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Tuesday, October 30, 2012
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Markets wind up with modest gains ahead of RBI policy
Indian markets resumed the trading session on a positive note but trimmed all of its morning gains by the end of session. The Sensex inched 10 points higher and the Nifty rose by 1 point in trade today. Major headlines: BHEL hits monthly low after Q2 results Bank of India slips over 6% after Q2 results India aims to cut fiscal deficit to 3% of GDP by 2017 Credit Suisse upgrades Wipro to outperform
Better trades for the day
Global Cues: The European shares closed lower on Monday (October 29, 2012), FTSE100 down by 0.20%, CAC40 fell by 0.76% and DAX slipped by 0.40%. US stocks index futures fell in a shortened session on Monday and cash equity trading was canceled as powerful Hurricane Sandy bore down on the US East Coast, closing equity trading for Tuesday. Events for the day: Second-Quarter Review of Monetary Policy. Results: Biocon, Dr Reddy's Laboratories, Engineers India, Glenmark Pharmaceuticals, IDBI Bank, IRB Infrastructure Developers, Mcleoud Russel India, Maruti Suzuki India, Pidilite Industries, Satyam Computer Services, Shriram Transport Finance Co, SJVN, Thermax. Stock in news: Rel Media acquires 1.6 lakh shares of Cinemax. Suzlon Energy plans debt restructuring. Shah Family LLC offloads 1.6 mn shares in Hatsun Agro.
BSE Small-Cap, Mid-Cap indices slide
Key benchmark indices eked out marginal gains in choppy trade after Prime Minister Dr. Manmohan Singh announced a major reshuffle of his Council of Ministers on Sunday, 28 October 2012 and after Finance Minister P. Chidambaram today, 29 October 2012, announced a plan of fiscal consolidation during the period of the 12th Plan, i.e. from 2012-13 to 2016-17. The barometer index, BSE Sensex, advanced 10.48 points or 0.06%, off close to 110 points from the day's high and up about 55 points from the day's low. Index heavyweight Reliance Industries (RIL) edged higher after a change of guard at the oil ministry following the latest cabinet reshuffle. Index heavyweight and cigarette maker ITC also edged higher. The market breadth was negative. BSE Small-Cap and Mid-Cap indices both edged lower, underperforming the Sensex.
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