Asian share markets were under water after a sudden reversal in some very popular, and thus crowded, trades sparked a bout of global risk aversion. The net result was a pullback in the euro, sterling, and stocks and a bounce for the yen, gold and bonds. MSCI's broadest index of Asia-Pacific shares outside Japan shed a sharp 1.3%, with markets from Shanghai to Sydney all in the red.
Global markets at a glance
Asian share markets were under water after a sudden reversal in some very popular, and thus crowded, trades
sparked a bout of global risk aversion. The net result was a
pullback in the euro, sterling, and stocks and a bounce for
the yen, gold and bonds. MSCI’s broadest index of Asia-Pacific shares outside Japan shed a sharp 1.3%, with markets from Shanghai to Sydney all in the red.
Wall Street Update
U.S. stocks fell on their first day of trading in 2014 as investors booked profits. The Dow Jones DJI was down 135.31
points, or 0.82%, at 16,441.35. The SPX was down 16.38
points, or 0.89%, at 1,831.98. The Nasdaq Composite Index
was down 33.52 points, or 0.80%, at 4,143.07.
India’s Service PMI will be announced today.
The HSBC India Manufacturing Purchasing Managers’
Index (PMI) dropped slightly from 51.3 in Nov to 50.7 in
Dec. India’s manufacturing sector decelerated as a
slowdown in domestic order flows led to slower output
The government’s move to restrict import of the yellow
metal has resulted in a windfall for the designated importers such public sector companies and banks, which
have now begun charging a premium, giving jewellers
reason to seek higher prices.
The oil ministry has formed a panel to codify globally
recognized industry practices for adoption in India.
Infosys is to Announce it’s third Quarter Results on
January 10, 2014.
CCEA clears changes to Mega Power Policy. Power
plants are also allowed to sell only 65% of their production to state discosm via a competitive bidding. Earlier,
power plants used to sell 85% of their production to
STOCKS IN NEWS
The Power Grid Corporation connected the southern
power grid to the National Electricity Grid. The move
will facilitate easier transmit of power from surplus
states in other regions to several power-deficient
SBI to raise Rs 2000 crore via 10-year Tier II bond.
HCC wins order worth Rs 442.5 crore.
UCO Bank to offload bad loans worth Rs 1900 crore.
Lakshmi Vilas Bank to mull rights issue today.
Vodafone in talks to buy Tatas out of Teleservices.
Shree Uttam Steel merger with Uttam Galva gets CCI
The GOLD rate touched an intraday high of Rs 28977 and an
intraday low of Rs 28490. So far 15180 contracts had been
traded. Gold Price is taking support at 28480 and traded in
sideways big range all day. In evening session gold price
broke the nearest resistance of 28860 and made high of
28977. Gold prices gained Rs 175 to Rs 30,200 per 10g here
for the second straight day on increased buying by stockists
and jewellers for the ensuing marriage season and a firming
Silver also jumped Rs 950 to Rs 44,750 a kg on increased
offtake by jewellers and industrial units. In a similar fashion,
silver ready surged Rs 950 to Rs 44,750 a kg and weekly-
based delivery Rs 1,220 to Rs 45,180 a kg. It had gained Rs
45 in last trading session. Silver coins also spurted Rs 1,000
to Rs 85,000 for buying and Rs 86,000 for selling of 100
pieces. The SILVER rate touched an intraday high of Rs
45500 and an intraday low of Rs 44000. So far 29034 contracts have been traded.
The Indian Rupee depreciated around 0.2 percent in yesterday’s trading session. The currency depreciated on the back
of month end dollar demand from oil firms and importers.
Further, weak domestic market sentiments exerted down-
side pressure on the currency. Also, less volatility was ob-
served as majority markets were closed on the eve of New
Year holiday. However, sharp downside in the currency was
cushioned due to selling of dollars from exporters and state
run banks coupled with constant inflow of foreign funds.
The currency touched an intra-day low of 61.985 and closed
at 61.90 on Wednesday.
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