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COMMODITY MARKET STRATEGY 31 JULY 2014
BASE METAL WRAP:
London copper was underpinned on Thursday by indications that the U.S.
Federal Reserve is not hurrying to raise interest rates, even as the world's
top economy logged robust second quarter growth that brightened the outlook for
demand.
ENERGY WRAP: West Texas
Intermediate crude dropped to a two-week low after a government report showed
that U.S. gasoline supplies gained as demand slipped.
PRECIOUS METAL WRAP: Gold retreated for a
fourth day to head for a monthly decline as further signs that the U.S.
recovery is gaining momentum strengthened the case for higher borrowing costs
in the world’s largest economy.
GLOBAL EVENTS TO WATCH: Building
Approvals m/m, CPI Flash Estimate y/y, Challenger Job Cuts y/y, GDP m/m,
Unemployment Claims, Employment Cost Index q/q, Chicago PMI, Natural Gas
Storage.
COMMODITY MARKET STRATEGY 30 JULY 2014
BASE METAL WRAP:
Copper prices slipped on Tuesday, as prospects of growing supplies
overshadowed encouraging signs of health in the global economy, and zinc
retreated after hovering near three-year highs on expectations of a tightening
market.
ENERGY WRAP:
West Texas
Intermediate crude traded near the lowest price in two weeks before government
data that may signal the strength of fuel consumption in the U.S., the world’s
biggest oil user. Brent fell in London.
PRECIOUS METAL WRAP:
Gold traded near the
lowest level this week and was poised for a monthly decline as signs that U.S.
economic growth is gaining momentum countered haven demand from increased
tension in Ukraine and Gaza.
GLOBAL EVENTS TO WATCH:
German Prelim CPI
m/m, ADP Non-Farm Employment Change, Advance GDP q/q, Advance GDP Price Index
q/q, Crude Oil Inventories, FOMC Statement, Federal Funds Rate.
Markets open flat; L&T down over 6%
ITC, Bharti Airtel, Infosys and Reliance
Industries among the top gainers
After opening in red, the
benchmark indices moved into the green territory on account of gains in
heavyweights like ITC, Bharti Airtel, Infosys and Reliance Industries.
At 0920 hrs, the Sensex was up nine points at 25,999 and the Nifty was unchanged at 7749.
The broader markets were flat with a positive bias.
At 0920 hrs, the Sensex was up nine points at 25,999 and the Nifty was unchanged at 7749.
The broader markets were flat with a positive bias.
Sectors & Stocks
On the sectoral
front, Capital Goods index was the top loser down 4% along with Realty and Metal
indices down 0.4% each.
A 6% cut on L&T dragged the capital goods index lower as the performance of engineering and construction major’s core business in the June quarter disappointed the Street, as execution remained weak in the domestic business.
Apart from L&T, Sesa Sterlite, Hindustan Unilever, Tata Steel, BHEL, Maruti Suzuki and Sun Pharma were some of the notable names in red, down 0.2-2%.
Among the gainers was Bharti Airtel up 4% after reporting 61% year-on-year jump in consolidated net profit at Rs 1,108 crore for the first quarter.
A 6% cut on L&T dragged the capital goods index lower as the performance of engineering and construction major’s core business in the June quarter disappointed the Street, as execution remained weak in the domestic business.
Apart from L&T, Sesa Sterlite, Hindustan Unilever, Tata Steel, BHEL, Maruti Suzuki and Sun Pharma were some of the notable names in red, down 0.2-2%.
Among the gainers was Bharti Airtel up 4% after reporting 61% year-on-year jump in consolidated net profit at Rs 1,108 crore for the first quarter.
