India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Tuesday, October 14, 2008
Daily News Roundup - Oct 14 2008
Jet Airways and Kingfisher Airlines announced a strategic alliance to help them reduce cost and enhance efficiency. (BS)
Oil India defers IPO on choppy markets. (BS)
Tata Teleservices plans to restructure the company to offset losses of around Rs51.4bn by way of capital revamp. (BS)
TCS bags Rs10bn Passport Seva Project from the government. (BL)
HCL Tech has purchased 6.7mn shares of Axon from the open market, representing 10.43% of Axon’s total paid up capital. (BS)
Tata Motors plans to launch Xenon, Indicruz, the new Indigo and Nano to rev up a sluggish sales growth. (ET)
HPCL is seeking by tender 130,000 tons of low-sulphur diesel and 57,000 tons of kerosene and gasoline for Dec-Jan delivery. (ET)
Nalco has cut aluminium prices by Rs4,500 a ton. (ET)
Jaiprakash Associates is planning to raise Rs20bn through a rights issue. (ET)
ONGC and GSPC are likely to fetch a minimum of 20% premium over Reliance Industries’ gas price. (FE)
Ranbaxy seeks nod for human clinical trials. (BS)
Emco Ltd has set up a US$20mn joint venture with Edison Power Ltd of South Africa for manufacturing transformers. (BL)
BSNL to roll out 3G services in North-eastern states and Chennai. (FE)
Axis Bank plans to form an asset management company with Geneva based Banque Privee Edmond de Rothschld Europe. (FE)
Dr Reddy’s, Ranbaxy and Wockhardt, are in race for Germany’s largest health insurer Allgemeine Ortskrankenkasse’s US$3.5bn drug supply contract. (ET)
Ipca Laboratories has entered into a strategic alliance with US-based Heritage Pharmaceuticals to manufacture and market Propranolol HCI Oral Tablets, used for cardiovascular treatment. (ET)
McLeod Russel has acquired Vietnam-based Phu Ben Tea company for ~US$7mn. (BS)
Reliance Brands forms JV with Italy's Diesel. (BS)
Apollo Hospitals International Ltd to invest Rs20bn in the next five years in developing reach hospitals, high-end hospitals and knowledge centres. (BL)
Wanbury has launched its new drug delivery system product Nitrofur SR targeted at urinary tract infections. (FE)
Dish TV and TataSky plan to roll out DVR technology. (FE)
Aurobindo Pharma has received US FDA approval for manufacturing and marketing of Fluconazole tablets used as an anti-fungal drug. (FE)
PS Saminathan, one of the promoters of Pyramid Saimira, plans to hike his stake in the company by ~25% to 51%. (ET)
Subhiksha Trading Services plans to invest upto 10bn to fuel its expansion plans; may dilute part of the promoter’s stake. (FE)
Subhiksha retail chain is likely to list on bourses through a reverse merger with its newly acquired publicly traded entity Blue Green Construction and Investments Ltd soon. (FE)
Economic Front Page
To ease the liquidity situation the government and the RBI are considering a special window to enable banks with farm loan relief scheme arrears to raise funds. (BS)
Post the 150 basis points cut in CRR call rates dropped below 10% as the liquidity condition eased. (BL)
The Government has set up a committee to look into 2G, 3G revenue split. (ET)
Car sales grew by 5.4% during H1 F09 as against 13% last year. (ET)
Indian Railways registered an increase of 17.64% in total earnings during H1 FY09. (FE)
The hydro power generation dipped by 11.8% to 12.15bu in September 2008 compared to 13.77bu in last year. (FE)
Forget castles, build foundations!
If you have built castles in the air, your work need not be lost;
that is where they should be. Now put the foundations under them.
Spikes of green may lead you to dream and build castles in the air. At the same time don’t forget the nightmares of recent months which could return at the drop of a hat. The bulls haven't had two successive days of strong rally in a while. That might change today. We expect the Indian market to extend Monday's smart pull-back after last week's big crash. Given the positive mood across global markets, the Indian bulls are unlikely to fall behind, though they already had a strong day in office on Monday. We expect yet another strong opening.
