Global markets at a glance

Asian stock markets enjoyed a strong rebound on Wednesday following the previous day's sell-off after upbeat US
data saw Wall Street chalk up its strongest performance of
the new year. Hong Kong's Hang Seng rose 0.47 percent or
106.99 points at 22,898.27 and Japan's Nikkei gained 1.65
percent or 253.96 points at 15,676.36. Singapore's Straits
Times was up 0.51 percent or 15.84 points at 3,139.59 and
South Korea's Seoul Composite jumped 0.40 percent or
7.73 points at 1,953.80. Taiwan's Taiwan Weighted added
0.66 percent or 56.27 points at 8,604.41 while China's
Shanghai Composite shed 0.26 percent or 5.20 points at
2,021.64.

Wall Street Update

U.S. stocks rose on Wednesday, with the S&P 500 hitting a
record high after strong earnings from Bank of America
and data pointed to improvement in the economy. Bank of
America Corp shares climbed 2.7 percent to $17.22 and
gave one of the biggest boosts to the S&P 500 after the
second-largest U.S. bank said its quarterly profit surged by
nearly $3 billion, as revenue increased and mortgage
losses plunged in the clearest sign yet that the bank was
shaking off the impact of the financial crisis.

MACRO NEWS

Government defers Rs 15K-cr bond issue to contain fiscal
deficit government's cash position and funding requirement, it has been decided, in consultation with RBI
Industry urges RBI to cut interest rate as inflation
dips .WPI declined to a 5-month low of 6.16% in December, providing space to RBI to ease interest rates and
prop up growth.
Unitech in talks to sell 2 hotels in NCR for about Rs
600cr.the company has decided to sell two hotels and it
is in talks with the potential buyers.
India's fiscal deficit will be contained at 4.8 percent of
the gross domestic product in the current fiscal year ending March, the finance minister said, hinting at possible
cuts in government spending .
China called on IMF member nations on Wednesday to
stick to a commitment to give emerging markets more
power at the global lender after U.S. lawmakers set back
historic reforms that would give developing countries a
greater say .

STOCKS IN NEWS

Government mulls Oil India picking up about 7% in
IOC and ONGC picking up about 3% in IOC
Coal India declares Rs 29/share interim dividend
Galena Biopharma signed agreement with Dr
Reddy's Labs to develop NeuVax in India: Reuters
Liberty Shoes' Q3 net profit jumps to Rs 3.2 crore
versus Rs 1.8 crore (YoY
)
Unitech puts hotels, land on the block for Rs 1,000 cr

COMMODITY ROUNDUP

MCX GOLDPETAL January contract was trading at Rs 2960
down Rs 4, or 0.13 percent. The GOLDPETAL rate touched
an intraday high of Rs 2962 and an intraday low of Rs 2955.
So far 4579 contracts have been traded. GOLDPETAL prices
have moved down Rs 47, or 1.56 percent in the January series so far. MCX GOLDPETAL February contract was trading
at Rs 2919 down Rs 5, or 0.17 percent. The GOLDPETAL rate
touched an intraday high of Rs 2923 and an intraday low of
Rs 2915. So far 1740 contracts have been traded. GOLD-
PETAL prices have moved down Rs 46, or 1.55 percent in
the February series so far. MCX GOLDPETAL March contract
was trading at Rs 2904 down Rs 6, or 0.21 percent. The
GOLDPETAL rate touched an intraday high of Rs 2910 and
an intraday low of Rs 2900. So far 763 contracts have been
traded. GOLDPETAL prices have moved up Rs 6, or 0.21 per-
cent in the March series so far.

CURRENCY ROUNDUP

The greenback moved higher against most major currencies
on Wednesday after better-than-expected U.S. Economic
indicators and an upbeat take on the economy from the
Federal Reserve fueled expectation for monetary stimulus
programs to continue unwinding this year. In U.S. trading on
Wednesday, EUR/USD was down 0.56% at 1.3602. The dol
lar firmed against the euro and most other major currencies
after data revealed that manufacturing activity in the New
York State expanded at the fastest pace since May 2012 this
month. The Federal Reserve Bank of New York said that its
general business conditions index jumped to 12.51 in January from an upwardly revised 2.22 in December. Analysts
were expecting the index to rise to only 3.75.

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