1. India-Global Market Summary 25-11-2014
• Stocks slide as SEBI tightens norms on offshore derivative instruments. With SEBI imposing
restrictions on issue of Offshore Derivative Instruments (ODIs) by foreign portfolio investors (FPIs),
market edged lower. The market was volatile. ITC dropped after Health Minister J P Nadda said in a
written reply in the Rajya Sabha that the Ministry of Health & Family Welfare has accepted
recommendations of a committee that has suggested prohibition on sale of loose or single stick of
cigarettes. Sensex fell 0.57% to settle at 28,338.05 and Nifty fell 0.79% to settle at 8,463.10
• SEBI said that the conditions imposed on issue of ODIs will come into effect immediately. Existing
ODI positions which are not in conformity with the latest conditions imposed on issue of ODIs, can
be continued till the expiry of the ODI contract.
• An FPI shall issue ODIs only to those subscribers which do not have opaque structures, Sebi said in a
circular. Sebi also said that the investment restrictions which are applicable to FPIs will also apply to
ODI subscribers.
• Existing ODI positions which are not in conformity with these latest conditions imposed on issue of
ODIs, can be continued till the expiry of the ODI contract. No additional issuances/renewal/rollover
of such positions shall be permitted, Sebi said. The conditions imposed on issue of ODIs will come
into effect immediately, Sebi said.
• Cement stocks dropped. Realty stocks slumped. Index heavyweight Reliance Industries (RIL) edged
higher in volatile trade. Telecom shares declined after the Telecom Regulatory Authority of India
(Trai) in its response to the telecom department's request for clarification over pricing of various
bands of spectrum said that auctions are not the only way to allot spectrum.
• The government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in
capital starved insurance sector passed during the month-long winter session of parliament. The
government is also likely to introduce the constitutional amendment bill for the goods & services tax
in the winter session of parliament.
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2. • In the foreign exchange market, the rupee edged higher against the dollar.
• Brent crude oil futures reversed intraday losses as markets brace for the highly anticipated meeting of the Organization of the
Petroleum Exporting Countries (OPEC) later this week.
• Indian stocks may remain volatile in near future as traders roll over positions in the futures & options (F&O) segment from
November 2014 series to December 2014 series. The November 2014 derivatives contracts expire on Thursday, 27 November
2014.
• GMR Infrastructure (GIL) rose 0.50%. A GIL led consortium has emerged as lowest bidder in international competitive
bidding for two packages of Eastern Dedicated Freight Corridor project involving construction of 417 km long double track
railway line from Mughalsarai to New Bhaupur (near Kanpur) on EPC basis,
• Punjab National Bank declined 2.23% after it has fixed 19 December 2014 as record date for 5-for-1 stock split.
• Kotak Mahindra Bank has received approval from Reserve Bank of India (RBI) to form a subsidiary to enter the general
insurance business.
• SEBI) is looking into unusual trading activity in the shares of Kotak Mahindra Bank and ING Vysya Bank on the eve of the
announcement of the merger between these two private sector banks last week.
• L&T declined 1.93%. With respect to press release dated 24 November 2014 titled L&T Technology Services closes
acquisition of Dell's Engineering Services Business", the company has clarified on request of certain queries from the stock
exchanges that L&T Technologies Services intends to acquire Dell's Engineering Services business located at US and India,
subject to regulatory approvals.
• Havells India declined 1.03% after the company said that, ICRA has upgraded the rating to MAAA (pronounced as M triple
A) from MAA(pronounced as M double A) earlier.
• Telecom shares declined after regulator Telecom Regulatory Authority of India (Trai) in its response to the telecom
department's request for clarification over pricing of various bands of spectrum said that auctions are not the only way to allot
spectrum. Reliance Communications (down 4.48%), MTNL (down 4.36%), Idea Cellular (down 2.94%) and Tata
Teleservices (Maharashtra) (down 1.79%) edged lower.
• Bharti Airtel rose 1.13% after the company said it has entered into a definitive pact with American Tower Corporation for the
sale of over 4,800 of Bharti Airtel's communications towers in Nigeria.
• CEAT rose 1.2% after the Reserve Bank of India on Monday, 24 November 2014 notified that foreign institutional
investors/registered foreign portfolio investors can invest up to 45% of the paid-up capital of the company
• Amtek Auto rose 1.54% after net profit jumped 42.2% to Rs 74.37 crore on 32.9% growth in total income to Rs 1042.16
crore in Q4 September 2014 over Q4 September 2013

3. Global news
• European stocks edged higher today, 25 November 2014, after the latest data confirmed a recovery in
Germany's economy in the third quarter. Asian stocks were mixed. Trading in US index futures
indicated that the Dow could gain 20 points at the opening bell today, 25 November 2014. The S&P 500
and Dow Jones Industrial Average, both, attained another record closing high yesterday, 24 November
2014, on hopes that China will take further accommodative monetary policy action if needed. Small-caps
rallied and outperformed their large counterparts, in a sign that the current bull market has not run
out of steam yet. Trading volumes were lower than usual, as the week is cut short by Thanksgiving
holiday on Thursday, 27 November 2014. Trading on Friday, 28 November 2014, will be a half-day
session
• Germany's gross domestic product rose 0.1% in Q3 September 2014, the Federal Statistics Office said
today, 25 November 2014, confirming initial estimate. The expansion marks a rebound from the prior
three months, when GDP fell 0.1%
• In mainland China, the Shanghai Composite rose 1.37%. China's central bank reportedly cut the yield
for a key short-term money rate today, 25 November 2014, for the fourth time this year, as regulators
step up efforts to reduce funding pressure on Chinese companies. The reduction of the yield on the 14-
day bond repurchase agreement (repo) to 3.4%, from 3.6%, follows a surprise cut to benchmark lending
rates on Friday, 21 November 2014, to support the cooling economy, and follows similar moves in
October and July as growth wobbled. The People's Bank of China cut one-year benchmark lending rates
by 40 basis points to 5.6% late on Friday, and at the same time increased the maximum payable deposit
rate to 3.3% from 3.2%.
• In Japan, the minutes of the Bank of Japan's (BOJ) Oct. 31 monetary policy meeting released today, 25
November 2014, showed BOJ Governor Haruhiko Kuroda proposed the additional stimulus for the
Japanese economy. In a speech, Kuroda today, 25 November 2014, stressed the bank's readiness to
expand stimulus further to meet its price goal.
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