Dear all,
Markets end higher on the back of firm global cues
Ø Benchmark indices rose for a fourth consecutive session as firm global cues and the rupee's improving fortunes against the dollar helped spur a bout of short-covering on the eve of derivatives expiry.
Ø Global risk appetite was firm as most global markets extend their post Brexit recovery.
Ø Infrastructure output in India went up by 2.8% in May 2016, following an 8.5% surge in April 2016. It is the lowest growth rate in five months as output slowed mainly for electricity (4.6% from 14.7%) and refinery products (1.2% from 14.7%).
Ø The government's fiscal deficit for the first two months of the current financial year (April & May) was 42.9% of the Budget Estimate (BE) for 2016-17, despite slowing of capital expenditure.
Global Macro
Ø U.S. Initial Jobless Claims increased by 10,000 to 268,000 in the week ended June 25th compared with the previous week's revised level of 258,000. The figure came in slightly above market expectations of 267,000.
Ø U.K. GDP Annual Growth Rate advanced 2% in the first three months of 2016, unchanged from the second estimate.
Ø Eurozone Inflation Rate rise by a meager 0.1% on the year in June 2016, following a 0.1% drop in the previous month and beating market expectations, according to preliminary estimates. It was the first rise in five months.
Corporate Buzz
Ø Gayatri Projects bagged an INR 3.06bn order from the Centre for four-laning of a highway on the Andhra Pradesh-Tamil Nadu border. The company announced that the project is for rehabilitation and upgradation of NH-4 from km 133.36 to km 179.59.
Ø Alembic Pharmaceuticals' two API facilities at Panelav have been successfully inspected by the United States Food and Drug Administration (USFDA). The company did not receive any Form 483 observations.
Ø NTPC Ltd, recorded a 10% increase in power generation to 64.6bn units (BUs) in April-June quarter compared to the year-ago period.
Ø Bajaj Auto is preparing to launch more motorcycles from the 'V' platform through this fiscal and the next as part of a plan to grow market share in the executive commuter space.
Ø Torrent Pharmaceuticals Ltd (TPL) entered into a binding agreement to acquire the Vizag-based API manufacturing unit of Hyderabad-based Glochem Industries Ltd, along with a few drug master files (DMFs) as a going concern on slump sale basis.
Ø Quess Corp IPO issue subscribed 3.39 times. The category set aside for qualified institutional buyers (QIBs) was oversubscribed 2.8 times and retail investors portion witnessed an oversubscription of 9.81.
Outlook
Ø Benchmark indices are likely to open on a cautious note amidst mixed global cues.
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Regards,
CSEC Research
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