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Oct 07, 2011, 09.05 AM IST
What's the cue for our markets after a choppy session on Wednesday? We get you a detailed check on global as well as domestic news flow to watch out for.
Dussehra is here, Ravan is defeated, his effigies burnt. Like a good blessing, the Nifty has it going for it today. All seem quite fine across global markets. What's the cue for our markets after a choppy session on Wednesday? We get you a detailed check on global as well as domestic news flow to watch out for.
Stocks rallied for the third straight day at Wall Street after the ECB announced new liquidity measures to support banks in the eurozone. The Dow soared 1.68%, to close above the psychologically-important 11,000 mark.
European markets too hit their highest close in five weeks as the Bank of England launches fresh stimulus measures to support the UK economy.
Asian markets follow suit, the stocks clock sharp gains with Korea up more than 2% today.
In the commodity space, crude prices gained more than 3% yesterday as Europe moved closer to pumping aid to the region's troubled banks and US data showed jobless benefit claims rose less than expected last week. Brent prices are trading soft in Asia trade, but well above USD 105 levels.
Gold gains were boosted by a lift in equities. It currently hovers around USD 1650.
What’s in news:
President Barack Obama makes another push for his jobs bill citing uncertainty in Europe as key concern for US and hits on China being aggressive in gaming the trading system to its advantage.
The cost of insuring notes of SBI have climbed 44 basis points since Sept 30 to 397 bps, the biggest weekly gain since March 2009. Similar contracts for Bank of China have risen 20 bps, while those for South Korea’s Woori Bank added 23 bps.
On the tech front, we wonder… if the death of Apple's inspirational leader, Steve Jobs, means a slowdown in the company's innovative practices or pace of implementation, could rivals such as Microsoft and Samsung soon catch up?
Back home, there's bad news for the telecom pack that had been lying low while the 2G scam took a political turn. The law ministry may have given a green signal to the Department of Telecom to issue show cause notices to Idea and Spice . The notice to Idea is for cancelling Punjab license and on grounds of violating rollout obligations. Apart from a penalty that has been proposed to be levied on Idea for Punjab, there could also be additional liquidated damages levied on both companies. Watch CNBC-TV18 for the exclusive reportage.
Meanwhile, the decision on the bail plea of suspended IPS officer, Sanjeev Bhatt, is slated to come up for hearing at the Ahmedabad court today.
Not to forget, today marks Narendra Modi's 10-year long rule in Gujarat.
Global alternative asset manager, Carlyle Group has hiked its stake in India Infoline to 9%, making it the second largest non-promoter shareholder in IIFL, while, Walt Disney has acquired all of UTV ’s IndiaGames for around Rs 390-400 crore. Check out how the stocks perform today.
Dewan Housing Finance Corp is in talks for stake sale with private equities to raise Rs 500 crore.
Meanwhile, look like the worries for the auto sector is far from over. After Maruti , M&M has said that production at its Rudrapur unit has been stalled due to curfew for the past three days. Stay alert for cues.
Ultratech 's September cement output has come in at 2.77 million tonne.
NMDC has lined up Rs 2450 crore capex for various mining projects.
Tags: Steve Jobs, Apple, Dussehra, Market opening, Nifty, Narendra Modi, Sanjeev Bhatt, US market, European Market
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