Global markets at a glance

Hong Kong's benchmark index closed at its highest level
since November 2010 on Friday, pushed up by index heavy-weight China Mobile The Hang Seng Index ended up 0.6
percent at 24,954.94 points, the highest close since Nov. 8,
2010. The China Enterprises Index of the leading offshore
Chinese listings in Hong Kong was up 0.3 percent for the
day
European shares sharply reversed earlier gains to end in
negative territory on Friday, led down by the Russia-
exposed DAX index, on news of a Ukrainian attack on a Russian convoy. But the news of the clash saw the FTSEurofirst
300, up almost 1 percent earlier on Friday, drop 0.5 percent
to 1,323.10 points. Germany's DAX, dominated by firms
heavily dependent on Russian energy, sank 1.4%

Wall Street Update

U.S. stocks ended mixed on Friday, paring an earlier selloff
sparked by reports of Ukraine shelling a Russian armored
column. The S&P 500 .SPX ended Friday down a mere frac-
tion of a point. The three major U.S. stock indexes posted a second straight week of gains after a correction that evaporated following a brief drop of 4 %. DJI fell 50.67pts, or
0.30%, to close at 16,662.91. The S&P 500 dipped 0.12 of a
point, or 0.01%, to end at 1,955.06. The Nasdaq added
11.93pts, or 0.27%, to end at 4,464.93.

MACRO NEWS

The July WPI came in at 5.19% (provisional), marginally
higher than poll of 5.16%. The 2013 July wholesale price
inflation stood higher at 5.85%. Alongside, the govt has
revised May inflation numbers higher at 6.18 %, marking
it the third revision of prices in recent months.
After registering double digit growth for two consecutive
months, India's exports grew by 7.33% to USD 27.72bn in
July, while imports rose by 4.25% to USD 39.95 bn. Trade
deficit narrowed down to USD 12.22 bn during the month
under review from USD 12.49bn. Exports in May and June
registered a growth of 12.4% and 10.22%, respectively. In
Apr-July exports grew by 8.62% to USD 107.8bn. Imports
dipped by 3.8% to USD 153.15bn during the first four
months of this financial year.
Infrastructure loan refinancing may top Rs 30,000 crore
post reduction of minimum takeout requirement.

STOCKS IN NEWS

Cipla Q1 profit falls 39% on weak operational performance.
Govt proposes to ensure coal supply to each existing
and upcoming power plant commissioned before April
2017
Gujarat State Petroleum Corporation’s KG gas to sell at
$4.2/unit till October.
CanBank aims cash recovery of Rs 6,500cr for FY15
Lanco may sell more power plans & aiming to raise Rs
20000 cr.

COMMODITY ROUNDUP

In commodity markets, worries about Chinese demand sent
copper to a seven-week low below $6,874 per tonne. Spot
gold, in contrast, found support from the outlook for loose
monetary policy and edged up to $1,311.40 an ounce.

Prices for Brent crude oil touched a 13-month trough at
$102.37 a barrel before steadying at $103.99. U.S. Crude
was down 21 cents at $97.38.

Gold held on to small overnight gains on Thursday, as sluggish U.S. retail sales data boosted the metal's safe-haven
appeal, although higher stock markets could keep any gains
in check. Spot gold was steady at $1,311.16 an ounce by
0025GMT, after gaining 0.3 percent in the previous session.
U.S. gold slipped about $2 to $1,312.70.

CURRENCY ROUNDUP


The partially convertible rupee closed at 60.76/77 per dollar, compared with Wednesday's close of 61.215/225, to
post its biggest daily gain since the election of Modi on May
16. The gains tracked higher emerging market assets, with
the NSE index closing at its highest in nearly 2-1/2 weeks. In
the offshore non-deliverable forwards, the one-month contract was at 61.09/14 , while the three-month contract was
at 61.65/75.


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