Global markets at a glance
Japanese shares sank to six-month lows on Friday as an
escalating selloff on Wall Street spread to Asia and slugged
markets that had been fairly resilient up to now. Markets
across Asia were spooked by the scale of the losses, with
Korea .KS11 down 0.9 percent in morning trade and Australia .AXJO 0.7 percent. MSCI’s broadest index of Asia-
Pacific shares outside Japan .MIAPJ0000PUS lost 0.7%.
Wall Street Update
The Nasdaq suffered its biggest drop in two-and-a-half
years on Thursday after another sharp selloff in biotech
and momentum names, including Gilead Sciences and TripAdvisor, increasing investor anxiety about a broader pullback. The Nasdaq biotechnology index shed 5.6 percent,
its biggest one-day drop since August 2011, adding to recent losses since a large drop in Gilead more than two
weeks ago triggered a wider selloff for biotechs and other
recent big gainers. That index is now down 18.8 percent
since its February 25 record close. The S&P 500 also posted its biggest percentage loss since February 3.
MACRO NEWS
The earnings season will kick in next week with companies
declaring their quarterly results for the financial year
ended March 31, 2014.
CRISIL Research expects the average revenue growth for
corporate to dip 7-9% in Q4FY14, while EBITDA margins to
remain stable at 17.2%. It, however, sees the revenue
growth to recover gradually in 2014-2015.
Excise collection up 2%, service tax 14% in West Bengal
for FY 14.
STOCKS IN NEWS
Financial Technologies India Ltd has received non-binding bids from about 8-10 companies interested in
buying its stake in commodities exchange MCX.
Piramal Enterprises to sell Vodafone stake for Rs
8,900 cr.
Bandhan may hire consultancy firm to prepare bank’s
blueprint
Suzlon Energy to sell Rs 1,000 crore of non-core local
assets
COMMODITY ROUNDUP
MCX Gold futures witnessed a strong rally yesterday, extending the recent break as geopolitical worries and prospects of easy money conditions continuing in the US sup-
ported the sentiments. The yellow metal jumped back soon
above $1300 an ounce after tumbling below $1280 an
ounce last week amid growing expectations that the Fed
will raise interest rates sooner than expected. COMEX Gold
quotes at $1323, up $17.10 per ounce on the day. MCX
Gold futures are trading at Rs 28723, up Rs 306 per 10
grams on the day or 1%. The open interest has spurted by
6%. Gold futures have added gains this week getting support from rising tensions over Ukraine and also as the Fed
minutes revealed that officials were not keen on increasing
interest rates anytime soon.
CURRENCY ROUNDUP
The Indian rupee opened marginally higher by 9 paise at
60.04 per dollar on Thursday as against previous closing
value of 60.13 a dollar. The dollar drifted at three-week
lows against a basket of major currencies, having fallen for
a fourth session after minutes from the Federal Reserve’s
March meeting disappointed dollar bulls. And Indian rupee
ended little changed on Thursday as caution prevailed
ahead of a slew of economic data, while dollar demand by
state-run banks, which traders attributed to defense and oil
-related payments, weighed on sentiment. The data, starting with industrial output on Friday and consumer inflation
on Tuesday, comes as voting gets underway in the country’s general elections.
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Commodity Tips, MCX Tips Equity Tips, Intraday Tips, Stock Futures Tips, NSE Tips, BSE Tips, COMEX Tips, NCDEX Tips. Share Tips We provide services in equity, commodity and Forex market.
Our research is based around these services:
Share Advisory Firm
Stock Futures Tips
Bank Nifty Tips
GET FREE TRIAL +91 731 6642300
Or mail us here: info@epicresearch.co Or visit our site that is http://www.epicresearch.co/
or
https://www.epicresearch.co/research/special-reports
###
ListFree.org: Embedded data.