Fundamentals May 27, 2013

Nik's Diary

The Indian markets opened flat to negative tracking negative opening in most of the Asian markets owing to concerns about the outlook for the Federal Reserve's asset purchase program.US markets recovered from an early decline and ended in positive territory on Friday. The markets recovered after the release of a report from the Commerce Department that showed a larger-than-expected rebound in durable goods orders which surged by 3.3% in April after tumbling by a revised 5.9% in March. However, amidst an impending recovery in manufacturing activity following a recent pullback, the data added to worries that the Fed will taper its stimulus in the near future. Nevertheless, European markets ended the day lower, thereby extending the weakness from the previous day. Meanwhile Indian markets ended higher on Friday, as sentiments improved a bit after two senior U.S. central bankers said that the Fed is in no hurry to start winding down its bond-buying program and policymakers have flexibility to increase the pace of bond buying should the economy weaken again.

RIL announces significant gas condensate discovery in deepwater KG D6 block

Media reports suggest that Reliance Industries (RIL) and its partners BP and NIKO have struck a significant gas and condensate discovery in the KG D6 block. The discovery named D-55 lies over 2000 meters below the already producing reservoirs in D1-D3 gas fields. The company however has not stated the amount of possible reserves the discovery may hold but the discovery has been notified with the government authorities. We await further clarity on this matter and until then maintain our Neutral view on RIL. Source: Equity bulls

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Fundamentals April 30, 2013

Nik's Diary The Indian markets opened in the green following strong start to SGX Nifty and major Asian indices after better-than-expected reading on US housing sales and amid speculation that central banks will continue the stimulation measures. The US markets ended on a positive note on Monday with S&P 500 closing at a record high as traders reacted positively to the latest batch of economic news. The strength on Wall Street reflected a positive reaction to a report from the National Association of Realtors showing a bigger than expected rebound in pending home sales in the month of March. The pending home sales index rose by 1.5% in March 2013 after falling by 1% in February 2013. A separate report from the Commerce Department showed that personal spending climbed 0.2% in March 2013 following a 0.7% increase in February 2013. Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetary policy meet that is scheduled on May 3 helped stocks close high...

Fundamentals April 10, 2013

Nik's Diary The Indian markets opened in the green mirroring a positive opening in SGX Nifty, which is trading higher by 0.4%. Asian markets are trading mixed with the Hang Seng, Nikkei and Seoul Composite higher by 0.4% to 0.7%, while the Strait Times and Jakarta Composite are lower by 0.2% each. The US markets, after remaining directionless in early trade, rose higher during the course of the day, yesterday. The positive performance of the markets was partly due to tame inflation reported by China, which eased concerns that the People's Bank of China might tighten its monetary policy. US markets didn’t react much to the report released by commerce department which indicated that wholesale inventories unexpectedly dipped by 0.3% in February, although wholesale sales jumped 1.7%. The European markets ended Tuesday's trading session with mixed results after trading positively in the opening trade. Meanwhile, Indian markets posted losses for the fifth consecutive tradi...

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