Pharma, realty stocks in demand
Jan 30, 2014
Source : Business Standard

 

MUMBAI: Realty stocks rose after Reserve Bank of India (RBI) Governor Dr. Raghuram Rajan on Tuesday, 28 January 2014, said after the central bank's surprise hike in its key lending rates after a monetary policy review that once inflation comes down to comfortable levels, the RBI would have some room to cut rates. Purchases of both residential and commercial property are largely driven by finance.

DLF (up 1.24%), Indiabulls Real Estate (up 0.61%), Oberoi Realty (up 2.63%), HDIL (up 1.26%), D B Realty (up 1.76%) and Unitech (up 0.46%) gained.

In the foreign exchange market, the rupee edged higher against the dollar, tracking gains in the Asian currency markets after Turkey stunned investors with a huge hike in interest rates to support its currency lira. The partially convertible rupee was hovering at 62.16, compared with its close of 62.51/52 on Tuesday, 28 January 2014.

Turkey's central bank raised its repurchase rate to 10% from 4.5% and boosted other key borrowing costs at a late-night emergency meeting on Tuesday, 28 January 2014. Turkey's currency's slide to a record low coupled with Argentina's devaluation of the peso and concern over China's economy ignited a rout in world equity markets at the end of last week.

Asian stocks edged higher on Wednesday, 29 January 2014, after Turkey's central bank on Tuesday, 28 January 2014, more than doubled interest rates to arrest a currency slide that roiled global markets. Key benchmark indices in Hong Kong, China, Japan, Indonesia and South Korea rose by 0.42% to 2.12%. In Singapore, the Straits Times index fell 0.7%. Stock markets in Taiwan are closed untill 4 February 2014 for the Lunar New Year holiday.

Industrial output in South Korea increased 3.4 percent in December from November, the biggest gain since June 2009.

Trading in US index futures indicated that the Dow could advance 75 points at the opening bell on Wednesday, 29 January 2014. US stocks edged higher on Tuesday, 28 January 2014, as earnings at companies from Pfizer Inc. to D.R. Horton Inc. topped estimates.

The Conference Board's index of US consumer confidence rose to 80.7 in January from a revised 77.5 in December, the New York-based private research group said on Tuesday, 28 January 2014.

Federal Reserve officials have been scrutinizing US economic data to determine the timing and pace of reductions to asset purchases. The central bank, which concludes a two-day meeting today, 29 January 2014, decided at its December gathering to begin cutting its monthly bond buying by $10 billion to $75 billion.

US President Barack Obama on Tuesday, 28 January 2014, vowed aggressive action on helping the US economy, saying he would bypass Congress on key issues including creating a new retirement-savings program and raising the minimum wage for workers on new federal contracts. In his State of the Union address, Obama said the economy has grown for four years, that corporate profits and stock prices have "rarely been higher," and wealthy Americans have benefitted. But he said average wages have hardly budged, and inequality has deepened. "America does not stand still," he said. "And neither will I. So wherever and whenever I can take steps without legislation to expand opportunity for more American families, that's what I'mgoing to do," Obama said.

In his speech, Obama called on Congress to raise the minimum wage for all workers, fix the immigration system, and expand the Earned Income Tax Credit. He said that he would make it easier for states to build factories that use natural gas and that Congress should fund building of fueling stations. Republicans slammed the president for his pledge to go solo to help narrow the economic gap. "Instead of our areas of common ground, the president focused too much on the things that divide us - many we've heard before - and warnings of unilateral action. The president must understand his power is limited by our constitution," House Speaker John Boehner said in a stateme.

 

 

 

 

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