Having said that, there are still some doubts over the revival in sentiment, as credit markets are still frozen and liquidity remains a thorny issue. The Indian economy is also going through a bit of a rough and tough period and there will be challenges ahead. Monday's rally too was more due to covering of short positions rather than fresh buying. FIIs continued to be negative on India, as they net sold shares worth over Rs10bn (provisional) in the cash segment and purchases by local funds too fell over the previous sessions. There may be some more short covering in today's session, but one must not go overboard and start loading up on shares, as things could turn weaker again. Work towards a stronger portfolio which can weather future storms.
The Dow Jones Industrial Average registered its biggest single day point gain in recorded history on Monday. It gained 11%, as did the S&P 500 index and the Nasdaq. Leading European stock indices also logged solid gains. The Bovespa in Brazil was up a whopping 14.7%, though Russia's RTS index was probably the exception, as it fell 6.3%. Asian markets too have continued their good work of Monday, led by Japanese shares. The Nikkei in Tokyo has shot up by 13% as it resumed trading after a day's break. The Hang Seng was up 2.5% after surging by 10% on Monday. Indian ADRs have posted strong gains as well.
FIIs were net sellers of Rs10.61bn (provisional) in the cash segment on Monday while the local institutions pumped in Rs5.82bn. In the F&O segment, the foreign funds were net buyers at Rs23.82bn. On Friday, FIIs were net sellers of Rs23.23bn in the cash segment, taking their total outflows this year to more than $10.6bn.
Key Results Today: Honeywell Automation, IFCI, Jay Bharat Maruti, Jubilant Organosys, NDTV, Sonata Software, Gruh Finance and South Indian Bank.
After eight days of mayhem, US stocks bounced back with a vengeance, as investors cheered extraordinary efforts by nations across the globe to fight off the biggest financial crisis in decades.
The Dow Jones Industrial Average logged its biggest daily point jump on record, after global actions over the weekend, and on Monday revived confidence in the financial sector and credit markets.
The three major US stock indexes gained more than 11% each after the Federal Reserve said that central banks would offer banks unlimited amount of dollars and Europe said it would guarantee bank loans.
The Dow Jones Industrial Average shot up 936.42 points, or 11.1%, to finish at 9,387.61. It took the blue-chip US index until 1965 to gain 937 points, some 69 years after its creation.
The session marked the Dow's fifth-largest daily percentage gain, topping the 11.15% gained in late 1987.
The Dow earlier rose more than 975 points during the final 30 minutes of trade, giving the blue-chip index its biggest intraday gain ever, exceeding the 503.45-point intraday jump that came Sept. 30, and the 6.5% intraday percent gain on July 24, 2002.
The Standard & Poor's 500 index added 104 points, or 11.6%, its best one-day point gain ever. That was also the best percentage gain since Sept. 1932 and the fourth-best overall.
The Nasdaq Composite index added almost 195 points, the 10th best day on a point basis. The gain of 11.8% was its second-best ever, after a gain of 14.2% on Jan. 3, 2001, right near the end of the tech bubble.
US stocks were buoyant as investors worldwide welcomed a global effort to unfreeze the credit market and get money flowing through the system again.
Monday's rally increased market value by US$1.2 trillion, the largest single-day paper value gain ever. That cut in half the US$2.4 trillion in market value lost in the recent eight-session bloodletting.
Last week was the Dow's worst ever, ending a stunning eight-session selloff that knocked off a whopping 2,400 points off the blue-chip indicator. That represented a 22% decline in the Dow, something not seen since at least the 1930s.
Whether the rally can continue in the near term is unclear, as analysts debate whether the global markets put in a bottom on Friday. Right now, the experts are divided on this issue.
Gains were broad based, with all but 3 of the Nasdaq 100 gaining and all but 1 of the Dow 30 rising. The Dow's biggest gainer was General Motors (GM), which surged 33% amid reports that it has held merger talks with Chrysler.
US light crude oil for November delivery settled up $3.49 to $81.19 a barrel on the New York Mercantile Exchange. On Friday, oil prices plunged more than $8 to a 13-month low.
Oil prices have tumbled on bets of slowing demand since the price of crude hit an all-time high of $147.27 a barrel on July 11. Gasoline prices decreased for the 26th consecutive day, according to a survey of credit card activity by motorist group AAA.
