Ind to get details of unaccounted money in Swiss banks soon

NDA government on Sunday wrote to the Switzerland government seeking bank details and names of Indians having unaccounted money.

In a step towards bringing back all the black money allegedly stashed away in Swiss banks as promised during the election campaigns, the new government at the Centre on Sunday wrote to the Switzerland government seeking bank details and names of Indians having unaccounted money.

The latest request has been made by the Finance Ministry after a Swiss government official recently said that Switzerland was ready to cooperate proactively with India to share details on a 'spontaneous' basis about persons and entities suspected to have untaxed assets in Swiss banks.

"We have written to the Swiss authorities seeking details in this regard. Finance Minister Arun Jaitely had promised that such a step will be taken," a senior Finance Ministry official told PTI.

Also read:  Black money probe: India seeks details of secret accounts

The official said that the request letter has cited the existing bilateral treaties and global protocols applicable to the two countries for getting information about bank and other details of Indians holding untaxed funds or hidden wealth.

BJP leaders Rajnath Singh and Prakash Javadekar were quick to react on the issue. While the Home Minister said that the government was taking efforts to solve problems like black money and internal security, Union I&B Minister said, "Our government will take it with all its seriousness and we'll take the issue to its logical end."

A spokesperson for Switzerland's Secretariat for International Financial Matters (SIF) later said that Swiss authorities were in touch with Indian and "Switzerland looks forward to working together with the new government of the Republic of India in its fight against tax evasion".

The Swiss government has been reluctant to share details about the Indians named in a so-called 'HSBC list', which was reportedly stolen by a bank employee and later found its way to tax authorities in various countries including India.

Despite repeated requests from India, including through at least four letters written by former finance minister P Chidambaram, Switzerland has maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.

(With inputs from PTI)

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Expect market to open on flat note: Way2Wealth

According to Way2Wealth, markets are expected to open on flat note and on higher side will continue to see stiff resistance around 7580-7600 levels.

Way2Wealth.com's Derivative Report:

Last week was quite a subdued week for Indian bourse where broader indices continued to trade in broad range of 100-120 points. From higher side 7600 acted as a stiff resistance for Nifty and from there selling profit booking was seen in banking, capital goods, metal and oil & gas sector that kept indices under pressure and finally closed on flat note on weekly basis.

Fresh long positions were added in CNXIT futures in Friday's session whereas Bank Nifty fut. saw short accumulation. Long accumulation was seen in Infra, Technology, Realty, Pharma and FMCG sector. Major buying was seen in stocks like HDIL, Indiabulls Real Estate, Mcleod Russel, Century Textile, Divis Lab and CESC.

Short unwinding pressure was seen in stocks like Tata motors DVR, Infosys, Siemens, IOC, Ranbaxy and Reliance Infra. Power Finance Corporation, Glenmark, Coal India, Idea Cellular, Bharti Airtel and Adani Enterprises were some of the stocks that added short positions. 

This week, markets are expected to open on flat note and on higher side will continue to see stiff resistance around 7580-7600 levels. Overall, outlook remains positive and any correction to 7450-7400 can be used to initiate fresh long positions with initial target of 7600
and above that 7750-7800 levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Gas leak, blast at ship breaking yard in Bhavnagar, 5 dead

The incident comes a day after a similar blast in a GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday.

Five persons were killed and ten others injured after an explosion occurred at the Alang ship breaking yard in Bhavnagar district in Gujarat.

The blast was triggered by a gas leak at plot no 140, where ship breaking working was in progress.

The injured labourers have been shifted to a hospital.

The incident comes a day after a similar blast in a  GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday .

The fire in the incident had also hit nearby houses, shops and coconut plantations.

GAIL stock price

On June 27, 2014, GAIL India closed at Rs 456.10, down Rs 3.65, or 0.79 percent. The 52-week high of the share was Rs 469.55 and the 52-week low was Rs 273.00.

The company's trailing 12-month (TTM) EPS was at Rs 34.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.22. The latest book value of the company is Rs 225.49 per share. At current value, the price-to-book value of the company is 2.02.

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TOP TEN RAINIEST CITIES IN INDIA ON FRIDAY

The cyclonic circulation near the coastal parts of Odisha and Andhra Pradesh will continue to bring good Monsoon rain over Odisha and Andhra Pradesh. Due the influence of the system, no dry spell is in the offing for East and Northeast India. According to latest weather update by Skymet Meteorology, here's a list of top ten rainiest cities in India on Friday, 27th of June.

Cities State Rainfall (in millimetres) Malda West Bengal 189 Pasighat Arunachal Pradesh 132 Jagdalpur Chhattisgarh 72 Cherrapunji Meghalaya 39 Balurghat West Bengal 38 North Lakhimpur Assam 32 Dibrugarh Assam 26 Ambikapur Chhattisgarh 24 Jalpaiguri West Bengal 23 Nellore Andhra Pradesh 22  

By: Skymetweather.com

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CFTC - week ending June 24: speculators less bearish on Canadian dollar

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending June 24 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-57.5k	-61.8k	4.3k	55.1k	3.7k	112.6k	-0.7k
GBP	49.8k	52.6k	-2.8k	98.1k	-2.3k	48.3k	0.5k
JPY	-71.2k	-68.0k	-3.2k	10.3k	-7.5k	81.5k	-4.3k
CHF	-5.4k	3.5k	-8.9k	9.1k	-6.2k	14.4k	2.7k
CAD	-5.3k	-21.5k	16.2k	40.6k	6.0k	45.9k	-10.2k
AUD	33.5k	27.0k	6.4k	65.6k	4.5k	32.1k	-1.9k
NZD	6.2k	3.7k	2.4k	24.9k	3.2k	18.7k	0.8k
MXN	69.0k	69.1k	-0.1k	84.9k	-6.3k	16.0k	-6.2k

Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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Wall Street closes up but ends week lower

US stocks erased early losses to close up on Friday but still finished the week lower on mixed economic data, while European equities had their first weekly drop since April on worries over Iraq and Ukraine.

US Treasuries yields eased at the end of a week of steady price gains for government bonds, fueled by increasing worries that economic growth in the world's No. 1 economy may be slower than policymakers believe.

Worries about the economy persisted despite US consumer sentiment rising more than expected in a final June reading of a Thomson Reuters/University of Michigan poll issued on Friday.

The dollar fell a quarter percent against a basket of major currencies for a second week of losses.

Stocks on Wall Street rebounded in late trading, led by technology stocks such as Apple Inc, while a downbeat second-quarter forecast from DuPont Co limited gains.

The S&P 500 finished in striking distance of the intraday record high it hit on Tuesday. But some held their breath in the prelude to the earnings period that will start in the next two weeks, which will provide clues on whether the economy and profits are both picking up.

