1. India-GlobalMarketSummary 18-8-2014
• Sensex jumps as PM vows to fix bureaucracy. Trading for the week began with a bang as market surged to
record high after Prime Minister Narendra Modi in his first Independence Day address to the nation
emphasized the need for better governance and stressed on the need to promote the manufacturing sector.
Both these indices outperformed the Sensex. Decline in crude oil prices and gains in European stocks on
signs of easing geopolitical tensions in Ukraine aided the up move on the domestic bourses. The market
sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian
stocks on Thursday. Nifty rose 1.06% to 7874.25 and Sensex rose 1.1% to 26390.96
• India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude
oil requirement. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs)
were net buyers of Indian stocks on Thursday, 14 August 2014.
• In his Independence Day address to the nation from the ramparts of the Red Fort, Prime Minister Narendra
Modi on Friday, 15 August 2014, emphasized the need for better governance. After becoming the country's
Prime Minister in May this year, Modi said he had observed that there was disunity and conflict among
different government departments. Modi said he has started making efforts at making the Central government
function as an organic unity moving in one direction.
• The Prime Minister stressed on the need to promote the manufacturing sector. He has invited manufacturers
from across the world to start manufacturing in India, and help boost India's industrial growth. He also called
upon the youth of India to unleash their entrepreneurial spirit and work towards manufacturing in India, the
various items that add to the country's import bill. Let "Made in India" become a synonym of excellence, he
added. Modi also announced that a new institution would be created to replace the Planning Commission.
This new institution would respect the federal structure of the country, he asserted.
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2. • In a major new scheme to universalize banking access and financial inclusion, the Prime Minister announced the Pradhanmantri Jan-Dhan
Yojana which will provide for a bank account, a debit card and an insurance amount of Rs 1 lakh to poor families.
• The Prime Minister said development and good governance are the only two tracks which could take the nation forward.
• Shares of PSU OMCs rose as crude oil futures declined. BPCL hit record high. Indian Oil Corporation (IOCL) surged after the company
clarified that the matter of investment in Mathura Refinery Expansion Project is in preliminary stage and has not been conceptualized.
Shares of state run upstream oil and gas companies rose on hopes of a fall in subsidy sharing burden as crude oil prices dropped. Cipla
rose in volatile trade.
• Indian Oil Corporation (IOC) rose 4.1%. With respect to a news item captioned "Indian Oil Corporation to invest Rs 8700 crores in
Mathura Refinery Expansion Project", the company clarified that the matter is in preliminary stage and has not been conceptualized
• Lower crude oil prices will reduce under-recovery of public sector oil marketing companies (PSU OMCs) on domestic sales of diesel,
kerosene and LPG at government controlled prices. The government has adopted the policy of gradually increasing diesel prices to
eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
• State run upstream oil and gas companies rose on hopes of a fall in subsidy sharing burden as crude oil prices dropped. ONGC (up
4.84%), GAIL (India) (up 1.2%) and Oil India (up 2.43%) gained. State run upstream oil and gas companies share a part of the under
recovery or revenue loss of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD
kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the
Petroleum Planning and Analysis Cell.
• Cipla's consolidated net profit declined 39.17% to Rs 295 crore on 13.6% growth in net sales to Rs 2647 crore in Q1 June 2014 over Q1
June 2013.
• Reliance Communications (RCom)'s consolidated net profit rose 21.4% to Rs 132 crore on 2.1% growth in revenue to Rs 5523 crore in
Q1 June 2014 over Q1 June 2013.
• Reliance Capital's consolidated net profit rose 23% to Rs 164 crore on 11% growth in total income to Rs 2144 crore in Q1 June 2014 over
Q1 June 2013
• Tata Power rose 2.87% on reports the state electricity regulator granted 25 years distribution licence to the company for supplying power
in Mumbai and suburban areas.
• ITC lost 2.59% on reports the Centre is planning to introduce tougher provisions under law to curb tobacco consumption in the country.
• Pipavav Defence & Offshore Engineering Company rose 3.14% after net profit fell 23.6% to Rs 5.56 crore on 54.9% decline in net sales
to Rs 315.53 crore in Q1 June 2014 over Q1 June 2013
• Shares of banks rose after Prime Minister Narendra Modi announced a new financial scheme to help the poor open bank accounts

3. Global news
• European stocks advanced today, 18 August 2014, on signs of easing geopolitical
tensions in Ukraine. Asian stocks were mixed on Monday, 18 August 2014. Trading in
US index futures indicated that the Dow could gain 73 points at the opening bell on
Monday, 18 August 2014. Most US stocks ended lower on Friday, 15 August 2014, as
increasing violence in Ukraine sent oil prices to the biggest increase in a month.
• Over the weekend, foreign ministers from Germany, Russia, Ukraine and France
reportedly met outside Berlin in a session billed as a prelude to cease-fire talks.
• China's foreign-direct investment slumped 17% in July from a year earlier, the
Ministry of Commerce said today, 18 August 2014. Another data showed that China's
new-home prices fell in July in almost all cities that the government tracks.
• Global markets will be focused on the Aug. 21-23 annual meeting of top central
bankers at Jackson Hole, Wyoming, for possible clues about the path for monetary
policy in the months ahead
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