COMEX gold for December delivery tumbled $16.50 to $842.50 an ounce. In currency trading, the dollar slipped against the euro and the yen.
European stocks surged on Monday, as France, Germany, Spain, the Netherlands and Austria committed €1.3 trillion (US$1.8 trillion) to guarantee bank loans and take stakes in lenders, in a bid to prevent the collapse of the regional financial system.
A regional stock benchmark rebounded after a week in which it lost more than 20% of it's value in a global rout, as investors welcomed news that leading nations would continue to take steps in a coordinated fight against the credit crisis.
In the wake of policy makers' joint statements out of Washington and Paris, the Dow Jones Stoxx 600 index rose nearly 10% to 225.55 in one of its best-ever sessions.
The French CAC 40 index rose 11.2% to 3,531.50, while Germany's DAX 30 index jumped 11.4% to 5,062.45 and the UK's FTSE 100 index closed up 8.3% to 4,256.90.
In the emerging markets, the Russian markets dropped 6.3% to 791. Elsewhere, the Bovespa in Brazil was up by almost 17% at 40,829 while the IPC index in Mexico rose 11% to 22,095 and Turkey's ISE National 30 index gained close to 1.6% to 36,905.
Indian market started off the week with smart gains on the back of a strong rally witnessed in the equity markets across the globe. Sentiments were further lifted after the FM, P Chidambaram assured that the government is working on more measures to infuse liquidity in the banking system and increase the confidence of depositors and investors.
Interest rate sensitive stocks, which were under immense pressure in the previous week, witnessed buying momentum at lower levels. Finally, the BSE benchmark Sensex ended 781 points lower to close 10,309 and the NSE Nifty index surged 210 points to close at 3,490.
Among the 30 components of the Sensex, 28 stocks ended in the green and only 2 stocks ended with negative bias. ICICI Bank, L&T, Infosys and HDFC Bank were among the major gainers. However among the major laggards were, Ranbaxy and ONGC.
Among the BSE Sectoral indices, BSE Bankex index (up 12.5%), BSE Capital Gods index (up 10.3%), BSE Consumer Durables index (up 10.2%), BSE Power index (up 9%) and BSE Realty index (up 9%).
After sliding over 40% on Friday, Core Projects further plummeted by over 58% at Rs59 on the back of heavy selling pressure. The scrip touched an intra-day high of Rs164 and a low of Rs57 and recorded volumes of over 1,00,00,000 shares on BSE.
Core Project had hit 52-week of Rs464 on December 28, 2007 and 52-week low of Rs57.1 on October 13, 2008.
Tata Communications surged by over 6.5% to Rs448 after the company announced that it has entered into a strategic alliance with Internet Systems Consortium, Inc. (ISC), to provide best-in-class Domain Name System (DNS) Hosting Services for both enterprise and service provider customers, DNS provides critical functionality for the Internet. The scrip touched an intra-day high of Rs448 and a low of Rs395 and recorded volumes of over 57,000 shares on BSE.
Shares of Jaiprakash Associates surged by over 6% to Rs80 after the company announced that the board of directors would meet on October 21, 2008 to consider Rights Issue.
The scrip touched an intra-day high of Rs83 and a low of Rs76 and recorded volumes of over 71,00,000 shares on BSE.
Havells India gained by 4.5% at Rs226 after 1.7% of equity shares was traded in three block deals.
~996,750 shares were sold at Rs233 per piece on the NSE and the BSE. The scrip touched an intra-day high of Rs233 and a low of Rs217 and recorded volumes of over 7,00,000 shares on BSE.
Shares of GMR Infrastructure surged by over 7% at Rs63 after the company announced that it inaugurated special lounge with nap & shower facility at the Rajiv Gandhi International Airport (RGIA). This facility is a new concept in Indian airports, is now opened at RGIA. The scrip touched an intra-day high of Rs65 and a low of Rs61 and recorded volumes of over 92,00,000 shares on BSE.
Shares of Era Infra advanced by over 4% to Rs79.1 after the company announced that it won contract worth Rs1.13bn. The scrip touched an intra-day high of Rs85 and a low of Rs77 and recorded volumes of over 31,00,000 shares on BSE.