"Prices have finally achieved a certain valuation level that has become increasingly uncomfortable for market participants in the absence of further decisive evidence that the economy is on the right track," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The Dow Jones industrial average rose 5.71 points, or 0.03 percent, to end at 16,851.84. The S&P 500 gained 3.74 points, or 0.19 percent, to finish at 1,960.96. The Nasdaq Composite advanced 18.88 points, or 0.43 percent, to close at 4,397.93.

For the week, the Dow fell 0.6 percent and the S&P 500 dipped 0.1 percent. The Nasdaq added 0.7 percent for its sixth weekly rise in the past seven.

The 10-year benchmark yield was at 2.5340 percent, after hitting a low of 2.507 percent earlier in the day.

Europe's main stock indicator, the FTSEurofirst300 settled at 1,371.28, flat on the day, but down 1.7 percent for its first weekly loss in 10 weeks. The MSCI world stocks gauge was at 428.10, up 0.2 percent on the day but down 0.3 percent on the week.

Gold had a fourth straight weekly gain to above USD 1,316 an ounce, as geopolitical unrest in Iraq and Ukraine boosted the precious metal's appeal and soft US data weakened the dollar.

Brent crude oil settled at USD 113.30 a barrel, up 0.1 percent on the day but down 1.4 percent on the week for its worst week in a month as fighting in Iraq stayed away from the country's south, where most of its oil is produced.

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DDA to hike interest rate for housing registration deposits

DDA said in a release here that the decision was taken in order to "narrow the gap" between the interest paid to the allottees and that charged for delayed payments for its housing schemes.

Delhi Development Authority has decided to pay simple interest at 8 percent instead of the current 5 percent on registration deposits for all its future housing schemes, the urban body said today. The decision was taken at a DDA meeting today at Raj Niwas here.

DDA said in a release here that the decision was taken in order to "narrow the gap" between the interest paid to the allottees and that charged for delayed payments for its housing schemes.

However, it added that old cases which have been settled shall not be reopened.

The decision will also apply to earlier "alive" schemes where the deposit has been kept for more than three months from the last date of closure of the scheme, the statement added.

It was also decided during the meeting that computerised bills would be made available for Dwarka sub-city and Lok Nayakpuram by June 30, which would also be accessible on the DDA website.

A one-time rebate in surcharge payment on water bills was also approved in the meeting for consumers in Dwarka and Rohini, who pay their outstanding bills in installments but within a certain time frame, it said.

Change of land-use for facilitating building of offices in certain areas was also approved, it said.

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Steelco Gujarat: Notice of offer for sale of shares by promoter

Spica Investments the promoter/promoter group of Steelco Gujarat has submitted a Notice of Offer for Sale an aggregate of 13,87,032 equity shares of face value Rs 10 each constituting 3.26% of the equity share capital of the Company.

Spica Investments Limited ("Seller") the promoter/promoter group of Steelco Gujarat Ltd (the "Company") has submitted to BSE a Notice of Offer for Sale an aggregate of 13,87,032 (Thirteen Lacs Eighty Seven Thousand and Thirty Two) equity shares of face value Rs. 10/- each constituting 3.26% of the equity share capital of the Company as on date exclusively through the Sellers broker named below on the separate window provided by the BSE Limited ("BSE").The Sale shall take place on the separate window of the BSE and shall commence on June 30, 2014 at 09:15 a.m. and shall close the same day at 03:30 p.m. Indian Standard Time ("Sale Date").Source : BSE

Read all announcements in Steelco Gujarat

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Subway Finance: Updates on outcome of board meeting

Subway Finance & Investment Company has informed that the Board of Directors of the Company at its meeting held on June 24, 2014, have appointed M/s. Kadhi & Associates, Chartered Accountants as Internal Auditors of the Company to conduct internal audit of the functions and activities of the Company for the year 2014-15.

Subway Finance & Investment Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 24, 2014, also have appointed M/s. Kadhi & Associates, Chartered Accountants as Internal Auditors of the Company to conduct internal audit of the functions and activities of the Company for the year 2014-15.Source : BSE

Read all announcements in Subway Finance

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Binani Industries recommends 30% dividend

Binani Industries has informed that the Board of Directors of the Company at its meeting held on June 24, 2014, have recommended a dividend at 30 percent (Rs 3/- per Equity Share) for the financial year ended March 31, 2014, subject to the necessary approvals.

Binani Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 24, 2014, inter alia, have recommended a dividend @ 30% (Rs. 3/- per Equity Share) for the financial year ended March 31, 2014, subject to the necessary approvals.Source : BSE

Read all announcements in Binani Ind

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Nifty may gain in opening bell: Maximus Securities

According to Maximus Securities, Nifty could gain 25.50 points at the opening bell.

Maximus Securities' Daily Report:

Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 25.50 points at the opening bell. Data on Monday showed US sales of existing homes climbed 4.9 percent to a 4.89 million annualised rate in May, the most since October.

A report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Nifty may open flat: ICICIdirect

According to ICICIdirect, Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 7450-7550.

ICICIdirect.com's Derivative Report:

Post a positive start, the Nifty remained under pressure for the majority of the day. However, towards the end, it managed to recover on the back of banking and oil & gas and closed only 18 points lower. Nifty futures premium declined and settled at 12 points. India VIX increased 0.61 percent and settled at 18.96.

FIIs sold Rs 214 crore while DIIs bought Rs 117 crore in the cash segment. FIIs sold Rs 15 crore in index futures and bought Rs 283 crore in index options. In stock futures, they sold Rs 457 crore.

The highest Put base stands at the 7500 strike with over 49 lakh shares. The highest Call base stands at the 7600 strike with over 75 lakh shares. The 7500, 7600 and 7700 Call strikes have seen addition of 12.05, 4.82 and 1.59 lakh shares, respectively. On the Put side, 7500, 7600 and 7700 strikes have seen reduction of 3.11, 4.20 and 1.57 lakh shares, respectively.

The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 7450-7550. The trading strategy would be to create longs near 7465-7470 for targets of 7500 and 7520. On the other hand, one can enter shorts if the index finds resistance near 7550.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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REIL Electricals to consider delisting proposal

REIL Electricals India has informed that a meeting of the Board of Directors of the Company will be held on June 28, 2014, to consider the Delisting Proposal and matters incidental thereto.

REIL Electricals India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 28, 2014, inter alia, to consider the Delisting Proposal and matters incidental thereto.Source : BSE

Read all announcements in REIL Electrical

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Maharashtra Scooters' AGM on July 15, 2014

Maharashtra Scooters has informed that the 39th Annual General Meeting (AGM) of the Company will be held on July 15, 2014.

