1. India-Global Market Summary 26-09-2014
• Sensex bounces back as S&P revises outlook to stable from negative. Market edged higher in
choppy session after global credit rating agency Standard & Poor's (S&P) revised upwards its
outlook on India's sovereign credit rating to stable from negative. The market breadth
indicating the overall health of the market turned positive from negative in late trade. A
recovery in European stocks also boosted sentiment. Bank stocks reversed intraday losses.
Metal stocks rose. Nifty rose 0.72% to 7968.85 and Sensex rose 0.6% to 26626.32
• Prime Minister Narendra Modi will reach the United States today, 26 September 2014, for a
five-day official visit. The Indian Prime Minister will meet US President Barack Obama at the
White House on 29-30 September 2014. The two leaders will discuss a range of issues of
mutual interest in order to expand and deepen the US-India strategic partnership. They will
discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in
activities that bring long-term benefits to both countries and the world.
• The Reserve Bank of India (RBI) undertakes fourth bi-monthly monetary policy review on 30
September 2014. The central bank's policy stance after the review could provide cues on the
direction of interest rates in the coming months. The central bank is targeting consumer price
inflation at 8% by end January 2015 and 6% by end January 2016.
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2. • S&P said that the stable outlook for the next 24 months reflects the rating agency's view that the new government has both the willingness
and capacity to implement reforms necessary to restore some of India's lost growth potential, consolidate its fiscal accounts and permit the
Reserve Bank of India to carry out effective monetary policy. The government's actions will likely add momentum to the incipient
cyclical upswing evident in the economy, S&P said. The rating agency said it expects improved fiscal performance in the medium term
primarily from revenue-side improvements brought about by the planned introduction of a national goods and services tax (GST) and
administrative efforts to expand the tax base. "We project net general government debt to decline to below 60% of GDP by the year
ending March 2018, and with it, general government interest rate expense to just under 20% of revenues", S&P said. India's external
position is a key credit strength, S&P said.
• n the foreign exchange market, the rupee edged higher against the dollar after global credit rating agency Standard & Poor's (S&P)
revised upwards its outlook on India's sovereign credit rating to stable from negative.
• Brent crude oil prices edged lower as hefty supplies capped price gains and outweighed concerns that rising tensions in the Middle East
could disrupt supply.
• State Bank of India (SBI) rose 2.71% Arundhati Bhattacharya, Chairman of the bank was quoted by the media as saying that she does not
believe that the entire exposure to companies that will be impacted by the recent Supreme Court judgement quashing 214 coal blocks will
be written off. The bank reportedly has more than Rs 4000 crore exposure to companies that will be impacted by the recent Supreme
Court judgement quashing 214 coal blocks. On upcoming Reserve Bank policy on 30 September 2014, she is expecting a status quo, with
maybe some tweaking on the CRR side, report said.
• L&T gained 1.88% L&T Infotech, a wholly owned subsidiary of L&T announced a partnership with Solix Technologies, a leading
provider of enterprise data management (EDM) solutions, to offer customers a comprehensive information lifecycle (ILM) solution to
manage both structured and unstructured data.
• JSW Energy lost 8.92% after the company signed a memorandum of understanding with Jaiprakash Power Ventures for buying three
operational plants.
• Financial Technologies (India) rose 7.37% after the company said it concluded the renegotiation of technology supply agreement with
MCX.
• Jaiprakash Power Ventures rose 9.79% after the company said it signed a binding pact with JSW Energy for selling three hydropower
projects.
• Mangalore Chemicals & Fertilizers hit an upper circuit limit of 20% after the company said Deepak Fertilisers and Petrochemicals
Corporation has increased its open-offer price to acquire additional stake in the firm
• Cipla said that the medicines patent pool announced six new sub-licences with Aurobindo, Cipla, Desano, Emcure, Hetero Labs and
Laurus Labs to allow generic manufacture of TAF for 112 developing countries.
• Hindalco Industries issued a clarification with regard to the Supreme Court cancelling coal block allocations.
• Reliance Industries said that Reliance Jio Infocomm (RJIL), a subsidiary of RIL has signed a $750 million loan backed by Korea Exim
Bank on 24 September 2014.
• Jindal Steel & Power said that the management is in the process of evaluating the impact of the Supreme Court's decision.

3. Global news
• European stocks reversed intraday losses today, 26 September 2014, as investors awaited data on
US gross domestic product to gauge the outlook for interest rates in the world's largest economy.
Asian stocks dropped today, 26 September 2014, after steep losses for US stocks overnight.
Trading in US index futures indicated that Dow could gain 36 points at the opening bell today, 26
September 2014. US stocks fell sharply on Thursday, 25 September 2014, on a report that
Russian lawmakers are drafting legislation that would allow the government to seize foreign
assets in response to sanctions by US and the European Union imposed on account of Russia's
aggression in Ukraine
• A sentiment survey released today, 26 September 2014, showed that German consumer
confidence is expected to deteriorate for a second consecutive month in October. The monthly
survey of GfK market research group showed consumer confidence falling to 8.3 points for
October from an unrevised 8.6 points in September. Nonetheless, confidence remains "at a good
level," GfK said. Germany is Europe's biggest economy.
• French consumer confidence remained stable as expected in September, survey data from the
statistical office Insee showed today, 26 September 2014. The consumer confidence remained at
86 for the third consecutive month in September.
• Japan's annual core consumer inflation eased in August, in another sign that the Bank of Japan
could be forced into additional easing steps to meet its 2% price goal sometime next fiscal year.
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