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Market Mantra
The Nifty has been trading in a narrow range of 250 points (7930-8180) with near term resistance seen ~8200. Being an expiry week, the swings could well set it anytime. The coming series is also a truncated one.
The outlook is a flat opening. The indices will look at consolidating before some choppiness sets in. The market may be getting lackluster, but individual companies remain in prominence. IIFL today has organised a corporate day where 10 companies including 5 which are on our high conviction buy list will meet some of you. IIFL, along with Institutional Investor, is hosting the 10th Annual India Investment Forum in New York on24-25 September, 2014 at The Pierre Hotel, New York. Senior Cabinet Ministers and bureaucrats from the new government, financial market regulators and top Indian companies would be presenting at the forum. Globally, the cues are not really positive. US markets ended lower. Asian markets are also weak. The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 50.5 which was higher than estimates. Copper prices have also moved up.
Economy snippets
· ² With a view that the country cannot carry on with 12 telecom operators, Trai said current merger & acquisition rules need to be reworked by the government for any pick up in consolidation activity. (BS)
· ² The department of sugar has called a meeting of cane commissioners shortly to assess the sugar production for the new season to start from October 2014-September 2015. In the current season October 2013-September 2014, sugar production has been around 24.3mn tones. (BS)
· ² After Rajasthan, Madhya Pradesh has become the second state to propose amendments in various labour laws that also include amendment in Industrial Dispute Act 1947 and Factory Act 1948. (BS)
· the Indian equity market is long over-due for a correction and despite some serious global negative vibes the market is not falling to levels that it probably should.
· the US Federal Reserve’s impending rate hikes, the positive Chinese data and European markets, one should be prepared to see some surprising trading calls.
Policy rates
|
Daily rates
| |||||
(%)
|
19‐Sep‐14
|
Month ago
|
(%)
|
19‐Sep‐14
|
Bps change
| |
Repo
|
8
|
8
|
NSE MIBOR
|
8.03
|
-6
| |
CRR
|
4
|
4
|
CALL
|
7.96
|
4
| |
SLR
|
22
|
22
|
CBLO
|
7.83
|
-16
| |
Bank Rate
|
9
|
9
|
10‐Year G‐Sec
|
8.45
|
0
| |
10‐Year SDL Index
|
8.92
|
5
| ||||
G‐Sec yield annualized
| ||||||
(%)
|
19‐Sep‐14
|
Week ago
|
Month ago
| |||
1‐year
|
8.73
|
8.91
|
8.86
| |||
3‐year
|
8.53
|
8.7
|
8.7
| |||
5‐year
|
8.67
|
8.75
|
8.81
| |||
10‐year
|
8.63
|
8.68
|
8.71
| |||
Certificate of deposit
|
Commercial paper
| |||||
(%)
|
18‐Sep‐14
|
Month ago
|
(%)
|
19‐Sep‐14
|
Month ago
| |
3‐Month
|
8.68
|
8.84
|
3‐Month
|
8.99
|
9.14
| |
6‐Month
|
8.82
|
8.95
|
6‐Month
|
9.24
|
9.38
| |
9‐Month
|
8.94
|
9.02
|
9‐Month
|
9.33
|
9.42
| |
12‐Month
|
9.06
|
9.09
|
12‐Month
|
9.41
|
9.48
| |
Triple A corporate bond yield
| ||||||
(%)
|
19‐Sep‐14
|
1 Month Ago
| ||||
1‐year
|
9.06
|
9.14
| ||||
3‐year
|
9.18
|
9.28
| ||||
5‐year
|
9.26
|
9.32
| ||||
10‐year
|
9.27
|
9.33
| ||||
Mutual Funds Category performance ‐ Debt #
| ||||||
(%)
|
1M
|
6M
|
1Y
| |||
Liquid
|
8.03
|
8.51
|
8.82
| |||
Ultrashort Bond
|
8.37
|
8.68
|
9.08
| |||
Short‐T Bond
|
9.93
|
9.78
|
9.51
| |||
Short T Govt Sec
|
9.93
|
9.2
|
8.38
| |||
Crisil Liquid
|
8.76
|
9.19
|
9.56
| |||
Crisil ST Bond
|
10.15
|
9.95
|
10.02
| |||
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
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