To read the full report click here

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Make smart move don't pay off your mortgage early

Sukanya Kumar
RetailLending.com

Many people jump at the first opportunity to pay off their mortgage, and while it may seem like a great financial relief, a closer look can help us uncover the advantages of holding on to a mortgage until the end of its tenure.

There may be a belief that paying off a mortgage delivers peace of mind, financial freedom and a sense of financial security, but this belief may be short-lived once you compare it to the benefits of holding on to your mortgage. Many of my clients start off with this view, and it's surprising how many of them don't consider the benefits of not paying off your mortgage early. For a person unaware, it is an astonishing eye opener as its counter intuitive to their thinking. Let take a closer look at these benefits. 

#1 It's the cheapest loan available in India
With the current interest rate levels of home loans, it is certainly the cheapest form of credit available in India. Other financial lending products such as personal loans, educational loan, credit cards and business loans are significantly more expensive than home loan products. So this begs the question, why pay off the cheapest loan? Rather, it's better to pay off the other types of loans and hang on to your mortgage.

#2 Maximise on the retirement premium
Over the years with increase in inflation and cost of living, it is scary, at the least, to imagine living without a regular inflow of funds post retirement. Understanding this fear, retirement products to secure your future are available form banks today. In case of extra funds, it would make logical sense to invest this surplus into retirement products allowing one to have access to funds post retirement. It is advisable that people invest into these products rather than using them to repay the mortgage.

#3 It's a tax saving investment
Sections in the Income Tax Act, namely 24(b) and 80EE, allow for significant deductions on the interest payable on a housing loan. These deductions are major advantages of not paying off your mortgage early. Why pay it off and lose the tax benefit?

# 4 Saving for emergencies
We live in a world of uncertainty, and the need for surplus funds may arise at any time. It is always a good idea to keep a contingency fund for unplanned medical, repair, and accidental expenses that may just pop up their ugly head every once in a while. Surplus funds should be used as a contingency corpus for these types of expenses that none of us can predict.

# 5 Enjoying your retirement
After working for most of your life, we all deserve to enjoy our post-retirement phase. Saving for traveling the world, spoiling your grand kids, and just plain enjoying your life is a great idea. Most people spend 25-30% of their lifetime's earning post-retirement, why spend it in a cash-poor and miserable way? Invest into enjoying this phase of your life from now, and avoid using free funds in foreclosing your mortgage.

After analyzing the benefits, it's easy to see why you should resist foreclosing your home loan sooner than required. There are much better ways to use your surplus funds, and these methods are bound to give you true financial security, peace of mind and happiness. Maybe counter intuitive, but definitely the smarter move!

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TOP TEN RAINIEST CITIES IN INDIA ON FRIDAY

According to the latest weather update by Skymet Meteorology Division in India, good Monsoon showers will continue over most parts of Northeast and East India. Konkan, Goa and Karnataka along the west coast of peninsular India will also continue to receive good amounts of rain. As predicted, Southwest Monsoon has covered east Uttar Pradesh and is likely to cover central parts of the state in next 24 hours.

Here are the top ten rainiest cities in India on Friday, 20th June-

Cities State Rainfall (in millimetres) Cherrapunji Meghalaya 232 Gorakhpur  Uttar Pradesh 84.4 Darjeeling West Bengal 84.1 Karwar Karnataka 70.2 Bokaro Jharkhand 67 Agumbe Karnataka 68.4 Honnavar Karnataka 59.3 Burdwan West Bengal 59 Coochbehar West Bengal 51 Barpeta Assam 50  

By: Skymetweather.com

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Indian ADRs: ICICI, HDFC Bank, Tata Motors decline

In the technology space, Infosys was down 0.05 percent to USD 54.61 per ADR and Wipro declined 0.09 percent to USD 11.63.

Indian ADRs closed lower on Friday. In the technology space, Infosys was down 0.05 percent to USD 54.61 per ADR and Wipro declined 0.09 percent to USD 11.63.

In the banking space, ICICI Bank slipped 1.21 percent to USD 48.98 and HDFC Bank lost 1.42 percent to USD 46.45.

Among others, Tata Motors dropped 1.55 percent to USD 38.86 while Dr Reddy's Laboratories gained 0.35 percent to USD 40.59.

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Wall St sets records on interest rates view; dollar gains

Wall Street equities rose on Friday for a sixth straight session and hit new highs, boosted by money managers convinced that US policymakers will keep a lid on interest rates through 2016.

Prices of US Treasuries steadied after early declines blamed on a weak sale of inflation-linked bonds, and the dollar rose as investors chased higher US bond yields.

Oil prices backed away from nine-month peaks triggered by worries about the turmoil in Iraq but held at lofty levels.

US equities rallied for a sixth straight session and took the benchmark Standard & Poor's 500 and Dow Jones industrial indices to record highs. For the week, the Dow was up about 1 percent and the S&P 500 gained 1.4 percent.

The Dow Jones rose 25.62 points, or 0.15 percent, to end at 16,947.08. The S&P 500 gained 3.39 points, or 0.17 percent, to finish at 1,962.87. The Nasdaq Composite added 8.71 points, or 0.20 percent, to close at 4,368.04.

"There continues to be this hope that the economy improves, that growth improves. But for the markets, a slow steady growth environment is pretty much nirvana," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

Federal Reserve Chair Janet Yellen on Wednesday effectively cleared the way for more Wall Street gains by suggesting that interest rates will remain low through 2016, several top US money managers told Reuters.

"What (we) have is a sweet combination of a self-sustaining, long-lasting economic expansion joined with a long-lasting monetary accommodation," said Steven Einhorn, vice chairman of hedge fund Omega Advisors Inc.

Most US Treasuries ended little changed, though long bond prices rallied as investors focused on inflation risks two days after the Fed played down a recent uptick in consumer price pressures.

"There's the thought that maybe (the Fed) will let inflation run a little bit higher and not raise rates," said Dan Mulholland, managing director at BNY Mellon in New York.

Benchmark 10-year notes US10YT=RR were last down 1/32 in price to yield 2.63 percent, up from 2.62 percent on Thursday. The notes yielded 3 percent at the beginning of the year. Prices of 30-year Treasuries were up 9/32 to yield 3.45 percent.

The higher yields helped the dollar, with the dollar index up 0.02 percent at 80.33. Against the yen, the dollar was last up 0.2 percent, at 102.12 yen JPY=, while the euro slipped 0.10 percent to USD 1.3597 EUR=.

Brent oil prices LCOc1 backed away from a nine-month peak as concerns receded that violence in Iraq, OPEC's second-largest producer, might disrupt supplies. Brent dropped 42 cents to USD 114.66 from a high of USD 115.71 touched on Thursday. US oil CLc1 added 75 cents to USD 107.18.

