After two days of losses, Indian shares are set to open on a firm note today. Carrying forward the reforms process, the government has notified the rules for FDI in multi-brand retail, aviation, power exchanges & broadcasting and cleared nine road projects worth Rs. 11,596 crore in a bid to give a push to the infrastructure sector.
Monsoon rains were 44 percent above average in the week to September 19, the Indian Meteorological Department said, easing fears of a drought and making it easier for policy makers to focus on improving growth.
On the political front, Mayawati's Bahujan Samaj Party distanced itself from the nationwide strike called by the NDA and non-UPA parties on Thursday, suggesting that BSP enjoys friendly relations with the Congress party. Likewise, Samajwadi Party supremo Mulayam Singh Yadav led the protests against fuel price hike and FDI in retail sector in the national capital, but the state-level SP leaders were conspicuous by their absence, media reports suggest.
Prime Minister Manmohan Singh is expected to address the nation today to explain the reasons and situation that forced his government to kick-start economic reforms.
Indian shares fell notably on Thursday, mirroring weak cues from Asia and Europe as disappointing economic data from China, Japan and Europe stoked worries that the global slowdown could be more severe than meets the eye. The benchmark 30-share Sensex ended the session down 147 points or 0.79 percent at 18,349, while the broader Nifty index fell by 46 points or 0.82 percent to 5,554.
Provisional data released by BSE shows that foreign institutional investors turned net sellers in Indian equities and offloaded shares worth Rs.73.67 crore yesterday, while domestic financial institutions sold shares to the extent of Rs. 331.11 crore.
Zee Entertainment Enterprises has launched a 24-hour Bangla movie channel -'Zee Bangla Cinema'.
Mahindra & Mahindra Financial Services said it has sold a 12.27 percent stake in its wholly-owned subsidiary, Mahindra Insurance Brokers, to Inclusion Resources for Rs.64.33 crore.
Ruia family-promoted Essar Ports has refinanced its debt in its subsidiary Essar Bulk Terminal through take-out finance scheme of India Infrastructure Finance Company.
Amtek India has raised $70 million through the issue of foreign currency convertible bonds.
Kishore Biyani-led Future Group said it would acquire Express Retail Services, which runs Big Apple stores, for Rs. 61.35 crore in an all-cash deal.
Asian markets are rising across the board, as oil and copper rebounded and Apple Inc.'s iPhone 5 debut lifted tech shares. Key benchmark indexes in Australia, China, Hong Kong, Japan and South Korea are up between 0.4 percent and 0.7 percent.
U.S. And European Markets
U.S. stocks recouped early losses to end on a mixed note overnight after data showed new claims for jobless benefits remained relatively high last week. The Dow crept up 0.1 percent to end in positive territory, while the tech-heavy Nasdaq and the S&P 500 were stuck in the red, ending down 0.2 percent and 0.1 percent, respectively.
European stocks also moved to the downside on Thursday, as disappointing European and Chinese manufacturing data overshadowed the news of a successful bond auction by Spain. The German DAX edged down marginally, while the U.K.'s FTSE 100 and France's CAC 40 slid about 0.6 percent each.
by RTT Staff Writer
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