DALAL STREET FACE
INDIAN BENCHMARKS rebounded quite sharply this week, hitting historic highs on hopes of policy reforms from oil, finance and food ministries ahead of Union Budget. The Reserve Bank of India kept repo rate and cash reserve ratio unchanged but slashed statutory liquidity ratio by 50 basis points to 22.5 percent.
Maruti Suzuki India reported a 16% increase in its domestic sales in May. The company sold 90,560 units compared with 77,821 units a year ago. The IDFC Board gave in principle approval for the proposed domestic fund raising to bring down the Foreign Shareholding in IDFC below 50%.
The INDIAN BENCHMARKS SENSEX ended 376 point up at 25396 and the 50-share NIFTY closed 109 point up at 7583.40.
GLOBAL MARKET CHASE
ASIAN STOCKS were mixed, showing little reaction to the European Central Bank's move to introduce negative deposit rates, but alert ahead of U.S. jobs data.
U.S. STOCKS rose after data revealed the U.S. economy added more than 200,000 new nonfarm payrolls in May for a fourth consecutive month.
EUROPEAN STOCKS rose, as European regulators have completed their assessment of drug manufacturing violations at Ranbaxy Laboratories Ltd's facility in Toansa, India.
WEEK AHEAD
INDIAN INDICES could hit new record highs on continued hopes that Asia's third largest economy will rebound under the new government.
Investors will track economic indicators, including May consumer prices and April industrial output due on Thursday, June 12.
Further, News related to the upcoming budget and to potential reforms by the Narendra Modi government will also be key, as will foreign investor flows after overseas funds brought in $8.3 billion in Indian stocks so far in 2014.
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