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Texmo Pipes starts commercial production of CPVC Pipes and Fittings

Texmo Pipes and Products has informed that commercial production of one of our most prestigious and much awaited project of CPVC Pipes and Fittings has been started with effect from June 19, 2014.

Texmo Pipes and Products Ltd has informed BSE that commercial production of one of our most prestigious and much awaited project of CPVC Pipes and Fittings has been started with effect from June 19, 2014. There are very few manufacturers of CPVC Pipes and Fittings in India as raw material and technology is very costly. Also there are very few suppliers of CPVC raw material in the world who gives material only after getting into agreement.CPVC Pipes and Fittings are mainly used in bathroom and sanitary. The special characteristic it possesses is of sustaining temperature upto + and - 100 degrees. The Company is already present in the market with full range of UPVC and SWR Pipes and Fittings. Now with commencement of CPVC Pipes and Fittings, The Company will be covering full range of bathroom and sanitary. In the near future, the Company will get big market share and sale will get major boost accordingly.Source : BSE

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Indian Hotels' rights issue committee meeting on June 24, 2014

Indian Hotels Company has informed that a meeting of the Rights Issue Committee - 2014 has been convened on June 24, 2014, to consider and approve, inter alia, the terms and conditions of the compulsorily convertible debentures to be issued, including entitlement ratio, pricing, tenor, coupon of the CCDs.

Indian Hotels Company Ltd has informed BSE that a meeting of the Rights Issue Committee - 2014 (the "Committee") of the Company has been convened on June 24, 2014, to consider and approve, inter alia, the terms and conditions of the compulsorily convertible debentures (the "CCDs") to be issued, including entitlement ratio, pricing, tenor, coupon of the CCDs and such other terms and conditions as the Committee may deem appropriate, by way of rights issue to the existing shareholders of the Company on the record date for an amount not exceeding Rs. 1,000 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended and other applicable laws (the "Rights Issue").The Board of Directors of the Company (the "Board"), at its meeting held on March 27, 2014, had approved the issue of the CCDs by way of the Rights Issue and had delegated authority to a duly constituted committee of the Board to decide the terms and conditions of the Rights Issue and other related matters.Source : BSE

Read all announcements in Indian Hotels

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Top 10 stocks to keep an eye on June 19

Top 10 stocks to keep an eye on June 19

Here are top 10 stocks you can keep an eye on June 19 - Federal Bank, Hindalco, United Spirits, Future Retail, Kotak Mahindra Bank, Strides Arcolab, Reliance Communication, Hanung Toys, Engineers India and IRB Infra.

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Fed dodged bullet for now; crude not worrying yet: Nomura

Michael Kurtz, chief-Asia Equity Strategist, Nomura, says Brent Crude is just one of the news that seem to be have a steep effect on the markets, but ends up not rising enough to be very risky.

Janet Yellen, chair, US Federal Reserve announced very remarkably unremarkable FOMC minutes, says Michael Kurtz, chief-Asia Equity Strategist, Nomura.

Speaking to CNBC-TV18 on the FOMC minutes, Kurtz says the Fed chief has dodged a bullet as she didn't offer any particular commentary to lead the market to believe that Fed is even remotely inclined to hike the pace of tightening.

The Fed on Wednesday Fed pushed ahead with its plans to wind down its quantitative easing, reducing its monthly asset purchases from USD 45 billion to USD 35 billion beginning in July- something that was widely expected.

On the other news hogging all limelight-crude- Kurtz says it is just one of the news that seem to be have a steep effect on the markets, but ends up not rising enough to the risk levels.

"Brent crude is nowhere near a level that we would indicate as a market dampener. Yet," he adds.

Transcript to follow soon.

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Support for Nifty at 7580: Swastika Investmart

According to Swastika Investmart, support for Nifty is seen at 7580.

Swastika Investmart's market outlook:

Nifty bounced back from support of 7489 and breakout the trading range of 7480-7580; where the momentum in upside is likely to continue hence traders should remain long but as Nifty approaches 7700 mark they should keep some cautious approach; 7580 will be key intraday support level.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Indian rupee opens at 60.29 per dollar, slips 26 paise

Rupee is expected to gain as some of the indices in Asian markets have already started the day on a strong note. Range for the day seen between 59.70-60.50/dollar, says Pramit Brahmbhatt of Veracity

The Indian rupee slipped further in early trade on Wednesday. It has opened lower by 26 paise at 60.29 per dollar against previous day's closing value of 60.03.

The dollar index rose to 80.6 after the US CPI reading for May came in above market expectations and ahead of the FOMC decision tonight.

Also Read - Rupee not volatile, investors booking profit: Nick Parsons

Pramit Brahmbhatt of Veracity feels the rupee is expected to gain as some of the indices in Asian markets have already started the day on a strong note. "Range for the day is seen between 59.70-60.50/dollar," he adds.

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Sensex, Nifty open flat; MM, SBI, Reliance sluggish

L&T, HDFC, Reliance, SBI and M&M are major laggards while GAIL, TCS, Wipro, Tata Motors and Cipla are major gainers in the Sensex.

09:15

Moneycontrol Bureau
Live Market Commentary The market has opened in red as possibility of an Iraq civil war looms large. The Sensex is down 1.02 points at 25189.46 and the Nifty is down 8.50 points at 7525.05. About 349 shares have advanced, 216 shares declined, and 26 shares are unchanged.

L&T, HDFC, Reliance, SBI and M&M are major laggards while GAIL, TCS, Wipro, Tata Motors and Cipla are major gainers in the Sensex.

Support from international markets is unlikely with only US markets in the green. The Dow Jones Industrial Average ended 5.27 points ahead at 16,781.01 even as violence in Iraq shows no sign of abating. Asia is trading mixed on Iraq concerns.

The Indian rupee declined in early trade. It opened lower by 20 paise at 60.35 per dollar as against Monday's close of 60.15 a dollar.The dollar index lost momentum at 80.7 to end in the red ahead of the FOMC rate decision tomorrow, while the yen ruled at 4 month highs on account a heightened risk aversion in global markets.

Ashutosh Raina of HDFC Bank says, "The escalating tension in Iraq coupled with the WPI inflation data have resulted in USD/INR pair crossing the psychological figure of 60/dollar and settling above that level."

"The two-day FOMC meeting begins today and market will be keenly awaiting the outcome. We expect rupee to trade in a range of 60-60.50/dollar today," he adds
Precious metals, gold pared its early gains after the release of better than expected us economic data.

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ICVL Chemicals: Outcome of board meeting

ICVL Chemicals at its meeting dated June 16, 2014, approved the appointment of Vinay Kumar, Ashok Sharma, Vikash Rana as additional directors.