Bullion metals end mixed
Sharp rebound in US stocks reduce appeal of yellow metal as safe investment haven
A strong rebound in US stocks and also stocks worldwide in the last twenty four hours pushed precious metals lower for third straight day on Monday, 13 October, 2008. Investors generally tend to seek safety in gold when the economy falls into turmoil and vice versa. But silver prices rose on that day
On Monday, Comex Gold for December delivery fell $16.5 (1.9%) to close at $842.5 an ounce on the New York Mercantile Exchange. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped significantly since then. Last week, gold prices ended higher by 3.1%.
For the third quarter ended September, 2008, gold prices ended lower by 5.1%. It was the first quarterly loss for the yellow metal since the second quarter in FY 2007. Prior to that, the yellow metal ended second quarter with a marginal gain of 0.7%. For first quarter prices gained 10.7%. This year, gold prices have gained 0.9% till date.
On Monday, Comex silver futures for December delivery gained 1.8% to $10.79 an ounce. Silver had ended month and quarter of September 2008 with a loss of 10%. It ended August with a loss of 2.4% and July 2008 with a gain of 3%. For the second quarter, it had gained a paltry 1.4%. Silver had gained 16% in Q1. Till date, silver has lost 29% this year. The metal also had gained for seven straight years.
In the US stock market on Monday, 13 October, the stock market, the indices finished sharply higher snapping an eight session losing streak in the process. The rebound was fueled by several governments taking steps to shore up the financial system and Morgan Stanley completing its deal to receive a capital infusion from a Japanese bank.
The U.S. is expected to outline a comprehensive plan of its own as soon as Tuesday, 14 October, 2008 and is likely to include interbank lending and bank debt guarantees, and direct capital injections in financial institutions.
Earlier this year, the weakening dollar and higher global demand for raw materials had led to records this year for commodities including gold. Gold reached a record in March as a U.S. housing slump and credit crisis spurred the Federal Reserve to slash borrowing costs. The Federal Reserve halted cuts to its target bank lending rate in April, after slicing it in seven steps to 2% from 5.25% in September.
Gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for December delivery closed lower by Rs 379 (2.8%) at Rs 13,068 per 10 grams. Prices rose to a high of Rs 13,600 per 10 grams and fell to a low of Rs 12,865 per 10 grams during the day’s trading.
At the MCX, silver prices for December delivery closed Rs 318 (1.7%) higher at Rs 18,764/Kg. Prices opened at Rs 18,446/kg and rose to a high of Rs 18,832/Kg during the day’s trading.
Crude crosses $80 again
Rebound in stocks worldwide perk up crude prices
Crude prices were back above the $80 mark on Monday, 13 October, 2008 after stocks worldwide rallied in the last twenty four hours.
Crude-oil futures for light sweet crude for December delivery closed at $81.19/barrel (higher by $3.45 or 4.19%) on the New York Mercantile Exchange. Prices rose to a high of $82.52 during intra day trading. Prices reached a high of $147 on 11 July but have dropped almost 60% since then. Crude coughed up 17% last week.
In the US stock market on Monday, 13 October, the stock market, the indices finished sharply higher snapping an eight session losing streak in the process. The rebound was fueled by several governments taking steps to shore up the financial system and Morgan Stanley completing its deal to receive a capital infusion from a Japanese bank.
The U.S. is expected to outline a comprehensive plan of its own as soon as Tuesday, 14 October, 2008 and is likely to include interbank lending and bank debt guarantees, and direct capital injections in financial institutions.
For the third quarter of the year crude prices ended lower by 28%. This was the biggest quarterly drop since 1991. Before that, crude prices had gained 38% in the second quarter of this year. It was the biggest quarterly increase in nine years. For the month of September, prices registered drop of 13%.
Investors are concerned that a prolonged credit crisis would further undermine an already waning demand for energy as global growth slows down.
Against this background, November reformulated gasoline rose 11.1 cents, or 6.1%, to close at $1.9176 a gallon, and November heating oil gained 13.1 cents, or 5.9%, to end at $2.341 a gallon.
