Asian Economic News
Indian Market Seen Weaker
11/18/2009 11:03 PM ET
(RTTNews) -
The Indian market may open on a flat to negative note on Thursday, tracking weak global cues after disappointing U.S economic data raised doubts about the strength of economic recovery in the world's largest economy. Trading is likely to remain range bound amid alternate bouts of buying and profit taking.
For the past few sessions, the market is trying hard to sustain above the key resistance levels. At the same time, a section of marketmen believe that there are no apparent signs of a broader sell-off in the near-term. Global news flow and cues from Europe may influence trading pattern for the day.
On the economic front, finance minister Pranab Mukherjee said on Wednesday that the huge foreign capital inflows are not a concern for now, but assured to take necessary action should the situation demand.
On Wall Street, stocks fell by slim margins on Wednesday, as worrisome data on inflation and the housing market prompted some traders to reduce positions in equities. The major averages closed in negative territory, although well off their worst levels of the day. The Dow moved down 0.11%, the Nasdaq by 0.48% and the S&P 500 by 0.05%. The Dow futures are currently trading down by 27 points.
The Indian ADRs also closed mostly lower. ICICI Bank and HDFC Bank fell around 2% each, MTNL declined 1.2%, Reddy's Laboratories shed 1.4% and Infosys and Mahindra Satyam eased by a percent each, but Wipro ended up 0.49%.
Crude oil finished moderately higher at $79.58 a barrel, up 44 cents on Wednesday after U.S inventories data showed draw-downs in crude oil, gasoline and distillates. In Asian trading, crude oil futures are now trading lower at $79.32 a barrel after the dollar rose against the euro on speculation U.S hedge funds may repatriate dollars by year-end.
The rupee strengthened further by 10 pasie to 46.20 against the dollar on Wednesday as the dollar weakened broadly against major global currencies.
In corporate news, HCL Technologies announced a partnership with software company Ubiquiti Inc. to provide automated warranty solutions to automotive manufacturers.
Hero Honda Motors may announce a special divided at the appropriate time as it is sitting on a huge cash reserve of over Rs.4,000 crore, the Economic times reported.
In an interview to the Wall Street Journal, Tata Group chairman Ratan Tata said that he had appointed "outside consultants" to find his successor.
An Empowered Group of Ministers will meet today to review progress on the auction of third generation spectrum.
1
2
Next Page
|
|