ICVL Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting dated June 16, 2014, approved the following:Appointment of the following Additional Directors:- Vinay Kumar- Ashok Sharma- Vikash RanaResignation of the following Directors:-Vipul Modi- Leena Modi- Siddhartha ShahShifting of Registered Office:From '66/1, Hansa Villa. Opp. Indian Gymkhana, Bhaudaji Cross Road, Matunga (C.R.), Mumbai, Maharashtra - 400019' to 'DBS House, Prescott Road, Fort, Mumbai - 400001' with effect from June 16, 2014.Source : BSE

Read all announcements in ICVL Chemicals

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See negative to flat opening: Way2Wealth

According to Way2Wealth, markets are likely to open on a negative to flat note, tracking muted trends in other Asian peers as stocks fell on fears the insurgency in Iraq could worsen and affect oil exports.

Way2Wealth's derivative report:

Markets closed in red, after oil and gas stocks fell as Brent crude surged to nine-month highs amid concerns that escalating violence in Iraq could disrupt oil supplies. Traders also choose to be cautious before the WPI data for the month of May for more cues.

Markets are likely to open on a negative to flat note, tracking muted trends in other Asian peers as stocks fell on fears the insurgency in Iraq could worsen and affect oil exports. Domestic traders too would be tracking developments in Iraq, and be cautious before the WPI data to be released today, which may make market trade in red again.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Market likely to open lower: Maximus Securities

According to Maximus Securities, the market is likely to open lower on first trading day of the week today as Asian stocks edged lower amid an escalation of violence in Iraq.

Maximus Securities' derivative report:

Nifty PCR-OI has increased to 0.96 from 1.06. Fall in the ratio may be due to decrease in PE of 7600 and increase in CE of 7600.

PE of 7500 and CE of 7700 are highest number of contracts traded.

The market is likely to open lower on first trading day of the week today, 16 June 2014 as Asian stocks edged lower amid an escalation of violence in Iraq. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 23.50 points at the opening bell.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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PM Modi warns of tough decisions ahead to improve economy

"I have taken over the reins of the country in circumstances when there is nothing left behind by the previous government. They left everything empty. The country's financial health has hit the bottom," Modi said.

With just a few days left for the commencement of Budget Session of Parliament, Prime Minister Narendra Modi on Saturday said that his Cabinet would take really tough measures to improve the economy of the country which is in shambles currently owing to the steps taken by the previous government.

Addressing BJP workers in Goa's Bambolim, PM Modi said, "In the coming years we will take tough decisions to improve the condition of country. People might even stop liking me in the coming times becuase of these tough decisions to improve the economy," said the PM dedicated the country's latest warship aircraft carrier INS Vikramaditya to the nation earlier in the day.

This is the first occasion in less than three weeks since taking over reins of power that Modi has made sharply critical comments on the previous Manmohan Singh government's performance.

"I have taken over the reins of the country in circumstances when there is nothing left behind by the previous government. They left everything empty. The country's financial health has hit the bottom," Modi said.

However, in the short run, such measures may not go down well with everybody, he said.

"I am well aware that my steps may dent the immense love that the country has given to me. But when my countrymen would realise that these steps would result in getting the financial health back, then I will regain that love," said the Prime Minister.

On the other hand, if these tough measures were not taken, the financial situation would not improve, he said, adding "we need to take action wherever required".

"We won't be helping the country by praising Modi and praising BJP. There is no guarantee that just singing praise of Modi would improve the situation. We need to take harsh measures to improve the financial situation," he said.

Shortly later, Modi tweeted that "time has come to take tough decisions in the interest of the nation. Whatever decisions we take will be solely guided by national interest".

(With inputs from PTI)

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Outlook for 10 day Monsoon Performance

Southwest Monsoon has been making a slow advancement after making a sluggish start this year. Nevertheless, according to the latest weather update rain is picking up now. Tropical cyclone 'Nanauk' had been restricting the actual outburst of Monsoon in India. Now that the system has weakened it lost its hold over the monsoon current, allowing free flow of westerly winds favourable for the Monsoon surge. Rain will gradually pick up from now on across the country. Here's an outlook of Monsoon performance in coming 10 days:

A small system developing in the Bay of Bengal in the form of a cyclonic circulation will enhance rain over the west coast of peninsular India. Monsoon rain will gradually pick up in Mumbai and the city will receive good showers next week. Intensity of rain over the interiors of South India will also increase gradually in coming 10 days. Southwest Monsoon will cover entire West Bengal, Bihar and touch east Uttar Pradesh by the 21st of June. Monsoon is still behind schedule as normally by the 15th it should have covered Bengal, Bihar and reached central parts of Uttar Pradesh. As of 13th June, the northern limit of monsoon (NLM) passes through- Ratnagiri, Agumbe and Madikeri in west coast, Chennai in east coast, And Coochbehar and Gangtok in Sub Himalayan West Bengal and Sikkim. The onset of Monsoon phase should normally witness significant rain and the actual outburst of Southwest Monsoon is expected in the coming week. Here's a look at the Monsoon performance from 1st to 10th June-

National - The national cumulative average Monsoon rain was deficient by a whopping 43% until the 10th June. Kerala and Karnataka- Monsoon rain over Kerala witnessed to be deficit by 40% while coastal Karnataka was deficit by 80%. Northeast India- Assam and Arunachal Pradesh were deficit by 25%. Nagaland, Manipur, Mizoram and Tripura have hardly received rain accounting for 80% deficit. Sub Himalayan West Bengal- This region has been witnessing good Monsoon showers and is surplus by 60%. In the next 10 days, rain will increase over the country but will fail to cover up the deficiency.By: Skymetweather.com

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Potential Fund Raise at LT?

L&T Finance is all set for an offer for sale today with 1.65 crore shares being offered at a floor price of Rs 74 per share. CNBC-TV18's Nimesh Shah has more details.

L&T Finance  is all set for an offer for sale (OFS) today with 1.65 crore shares being offered at a floor price of Rs 74 per share. CNBC-TV18's Nimesh Shah has more details.

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Nifty to trade between 7590-7740: Magnum

According to a report by Magnum Equity Broking, the Nifty is expected to trade rangebound between 7740 and 7590.

Magnum Equity Broking's market report:

Indian market ended flat on Tuesday after hitting record highs for the third consecutive session as gains in defensive stocks such as healthcare and technology were offset by profit-taking in the broader market. The Sensex ended 0.01 percent higher at 25,583.69, while the Nifty closed up 0.02 percent at 7,656.40. Earlier in the session, the Sensex rose as much as 0.51 percent to hit a record high of 25,711.11, surpassing the highest level of 25,644.77 hit on Monday and Nifty rose 0.37 percent to hit a fresh all-time high of 7,683.20, crossing the level of 7,673.70 touched on Monday.

