1. India-Global Market Summary 04-06-2012
• Market opened negative and later reversed on comments from deputy
governor Subir Gokarn that the Reserve Bank of India has some room to
reduce policy rates following moderate core inflation and soft global oil
prices improved sentiment. The market breadth was negative. Sensex up
by 0.27% to 16008.74 and Nifty up by 0.31% to 4856.45.
• India Meteorological Department said that weather conditions are
"becoming favourable" for the arrival of India's 2012 monsoon rains over
southern Kerala coast in 48 hours.
• Rupee opened weaker, with the outlook negative as global
sentiment, fuelled by weak U.S. non-farm payrolls and Chinese non-
manufacturing PMI, continued to hurt risk assets. However, later it
advanced due to huge selling of dollars by banks and corporates
• Euro edged back towards a two-year low against the dollar, failing to hold
the previous session's gains as concerns over the euro zone overcame
hopes for more fiscal stimulus in the wake of a grim U.S. jobs report
• Gold futures held steady at the opening, as investors booked profits
following Friday's 4% rally, though further upside was seen amid growing
speculation for more monetary easing from the Federal Reserve after
Friday's surprisingly weak U.S. jobs data. Later, gold prices declined due
to a firm rupee and a drop in global prices

2. • PSU OMCs rose as crude futures fell for the fifth straight day today, 4 June
2012, its lowest level in almost eight months. Shares of aviation companies gained
on reports the aviation ministry has called for abolition of service tax on air tickets
and reduction in sales tax on aviation fuel from an average 25% to a uniform 4%.
Capital goods stocks reversed intraday losses. Interest rate sensitive banking stocks
recovered on hopes RBI may cut interest rates in the monetary policy later in this
month to prop up slowing economy.
• Maruti Suzuki India signed State Support Agreement (SSA) with the Government
of Gujarat for purchase of land near Mehsana to set up an all new manufacturing
facility.
• ACC's cement dispatches rose 3.01% to 2.05 million tonnes and cement production
rose 0.49% to 2.02 million tonnes in May 2012 over May 2011.
• Hero MotoCorp total sales rose 11.3% to 5,56,644 two-wheelers in May 2012 over
May 2011.
• Indraprastha Gas rose after the Delhi High Court had pronounced the judgement on
1 June 2012 in favor of the company that the Petroleum and Natural Gas
Regulatory Board does not have the authority to fix tariffs
• Ambuja Cements cement production rose 8.75% while dispatches rose 11.91% in
May 2012 over May 2011.
• Man Industries has received new orders worth approximately Rs 800 crore from
Middle East and domestic customers for supply of large diameter pipes for oil and
gas sector.

3. Global news
• European stocks were mixed on Monday following the dismal US nonfarm payrolls
report on Friday, which has sparked fears of a global slowdown in economic growth.
Asian markets skidded Monday as investors took their first chance to react to much
weaker-than-expected U.S. jobs data, adding to ongoing worries about global
growth, including the drag from Europe's debt crisis. U.S. stocks fell more than 2% on
Friday, dragging the Dow Jones Industrial Average into negative territory for the year
after a dismal U.S. jobs report added to fears that Europe's spiraling debt crisis was
dragging down the world economy
• Rating agency Moody's Investors Service said it had lowered its ratings ceiling on Greek
domestic debt issuers due to the rising risk of the country exiting the euro zone, but
added it did not consider that the most likely scenario for the country. Moody's said it
lowered its assessment of the highest rating that can be assigned to a domestic debt
issuer in Greece to Caa2, below the highest existing rating by the firm on any Greek
security, which is B1 for certain covered bonds. Unemployment fell 0.6% in May versus
the prior month in Spain, according to official data released Monday. The number of
jobless dropped 30,113 against the prior month to a total of 4,714,122.
• China's non-manufacturing industries expanded at the slowest pace in more than a
year, as export orders declined and weakness in real estate countered strength in
retailing and leasing, an official survey indicated. The purchasing managers' index fell to
55.2 in May from 56.1 in April, the National Bureau of Statistics and China Federation
of Logistics and Purchasing said in Beijing. The U.S. economy added just 69,000 jobs in
May, less than half what expected, while the unemployment rate rose for the first time in
almost a year, to 8.2%.

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