Global markets at a glance

Major Asian indices ended higher with the exception of
Japan. Japanese shares ended marginally lower amid
profit taking after recent gains. The benchmark Nikkei
ended down 0.2% at 15,620.77. Shanghai Composite
gained 0.9% and Hang Seng ended up 0.1% while Straits
Times ended 0.6% higher.
Europe's FTSEurofirst 300 share index hit a three-week
low on Thursday, led lower by Adidas after the group
warned about business in Russia. the FTSEurofirst 300 was
down 1.4 percent at 1,346.84 points after falling up to
1,346.78, the lowest since early July, with analysts saying
the sell-off might continue in the near-term on worries
about further monetary tightening in the United States.

Wall Street Update

The U.S. S&P500 stock index posted its worst daily fall
since April and its first monthly drop since January on Thursday, as economic data sparked concern the Federal
Reserve could raise interest rates sooner than some have
expected. The Dow Jones industrial average .DJI fell
317.06 points or 1.88 percent, to 16,563.3, while the S&P
500 .SPX lost 39.4 points or 2.0 percent, to 1,930.67 and
the Nasdaq Composite .IXIC dropped 93.13 points or 2.09
percent, to 4,369.77.

MACRO NEWS

HCL Tech’s Q4 net profit rose 13% QoQ to Rs 1834cr,
ahead of estimate of Rs 1611cr. Quarterly revenues were
up 1 percent sequentially to Rs 8424cr, compared to esti-
mate of Rs 84448.2cr. The company’s quarterly dollar revenues stood at USD 1.407 bn, up 3.4% Q-o-Q and slightly
below the polls estimate of USD 1.412 bn.
Railways need Rs 5 lakh crore to complete sanctioned projects.
Govt allocates Rs 11,952 crore for powerloom sector.
IRBInfra reported 12% yoy growth in conso net profit at Rs
150cr for Q4, driven by strong operational performance.


STOCKS IN NEWS

Honda plans to export Mobilio to South African market
Cipla, BioQuiddity ink pact to sell pain management
product.
JSWSteel to increase steel capacity to 40 million tonnes
by 2025
USFDA raises concern over drug production process at
Cadila.
Petrol gets cheaper by Rs 1.09/litre, diesel dearer by
50p

COMMODITY ROUNDUP

Spot gold was little changed at $1,282.79 an ounce by 0017
GMT, after falling 1% in the previous session. It hit
$1,280.76 on Thursday - its lowest since June 19. Gold was
on track for a 2% fall for the week, after posting its sharpest
monthly drop of the year in July. The metal was hurt by
data on Thursday that showed that U.S. labour costs re-
corded their biggest gain in more than 5-1/2 years in the
second quarter, bolstering the economy's outlook. A strong
economy blunts gold's appeal as an alternative to riskier
assets such as equities.

CURRENCY ROUNDUP

The Indian rupee extended losses and was trading lower at
Rs 60.46 compared to the previous close of Rs 60.09 as the
dollar strengthened following encouraging GDP data from
the US. Further, weakness in the domestic stock markets
also weighed on sentiment.
The Indian rupee slumped to a three-month low on Thursday, hurt by a rally in the dollar in global markets that
helped spur state-run banks into buying greenbacks for corporate- and defence-related payments. The partially convertible rupee fell to as low as 60.57 per dollar at one point,
its lowest since April 29, when the currency was in the midst
of a rally in the lead-up to the general elections.

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