Investors took profits in recent outperformers such as Oil and Natural Gas Corp., while recent underperformers such as Infosys Ltd saw some buying interest. ONGC fell 2.78 percent, adding to its 2.7 percent fall on Monday after it rose 12.1 percent to an all-time high on Friday. However, stocks in defensive sectors such as technology and healthcare saw some buying interest as investors look to reduce risk and volatility in their portfolios as local indexes edge lower on profit-taking. Yet, the sentiment remained upbeat as investors are optimistic ahead of the newly formed Modi
government's first Union budget, expecting promises on the revival of the domestic economy.

US stocks were little changed on Tuesday, with the S&P 500 halting its record-smashing run, as investors considered valuations. Asian equity markets were mixed on Wednesday with momentum subdued following a lackluster session on Wall Street.

Global cues are mixed today, with them SGX Nifty is showing just 5 points up move in morning trade indicating that Indian market may open little positive today and Nifty is expected to trade rangebound between 7740 and 7590.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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If market corrects post-Budget, jump in to buy: Samir Arora

Samir Arora of Helios Capital sees the Budget as the next big trigger for the market, though it is likely to be an incremental one instead of 'big bang.' It could disappoint the market, but will be a positive for the economy as a whole, he said.

The market could rise another 3-4 percent in the run up to the Union Budget, feels Samir Arora of Helios Capital. In an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Arora said the pace of the rally was unnerving, but India was clearly in a bull market.

He sees the Budget as the next big trigger for the market, though it is likely to be an incremental one instead of 'big bang.' It could disappoint the market, but will be a positive for the economy as a whole, he said.

He expects a big sell-off in some stocks after the Budget, but said it would be a good opportunity to enter the market as there will be plenty of opportunities.

His fund is 98 percent invested right now, against its historical average of 60-70 percent.

As for retail investors, the best way to enter the market would be to gradually buy mutual funds .

Stay tuned for more...

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Nifty to trade between 7670-7500: Magnum

According to Magnum, Indian market would open buoyant today and Nifty is likely to trade between 7670 and 7500 with positive biasness.

Magnum's market report:

Indian market surged to a record high on Friday as blue-chips including oil and gas companies rose on continued optimism about policy reforms by the new government. The Sensex gained as much as 1.6 percent to hit an alltime high of 25,419.14. The index closed 1.51 percent higher at 25,396.46, posting a 4.9 percent gain for the week. The broader Nifty surged as much as 1.59 percent to a record high of 7,592.70. The index closed 1.46 percent higher at 7,583.40, marking a 4.9 percent rise for the week.

Upstream oil and gas companies led the rally on expectation that the new business friendly government of Prime Minister Narendra Modi would usher in substantial reforms. Shares of Oil and Natural Gas Corp gained as much as 12.1 percent to an all-time high of 469.85 rupees. The stock closed 11.1 percent higher at 465.65 rupees, adding to the 1.9 percent gain on Thursday, amid continued hopes about reforms in the sector. Shares in other oil and gas companies also gained with the BSE's oil and gas index closing 4.82 percent higher.

Local shares were also underpinned by foreign fund inflows into equity markets for the fifth straight session on Thursday.

US stocks closed at all-time highs on Friday for a third week of gains after the May jobs report showed slow but steady improvement in the labor market. Asian stocks kicked off the week with gains following positive data releases from the region's two biggest economies and a strong US lead.

Global cues are upbeat today with them SGX Nifty is showing 42 points up move in morning trade indicating that Indian market would open buoyant today and Nifty is likely to trade between 7670 and 7500 with positive biasness.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Check out the motoring news from the world this week

It is now time for all the news from the motoring world this week.

It is now time for all the news from the motoring world this week.

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TOP TEN HOTTEST PLACES IN INDIA

According to the latest weather update by Skymet Meteorology Division in India, summer heat conditions have further strengthened its grip in Rajasthan. Heat wave conditions prevailed at many places in Punjab, Rajasthan, Madhya Pradesh, Uttar Pradesh and Vidarbha and at a few places in Haryana and Delhi. The hottest place in the country was Churu followed by Ganganagar and Satna.

The Palam Observatory in Delhi that recorded 47.2°C as maximum has also entered the list of top ten hottest places in India since Thursday.

Places State Maximum temperature on Friday Forecast trend for next 24 hours Churu Rajasthan 48.6°C Drop Sri Ganganagar Rajasthan 48°C Drop Satna Madhya Pradesh 48°C Same Damoh Madhya Pradesh 47.7°C Same Bikaner Rajasthan 47.6°C Same Nowgong Madhya Pradesh 47.6°C Drop Banda Uttar Pradesh 47.6°C Drop Brahmapuri Maharashtra 47.5°C Same Barmer Rajasthan 47.4°C Drop Palam Delhi 47.2°C Same Wardha Maharashtra 47.2°C Same  

By: Skymetweather.com

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U.S. stocks rise on solid U.S. May jobs report; Dow up 0.52%

Investing.com - Investing.com - U.S. stocks rose on Friday after data revealed the U.S. economy added more than 200,000 new nonfarm payrolls in May for a fourth consecutive month.

At the close of U.S. trading, the Dow 30 rose 0.52%, the S&P 500 index rose 0.46%, while the NASDAQ Composite index rose 0.59%.

The Volatility S&P 500 index, which measures market volatility, was down 7.76% at 10.75.

The U.S. Labor Department reported earlier that the economy added 217,000 in May, close to market expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain, which drew market applause.

The report also showed that the U.S. unemployment rate remained unchanged at 6.3% last month compared to expectations for a rise to 6.4%.

U.S. stocks continued to applaud the European Central Bank's decision to cut its benchmark interest rate on Thursday to a record-low 0.15% from 0.25%, cut its deposit rate to -0.1% and said it will support the banking sector to spur lending via targeted long-term credit injections.

Many U.S. companies are significantly exposed to European markets.

Leading Dow Jones Industrial Average performers included American Express Company (NYSE:AXP), up 2.27%, Goldman Sachs Group Inc (NYSE:GS), up 2.24%, and Intel Corporation (NASDAQ:INTC), up 1.86%.

The Dow Jones Industrial Average's worst performers included Pfizer Inc (NYSE:PFE), down 1.16%, The Travelers Companies Inc (NYSE:TRV), down 0.64%, and McDonald's Corporation (NYSE:MCD), down 0.51%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.76%, France's CAC 40 rose 0.71%, while Germany's DAX rose 0.40%. Meanwhile, in the U.K. the FTSE 100 rose 0.66%.

Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

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SP 500, Dow end at record highs after jobs data

US stocks rose on Friday, with the Dow and the S&P 500 closing at records, after the May payrolls report provided the latest confirmation of improving economic conditions.

The CBOE Volatility index, Wall Street's so-called fear gauge, ended down 8.1 percent at 10.73, its lowest level since February 2007.

The VIX, which tends to rise when volatility increases or the market drops, has been on the decline for months and is well below its historical average of 20, which some see as a sign that investors are ignoring concerns that could derail the rally.

The day's gains were broad and led by cyclical sectors, which outperform in times of economic expansion. Industrial shares jumped 1 percent while energy shares rose 0.8 percent. The only S&P 500 sector that fell was healthcare, a defensive group, down 0.1 percent.

About 217,000 jobs were added in May, slightly fewer than expected, while the unemployment rate held steady at 6.3 percent. This was the first time job growth has topped 200,000 for four consecutive months since January 2000.

While the report did not point to spectacular growth, "the main thing is that the world's biggest economy is moving in the right direction and slowly gathering momentum," said Marcus Bullus, trading director of MB Capital.

The Dow Jones industrial average rose 88.17 points or 0.52 percent, to 16,924.28, the S&P 500 gained 8.98 points or 0.46 percent, to 1,949.44 and the Nasdaq Composite added 25.17 points or 0.59 percent, to 4,321.40.

With the day's gains, the S&P 500 marked its sixth record close in the past seven sessions.

For the week, the Dow rose 1.2 percent, the S&P 500 rose 1.3 percent and the Nasdaq rose 1.9 percent.

Mining equipment maker Joy Global Inc jumped 3.9 percent to USD 64.11, building on its 6.7 percent rally on Thursday on the back on strong results, for its biggest weekly gain since August 2012.

Peabody Energy Corp was the biggest percentage decliner on the S&P 500, dropping 1.4 percent at USD 16.34 after Goldman Sachs downgraded the stock to "neutral."

Hertz Global Holdings Inc tumbled 9.1 percent to USD 27.73. The car rental company said it would restate financial results for the past three years to correct accounting errors.

Novavax Inc was the Nasdaq's most active stock, down 7.9 percent to USD 4.17 in heavy volume a day after a public offering of 25 million common shares was priced at a discount to its Thursday close.

Trading volume was around 5.27 billion shares on US exchanges, below last month's average of 5.75 billion, according to data from BATS Global Markets.

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Expect positive opening: Way2Wealth

According to Way2Wealth, markets are expected to open on positive note on back of strong global cues.

Way2Wealth's derivative report:

Markets are expected to open on positive note on back of strong global cues but on higher side will see immediate resistance around 7500-7540 levels. Call writing at 7500 will act as stiff resistance for indices and profit booking is advisable for short term positions.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Nifty may sniff 8000 pre-Budget, then sell off: Geosphere

In an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Sanger said India's structural advantage can help drive growth, in turn attracting the attention of global money managers.

Geosphere Capital Management's Arvind Sanger sees the Nifty closing in on 8000 pre-Budget in anticipation of policy reforms. In an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy, Sanger said India's structural advantage can help drive growth, in turn attracting the attention of global money managers.

He said select oil and gas shares can rise 20-25 percent from these levels if the government clarifies on its energy pricing policy. HPCL ,  BPCL and  ONGC are the stocks he is bullish on. Sanger said he will advise investors to increase exposure to the sector if a decision on gas pricing is taken soon.

Also Read: Mirror, mirror on the wall, who is most bullish of them all

Sanger said he has been buying midcaps for the last few months and thinks they are still a good bet because the risk-reward ratio is not too high.

He is advising investors to be cautious about what they buy in the run-up to the Budget as he expects a sell off after the event.

On global developments, Sanger says the European Central Bank's latest move of negative interest rates is unlikely to boost growth in Europe.

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Positive on market, Sensex Dec-end target at 27,200: Nomura

"Our 27,200 December-end Sensex target is based on a conservative below-consensus 12 percent CAGR earnings growth for FY15 and FY16. However, we continue to expect the market to re-rate in the near-term on expectations of a pick-up in growth and further downside to interest rate expectations," says Prabhat Awasthi, Nomura.

Prabhat Awasthi, Nomura says the brokerage house maintains positive stance on the market. "Our 27,200 December-end Sensex target is based on a conservative below-consensus 12 percent CAGR earnings growth for FY15 and FY16. However, we continue to expect the market to re-rate in the near-term on expectations of a pick-up in growth and further downside to interest rate expectations," he adds.

He further says, Nomura remains overweight on IT services and would be buyers on dips. "Our top stock picks remain Axis Bank , ICICI Bank , SBI , YES Bank , Reliance Industries , BPCL , GAIL , Coal India ,  Container Corporation and Adani Ports & SEZ ," he adds.

Abhay Laijawala, Deutsche Equities says the brokerage house remains confident that India's new government will deliver on its economic agenda, which should in turn drive equity returns. Deutsche reiterates December 2014 Sensex target of 28,000, he adds.

According to him, MSCI India is trading at 1-year forward PE of 15.6x which is a 53 percent premium to MSCI EM (emerging market). "While MSCI India is trading 4 percent above its long-term average, high premium is also attributable to below-average valuations of MSCI EM," he adds.

He further says, within sectors, Deutsche has seen a sharp re-rating in industrials, materials while defensives, IT and healthcare have de-rated. "Consumer staples and telecoms, however, continue above long-term average relative PE to MSCI India," he adds.

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Sebi may allow investors to sell stakes via OFS mechanism

Sinha said Sebi is also considering allowing more companies to tap the OFS route. At present, only the top 100 companies by market capitalisation are allowed to sell shares through this route.

Market regulator Securities and Exchange Board of India (SEBI) said it is considering a proposal to allow large investors of publicly listed firms to sell their stake through the offer-for-sale (OFS) mechanism.

"We are considering a proposal to allow large investors in publicly traded firms to sell their stakes through the OFS mechanism," Sebi Chairman U K Sinha told reporters on the sidelines of a conference here.

Also read: Govt should follow 25% public-float rule for PSUs: Sebi

At present, OFS mechanism enables only promoters of already listed companies to sell or dilute their existing shareholdings through an exchange-based bidding platform.

Sinha said Sebi is also considering allowing more companies to tap the OFS route. At present, only the top 100 companies by market capitalisation are allowed to sell shares through this route.

While acknowledging regulatory hurdles to IPOs, Sinha pointed out that reluctance of companies to comply with prescribed governance norms is equally responsible for the lacklustre IPO market.

He advised companies not to push back but adopt best practices to attract domestic and international investors. Sinha said Sebi is adopting measures to ensure that filing of information just once with the Sebi would be adequate compliance through the Annual Information Memorandum, which is likely to be operational within three months.