November natural gas also moved higher, gaining 15.3 cents, or 2.3%, to finish at $6.688 per million British thermal units.
At the MCX, crude oil for October delivery closed at Rs 3,972/barrel, higher by Rs 8 (0.02%) against previous day’s close. Natural gas for October delivery closed at Rs 323.2/mmbtu, lower by Rs 1.2/mmbtu (0.36%).
Party Time ! - only if you bought last couple of days
Wall Street ended with sharp gains on Monday as investors moped up beaten down shares as the US governmnet pledged to infuse more cash into struggling banks. The Dow Industrial Average index zoomed over 11% to 8,451 (up 936 points). The Nasdaq soared nearly 12% to 1,844 (up 195 points).
The Indian ADRs too ended with huge gains. Wipro skyrocketed almost 40% to $9.26. ICICI Bank and Tata Communications zoomed nearly 30% each to $18 and $22, respectively. Infosys soared 23% to $29.51. Sterlite, Satyam and HDFC Bank rallied nearly 20% each.
Monday, October 13, 2008
Asian Markets Bounce Back
Hang Seng Lead The Gain As It Surged By 10.2%
The stock markets across the Asian region showed some recovery ending the first day of the week on a mixed note as the G7 and G20 meetings over the weekend restored a little confidence. In background stocks on Wall Street finished Friday's volatile session mixed amid concerns about the outlook for the global economy as a result of the current credit crisis. The Dow and the S&P 500 set new five-year closing lows. While the Nasdaq managed to close in positive territory, the Dow and the S&P 500 slid back into the red. The Nasdaq closed up 4.4 points or 0.3% at 1,649.51, while the Dow closed down 128.0 points or 1.5% at 8,451.2 and the S&P 500 shed 10.7 points or 1.2% to finish at 899.2.
In commodities, November crude-oil futures rose $3.73 to $81.43 a barrel in electronic trading recently, after dropping $8.89 to close at $77.70 a barrel on the New York Mercantile Exchange Friday.
In currency market the euro rose against the dollar and U.S. stock futures surged after the U.S. government said that it would take stakes in banks and European leaders initiated a plan that includes buying of debt that banks issue. The US dollar was quoted at 6.8298 yuan.
The New Zealand dollar was trading at US$0.6122 in early afternoon, up slightly from US$0.6019 in early deals. The kiwi closed Friday's session at US$0.5930.
The South Korean won jumped against the U.S. dollar on expectations that the government might step up intervention to support its currency and that global efforts to tackle financial turmoil might help increase liquidity in the local market. In early trade, the won was quoted at 1,250.3 a dollar, up 58.8 a dollar from Friday's close. The won fell to as low as 1,460.0 a dollar on Friday, its weakest level since April 1998, but ended the volatile session higher for a second straight day.
The gain in Asian equities was also powered by the statement issued by the Group of Seven (G7) issued in its meeting in Washington DC addressing the ongoing financial crisis. According to the statement released, " the G-7 agreed that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. The group agreed to take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
It has also decided to take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
It will ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
It will also ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
The group has urged to take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.
All this steps helped the equities to regain their confidence. The Australian and South Korean markets rebounded, but are off their highs, after policymakers around the world took steps, including guarantees on bank deposits and direct injection of capital into banks, to stem credit crisis. The Japanese market remained closed on account of a public holiday.
In Mainland China, the Shanghai stock index interrupted a weeklong fall to finish the session 3.6% higher, on sharp rebound in banks and financials after policy makers around the world took more bold moves to stem the financial crisis. The Shanghai Composite Index was 72.99 points, or 3.6% higher to 2,073.56, off the day’s high of 2,073.81 and low of 1,931.59.
On the economic front, China's trade surplus widened to a record in September, boosting the currency reserves that may shield the world's fourth-biggest economy from the global crisis. Exports rose 21.5% from a year earlier to $136.4 billion after gaining 21.1% in August. The trade surplus climbed to $29.3 billion, a figure derived by deducting the value of imports from the number for exports.
In another release, the National Bureau of Statistics said China’s consumer confidence index was 93.8 points in the quarter ended September 2008, down from 94.1 in the second quarter. The consumer expectations index, which focuses on economic outlook, decreased to 96.2 in the third quarter from 96.7 in the second quarter.
