COMMODITY MARKET UPDATE 01 July 2014

BASE METAL WRAP: Copper rose, capping the biggest quarterly advance since September, as gains in the housing market signaled higher demand in the U.S., the world’s second-largest consumer.

ENERGY WRAP: West Texas Intermediate traded near the lowest price in more than two weeks amid speculation that escalating violence in Iraq won’t disrupt supply from OPEC’s second-biggest oil producer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold traded near the highest level since March after assets in the SPDR Gold Trust increased and investors weighed the outlook for growth and interest rates in the U.S. before manufacturing data.

GLOBAL EVENTS TO WATCH: Manufacturing PMI, HSBC Final Manufacturing PMI, Cash Rate, RBA Rate Statement, Manufacturing PMI, Treasury Sec Lew Speaks, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, ISM Manufacturing Prices, Total Vehicle Sales.

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INDIAN BENCHMARK open on a positive note tracking firm global cues.

INDIAN BENCHMARK 

open on a positive note tracking firm global cues. Oil marketing companies are likely to remain in focus after the government hiked the price petrol by Rs Rs 1.69 per litre and Diesel by 50 paise.

FURTHER, Shriram Transport Finance Company is set to raise Rs 3,000 crore through a public issue of secured, redeemable non-convertible debentures. Union Bank of India has proposed to raise Rs 1,386 crore through Qualified Institutional Placement to fund its business growth.

Trend in FII flows: 

The FIIs were net buyers of Rs 192cr in the cash segment on Monday while the DIIs were net sellers of Rs. 181cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARKS edge higher… power and capital goods drive the rally

INDIAN EQUITY BENCHMARKS maintained its momentum supported by heavy buying in financials, infra and power shares amid strong global cues. Fiscal deficit figures for the month of May and auto numbers for the month of June will be announced today.

Further, Ranbaxy rose 3% extending its Friday’s 5% rally, after US Food and Drug Administration's nod for generic version of Novartis blood pressure drug Diovan. Cipla surged 0.8% after signing a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million.

The crucial resistance for Nifty is now seen at 7625 and above this 7665. Support for the immediate term is now placed at 7530 and next support will be 7480.

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TOP CORPORATE NEWS

·        Sun Pharma at record high as Taro gains 17% post price hike

Shares of Sun Pharma up 3 percent after Taro rallied 17 percent in the US markets, reacting to its price hike of 11 products. Sun Pharma owns a 70 percent stake in Taro.

·        ONGC to invest Rs 5,700 cr in Mumbai High North development

Oil and Natural Gas Corp will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

                                                                                                        

·        HDIL gains 4% on Citigroup stake buy

Housing Development & Infrastructure Ltd has moved higher by 4% as Citigroup bought 4 million shares of the Mumbai-based real estate developer for about Rs 38 crore through open market.

·        Union Bank surges 6%, shareholders' approval for QIP

Shares of Union Bank of India rallied as much as 5.6 percent after its shareholders approved raising of capital up to Rs 1,386 crore via qualified institutional placement.

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COMMODITY MARKET UPDATE 30 JUNE 2014

BASE METAL WRAP: Copper headed for its steepest rally in three quarters ahead of data tomorrow that may show industrial output sustained expansion in China, the biggest user. Nickel is set for the biggest quarterly gain since 2010.

ENERGY WRAP: West Texas Intermediate and Brent crude fell amid speculation that continuing violence in Iraq won’t disrupt supply from OPEC’s second-largest oil producer.

PRECIOUS METAL WRAP: Gold headed for a second quarterly increase as investors weighed the outlook for the U.S. economy and low interest rates against signs of weaker physical demand. Silver extended a drop from the highest level since March.

GLOBAL EVENTS TO WATCH: ANZ Business Confidence, CPI Flash Estimate y/y, GDP m/m, Chicago PMI, Pending Home Sales m/m.

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INDIAN BENCHMARK started on a strong note with the Sensex and Nifty

INDIAN BENCHMARK started on a strong note with the Sensex and Nifty up 0.5% each in opening trades. The early gains were lead by financials and ITC.

FURTHER, Reliance Industries Ltd along with its partner British Petroleum is planning to invest about Rs 800 crore to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast. Oil and Natural Gas Corp will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Friday while the DIIs were net sellers of Rs. 172cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARKS end flat, amid choppy trade.

INDIAN EQUITY BENCHMARKS ended flat, amid a choppy trading session, as investors turned cautious on concerns that the weak monsoon would further accelerate inflation while the continuing crisis in Iraq also weighed on sentiment.

Further, Reliance Capital ended up 1.7% on a report that Japan's Sumitomo Mitsui Trust Holdings Inc may buy 10% stake in the Anil Ambani-owned company by paying $400 million for new shares. Dr Reddy's Labs closed 1.7% higher after the pharma major launched duloxetine delayed-release capsules USP 20 mg, 30 mg and 60 mg in the US market.

The crucial resistance for Nifty is now seen at 7570 and above this 7595. Support for the immediate term is now placed at 7480 and next support will be 7440.

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TOP CORPORATE NEWS

·        Ranbaxy, Sun Pharma up 6-8% on US FDA nod

Shares of Ranbaxy and Sun Pharma are gaining investors attention on US FDA approval and price hike of drugs. Ranbaxy and Sun Pharma jumped 8 percent and 6 percent respectively, both hitting 52-week high.

·        Blast at a GAIL gas pipeline in Andhra Pradesh

Fourteen people have been reportedly killed and several have been injured in an explosion that occurred at an 18-inch pipeline of GAIL near an ONGC refinery complex in Nagaram in the East Godavari district in Andhra Pradesh.

                                                                                                        

·        Havells India gains 8% ahead of board meet for stock split

Havells India has surged 8% ahead of board meeting on Monday to consider sub-division of equity shares of face value of Rs 10 a share to a lower denomination.

·        Tech Mahindra stock up 3%

Shares of Tech Mahindra were up 3% after the company signed strategic alliance with Finland-based Comptel.

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