He said Know Your Customer (KYC) norms across the financial sector would be integrated with the co-operation of all other financial sector regulators.

He said revised ESOP guidelines which would soon be issued by SEBI would be progressive and would resolve existing anomalies. He also mentioned that minimum public shareholding norms would be made neutral vis-a-vis ownership.

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Bearish on capital goods; like auto, energy: Ridham Desai

Ridham Desai of Mogan Stanley thinks cyclical stocks still have upside left as investors are in the process of switching from defensives to cyclicals in anticipation of a economic recovery.

Morgan Stanley's Ridham Desai feels investors should be invested in cyclical stocks at this point. In an interview to CNBC-TV18's Sonia Shenoy and Nimesh Shah, Desai said he is recommending investors to buy automobile, energy, cement and private bank stocks. He is however, bearish on capital goods shares, as he feels an upswing in capex cycle could take longer than what the market is expecting.

Desai sees technology stocks as contrarian bets, which could pay off over the longer term.

While the market is pleased with RBI's dovish tone at in its second credit policy, Desai feels that may not necessarily be a good thing for the market. According to Desai, the dovish stance is a positive only if the government backs the central bank's efforts to rein in inflation, with a credible fiscal consolidation plan.

Desai thinks cyclical stocks still have upside left as investors are in the process of switching from defensives to cyclicals in anticipation of a economic recovery.

He is cautious of investing in FMCG shares at this point because of high valuations, and feels autos offer a better risk-reward ratio.

Also read: Morgan Stanley sees secular bull run; Nifty at 10K in 2 yrs  

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Indian rupee opens at 59.42 per dollar

According to NS Venkatesh of IDBI Bank, expect rupee to trade between a narrow range of 59.3-59.5/dollar."

The Indian rupee slipped marginally in the early trade on Wednesday. It opened lower by 4 paise at 59.42 per dollar as against previous day's closing value of 59.38 a dollar.

NS Venkatesh of IDBI Bank expect rupee to trade between a narrow range of 59.3-59.5/dollar.

He also expects the yield on the 10-year bonds to range between 8.5-8.55 percent.

Also Read - RBI eases norms for foreign investors

The euro clings to modest gains having been squeezed higher in what some traders described as a 'buy-the-rumor-sell-the-fact' move in the wake of subdued euro zone inflation data.

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Support for Nifty at 7185: Way2Wealth

According to Way2Wealth, for Nifty the next immediate support level is pegged at 7185, we expect this decline to continue until this support level is hit, on breach of the same sharp sell-off is expected.

Way2Wealth's technical report:

The Nifty in the past session almost tested the rising resistance line on the hourly chart and turned its direction. The index violated the previous swing low of 7230 and ended well below the same. The next immediate support level is pegged at 7185, we expect this decline to continue until this support level is hit, on breach of the same sharp sell-off is expected.

Traders can continue to hold short position and trail SL to 7311. Negative divergence can be observed on the hourly chart which indicates southwards journey to continue in the index.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Bull's Eye: Buy Aurobindo, Sadbhav Engg, Polaris, BEML

Sharmila Joshi, independent market expert advises buying VIP Industries for a target price of Rs 107 and Aurobindo Pharma for a target price of Rs 680.

Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose portfolio is the strongest.

On Bull's Eye this week - Sharmila Joshi, Paras Bothra and Kunal Saraogi are battling it out for the strongest portfolio. Let's hear out their picks for today.

Sharmila Joshi, independent market expert

Buy  VIP Industries for a target price of Rs 107 and keep a stoploss at Rs 102

Buy  Aurobindo Pharma for a target price of Rs 680 and keep a stoploss at Rs 663

Buy  Voltas for a target price of Rs 191 and keep a stoploss at Rs 185

Buy  BEML for a target price of Rs 670 and keep a stoploss at Rs 646

Disclosure: She doesn't hold any stocks discussed but may have recommended them to clients.

Paras Bothra, Ashika Stock Broking

Buy  Sadbhav Engineering for a target price of Rs 220 and keep a stoploss at Rs 167

Buy  Navneet Education for a target price of Rs 90 and keep a stoploss at Rs 73

Buy  Can Fin Homes for a target price of Rs 400 and keep a stoploss at Rs 335

Buy  Balmer Lawrie for a target price of Rs 520 and keep a stoploss at Rs 434

Disclosure: He doesn't hold any stocks discussed but may have recommended them to clients.

Kunal Saraogi, Equityrush

Buy  Polaris for a target price of Rs 224 and keep a stoploss at Rs 206

Short  REC for a target price of Rs 301 and keep a stoploss at Rs 330

Buy  Federal Bank for a target price of Rs 121 and keep a stoploss at Rs 113

Short  HDIL for a target price of Rs 86 and keep a stoploss at Rs 95

Disclosure: He doesn't hold any stocks discussed but may have recommended them to clients.

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Cadila recalls over 10K bottles of anti-allergy drug in US

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.

The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."

Comments from Cadila Healthcare could not immediately be obtained.

Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.

Cadila Health stock price

On May 12, 2014, Cadila Healthcare closed at Rs 1000.25, up Rs 7.80, or 0.79 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 23.19. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.37.

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Madhya Pradesh experiencing heat wave; Northeast remains cool

Just as temperatures drop a little in parts of Rajasthan, Madhya Pradesh and Vidarbha snatched its position of the hottest region. On Friday thunderstorm activity was observed over north Rajasthan, Punjab, Haryana, Delhi and parts of west Uttar Pradesh.

According to the latest weather update by Skymet Meteorology Division in India, moisture laden south westerly winds favoured the abating of heat wave from most parts of Rajasthan but such conditions prevailed at a few places over Gujarat, Rajasthan, east Uttar Pradesh, Madhya Pradesh and Vidarbha.

Maximum temperature of 46°C or more has been recorded at several places including Nowgong, Chandrapur, Kota, Damoh, Khajuraho, Wardha and Brahmapuri.

Weather in Northeast India and West Bengal

Meanwhile, West Bengal and Northeast India continues to remain cool and comfortable with maximums hovering around 32°C. Silchar in Assam received 14 mm, while Cherrapunji  received 21 mm of rain on Friday.

In West Bengal, Bankura received 34.4 mm of rain, Asansol received 10.6 mm, Burdwan 33 mm, Sriniketan 28 mm, Bahrampur 21 mm, Malda 24 mm of rain. In most of the places temperatures have come down to comfortable levels. Thundershowers will continue in the state and Northeast India for the next 48 hours.

According to the latest weather update by Skymet Meteorology Division in India, the cyclonic circulation over Gangetic West Bengal and a trough extending from the system up to Telangana is responsible for bringing such heavy showers.

By: Skymetweather.com

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