INDIAN BENCHMARKS began with a bang as key indices hit fresh intraday all-time high levels. However, the Supreme Court's ruling which termed the allocation of coal blocks post 1993 as illegal proved a sucker punch for market and a knock down for metal and power stocks such as Jindal Steel setting the precedent for the remaining week.
Shares of UCO Bank fell after report that the government ordered limited forensic audit into some non-performing accounts of the Bank to find out any irregularities in sanction of loans. ONGC fell on reports of disinvestment. Government has decided to disinvest 5% stake in the company via offer for sale mechanism.
The INDIAN BENCHMARKS SENSEX ended 218 point up at 26638 and the 50-share NIFTY closed 41 point up at 7954.
GLOBAL MARKET CHASE
Shares of UCO Bank fell after report that the government ordered limited forensic audit into some non-performing accounts of the Bank to find out any irregularities in sanction of loans. ONGC fell on reports of disinvestment. Government has decided to disinvest 5% stake in the company via offer for sale mechanism.
The INDIAN BENCHMARKS SENSEX ended 218 point up at 26638 and the 50-share NIFTY closed 41 point up at 7954.
GLOBAL MARKET CHASE
ASIAN STOCKS lower led by Tokyo shares as tension in the Ukraine weighed and a slew of month-end economic data painted a mixed picture on economic recovery.
U.S. STOCKS dismissed escalating tensions in Ukraine and rose on the coattails of a better- than-expected consumer sentiment report.
EUROPEAN STOCKS were higher, as disappointing German retail sales fuelled further speculation over the possibility of fresh easing measures by the European Central Bank.
WEEK AHEAD
Indian shares will react to data on India's gross domestic product (GDP) for Q1 June 2014 which is nine-quarter high of 5.7 per cent, compared with 4.6 per cent in the previous quarter released on 29 th August, 2014.
Metal and power generation stocks will be in focus as the next Supreme Court hearing on coal blocks case is scheduled on Monday, 1 September 2014.
HSBC Manufacturing PMI for August 2014 is due on Monday 1 September 2014. The Manufacturing PMI had increased to 53 in July 2014, from 51.50 in June 2014.
HSBC Services PMI for August 2014 is due on Wednesday, 3 September 2014. The Services PMI had declined to 52.20 in July 2014, from 54.40 in June 2014.
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