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Market summary pptx 01.06.2012
1. India-Global Market Summary 01-06-2012
• Market continued its decline trend on weak Asian markets. Investors’ dumped risky assets after
data showing downbeat manufacturing activity from China to Europe raised doubts about global
economic recovery. Reports indicating that monsoon rains over India's mainland will be delayed by
about four days also weighed on sentiment. Sensex fell below the psychological 16,000 mark. The
market breadth was weak. Sensex fell by 1.71% to 15940.71 and Nifty fell 1.81% to 4834.95.
Among the 30-share Sensex pack, 27 fell while the rest rose.
• Prime Minister has approved the setting up of a mechanism that will track the progress of all major
infrastructure projects to avoid delays in their completion. The government said it will periodically
review the progress of projects under the Investment Tracking System to ensure that issues are
quickly identified and resolved. All public-sector projects with an investment of 10 billion rupees
($178 million) or more will be monitored by the National Manufacturing Competitive Council.
• Monsoon rains over India's mainland will be reportedly delayed by about four days and are
expected to hit the southern state of Kerala around June 5. The state-run India Meteorological
Department had initially forecast the monsoon would arrive by June 1, but the progress of rains has
stalled over Sri Lanka. Around 60% of summer crops are rain-fed, and if monsoon rainfall is more
or less on schedule and in sufficient amounts, crops that benefit from the rains account for around
half of India's total agricultural output.
• India's merchandise exports rose by 3.2% to $24.45 billion in April while imports rose by 3.83% to
$37.94 billion. India's trade deficit stood at $13.48bn in April versus $13.91bn in March
• India's manufacturing sector kept up its steady expansion in May, with fast-rising output evened out
by slowing growth of domestic order books. The HSBC manufacturing Purchasing Managers'
Index (PMI), compiled by Markit, slipped marginally to 54.8 in May from 54.9 in April. It has
stayed above the 50 mark, that separates growth from contraction, for a little over three years now.
The survey's output index rose to 56.4 in May from 56.1 in April, while the employment sub-index
rose to its highest level in ten months.
2. • Reliance Industries was down over 3%. Jindal Steel & Power hit 52-week low. ITC
rose 1.89% on defensive buying. Cairn India fell 4.6% and ONGC declined 3.04%.
Oil India rose 1.62%.
• M&M fell 1.03%, its total sales rose 28.2% to 43,988 units in May 2012 over May
2011.Maruti Suzuki India shed 2.92%, its total sales declined 5% to 98,884 units in
May 2012 over May 2011.
• Tata Motors' total sales of Tata commercial and passenger vehicles rose 4% to
64,347 vehicles in May 2012 over May 2011.
• Automobile and hotel stocks were down across the board after the government
announced a series of austerity measures in the context of the current fiscal
situation where there is a tremendous pressure on government's resources. The
finance ministry has banned purchase of new vehicles until further orders, including
against condemned vehicles. The finance ministry also announced a ban on holding
meeting and conferences at five-star hotels.
• Oil exploration firms mostly declined as crude futures fell to its lowest level in
seven months today, after China's manufacturing index missed estimates, adding to
speculation global demand will falter. Lower crude oil prices will result in lower
realization from crude sales for oil exploration firms such. Realty stocks declined.
• Shares of two-wheeler makers edged lower on worries recent steep hike in petrol
could hit demand for petrol driven two wheelers. Construction stocks declined
across the board.
3. Global news
• European stock markets turn sharply lower on Friday after downbeat European
PMI data threw clouds over the region's manufacturing sector, while investors
awaited U.S. nonfarm payrolls due later in the day. Most Asia markets fell
Friday after data indicated that momentum is slowing in the Chinese economy.
US stocks fell modestly on Thursday to close out the worst month since
September as investor sentiment sank on Europe's deepening credit problems.
The continuing worry over Europe and a batch of disappointing US economic
figures weighed on the market. Jobless claims rose for the seventh week in
eight, putting investors on edge before today's US monthly payrolls report.
• The May purchasing managers' index for Britain's manufacturing sector
released on Friday fell sharply to post a three-year low, indicating a steeper-
than-expected contraction in activity. The Markit/CIPS manufacturing PMI fell
to 45.9 from a reading of 50.2 in April.
• Manufacturing sector activity across the debt-stricken eurozone contracted at
the fastest pace in three years in May. The Markit purchasing managers' index
for the sector fell to 45.1 last month from 45.9 in April and was little changed
from a preliminary estimate of 45.0.
• China's official version of the manufacturing Purchasing Managers' Index
declined to 50.4 in May, from 53.3 in April, well below forecasts.
Meanwhile, the HSBC survey showed that China's factory activity contracted
for a seventh straight month in May.
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