The Ministry of Commerce of China said that the Chinese companies had contracts abroad to provide outsourced services totaling 1.9 billion US dollars in the first eight months, up 17% from the same period last year.
In Hong Kong, the stocks shot sharply higher, recouping some of the steep losses from the previous week amid efforts by governments around the world to find a solution to the global financial crisis. The Hang Seng Index surged 1,515.29 points, or 10.2%, to end at 16,312.16, after losing more than 16% in the previous week. The index is still down 41.4% in 2008. The Hang Seng China Enterprises Index flared up 13.3% to 8,083.43.
The Australian stock market closed sharply higher, as word spread over the weekend that the government had moved to guarantee all deposits made by individuals into banks, credit unions, and building societies, which total about A$700 billion. The benchmark S&P/ASX 200 index was up 220 points or 5.55% at 4,180.70, after closing down 8.34% on Friday. The broader All Ordinaries index was gaining 202.40 points or 5.14% to 4,141.90.
On the economic front, a report released by Australia and New Zealand Banking Corp. showed that advertised job opportunities in Australia declined in September by a seasonally adjusted 1.4% from August.
In the meantime, Prime Minister Kevin Rudd said on Sunday, 12 October 2008, that the government would guarantee deposits held in Australian financial institutions for the next three years. The government also doubled to A$8 billion the funds available to improve liquidity in the financial markets
The New Zealand stock market closed the day on negative side after very volatile trading day. The continued its losing streak for the seventh day. The benchmark NZX 50 index was down by 22.92 points or 0.82% at 2,782.39 following Friday's 5% plunge. Prime Minister Helen Clark's assurance Sunday that the Government will guarantee all savers' deposits, taking on a liability worth up to NZ$150 billion to reassure local investors spooked by the worsening international crisis, also boosted market sentiment.
On the economic front, retail sales in New Zealand grew modestly in August due to higher spending at supermarkets. Statistics New Zealand reported that overall retail sales increased a seasonally adjusted 0.4%, or NZ$20, million over July.
The South Korean market closed today trading session in green as bargain hunting following Friday's steep losses. The benchmark Korea Composite Stock Price Index or KOSPI was up 47.06 points or 3.79% closing the day at 1,288.53.
On the economic front, the Bank Of Korea said that the sluggish economy and depreciation of the Korean won caused overseas spending by local travelers to fall this year for the first time since 2003. According to the Bank of Korea, foreign spending was US$10.02 billion in the first eight months of this year, down 6.1% from US$10.67 billion in the same period in 2007.
In Singapore the stock index finished the session sharp 6.6% higher on sharp rebound in banks and financials after policy makers around the world took more bold moves to stem the financial crisis. The market opened on a positive note after policymakers around the world took increasingly bold steps to rescue the financial system, including guaranteeing bank deposits and taking stakes in banks. The benchmark Straits Times Index was 128.02 points, or 6.57%, higher to 2,076.35.
In Philippines the stock exchange showed signs of strength for the first time in the current month as the markets edged up at a measurable pace as the benchmark index rose by as much as 2.2 % in early trade. The benchmark index PSEi went up by 0.99% or 20.95 points to 2,118.75, after it experienced the biggest drop since June 2006 on Friday, while the all shares index gained 0.85% or 11.78 points to 1,382.86. All six-sub indices also went up with property shares advancing the most by 3.21% or 22.20 points to 711.94.
In Thailand, the benchmark SET index ended positive as it gained by 5.39% or 24.37 points to end the session at 476.33. The market has gained on Monday after a consistent fall in the last week. The SET 100 recorded an increase of 6.64% or 44.31 points to close at 711.68. Likewise, the Set 50 rose by 7.07% or 22 points ending the session at 333.16.
In India, the domestic markets showed no sign of weakness today gaining consistently almost throughout the day on firm global equities. The BSE Sensex provisionally climbed 7.58%. Finance minister P Chidambaram's statement that the government was working on more measures to infuse liquidity in the banking system and increase the confidence of depositors and investors, aided the rebound in equities.
Subscribe to:
Posts (Atom)