltd has received Qualified Infectious Disease Product status from the US FDA for two of its drugs, WCK 771 and WCK 2349. Reliance Industries reportedly said it has returned nearly 1,384 acres of land in Gurgaon that was acquired for its SEZ.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Thursday while the DIIs were net sellers of Rs. 730cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARKS ends August series with modest gains

INDIAN EQUITY BENCHMARKS ended with amid volatility as monthly derivative contracts expired today and investors eyed GDP April-June quarter data scheduled for release tomorrow.

•    Shares in NHPC Ltd surged as much as 6.4 per cent as Traders focus could shift to hydro power as an alternative to coal in electricity generation.

•    Further, SKS Microfinance Ltd's shares rose 2.2 percent after Morgan Stanley initiated coverage with an overweight rating saying India's microfinance industry has $90 billion demand potential.

The crucial resistance for Nifty is now seen at 7970 and above this 8010. Support for the immediate term is now placed at 7940 and next support will be 7910.

TOP CORPORATE NEWS 28 August 2014

•    Tata Motors enters Algeria with a range of passenger cars

Tata Motors in association with SPA Elsecom has setup dealerships at Algiers and Oran, with further plans underway to establish 10 additional sales and service centers, to cover important regions, by the end of this year.

•    RIL to save $450 mn/yr by importing ethane from US

Reliance Industries will save about USD 450 million annually by importing 1.5 million tons ethane from US for its petrochemical plant. Imported Ethane will substitute its current propane imports and a portion of naphtha used for ethylene production.

•    Adani buys Australia coal mine royalty rights from Linc

Adani Enterprises has agreed to pay Australian dollar 155 million (USD 145 million) to Linc Energy to buy out the Australian firm's rights to future royalties from Adani's huge.

•    Tata Comm up on reports of foreign brokerage

Shares of Tata Communications gained over 4%, touching, on reports that a foreign brokerage has re-initiated coverage on the stock with a buy rating. The company is back on growth and profitability track and its core business turnaround will be led by enterprise data.

COMMODITY MARKET STRATEGY 28 August 2014

BASE METAL WRAP: Copper traded near the lowest in almost a week after China reported industrial profit growth slowed and before economic expansion data today from the U.S.

ENERGY WRAP: Gasoline fell after a government report showed U.S. output rose before the Labor Day holiday that marks the end of the country’s peak-demand driving season. West Texas Intermediate crude settled little changed.

PRECIOUS METAL WRAP: Gold futures dropped for the second time in three days on signs of waning investor demand for the metal as an alternative asset.

                                             

GLOBAL EVENTS TO WATCH: Private Capital Expenditure q/q, German Prelim CPI m/m, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Pending Home Sales m/m, Natural Gas Storage.

MORNING MAIL 28 August 2014

INDIAN BENCHMARK open marginally higher amid firm global cues. Further, markets are likely to remain volatile in the latter half of the trading session with expiry of August derivative contracts today.

FURTHER, Piramal Enterprises is rejigging its research and development activities with a focus on molecules that are at an advanced stage of development. DLF will continue to be under pressure after the Supreme Court on Wednesday directed DLF to deposit Rs 630 crore in the registry within three months.

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

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