Moneycontrol Bureau9:45 am FM on IMF fund: Expressing "extreme disappointment" with delay in completion of IMF quota reforms, India today stressed that the Fund should strictly abide by the new deadlines set for the 15th General Review of Quota (GRQ).
Finance Minister Arun Jaitley also said that since the forces of globalisation and multilateralism can go a long way in expanding global growth opportunities, "we must focus on the coordinated policy actions and growth strategies".
While expressing India's extreme disappointment, the finance minister emphasized that the Fund should strictly meet the new deadlines, a release said.
Jaitley felt that there is a "dire need" for increasing quotas since there is a broad agreement on maintaining the current overall lending capacity of the Fund and its resource pool is excessively tilted towards borrowed resources.
9:30 am FII view on India: Even as the second debate between US Presidential candidates Donald Trump and Hillary Clinton came to a close early Monday, the US market is unlikely to change fundamentally, according to experts. There are economic restraints and when an electorate is divided, it is hard to push changes through, said James Glassman, Senior Economist at JP Morgan. It is difficult to believe that markets will change fundamentally and we don't think US election is playing strongly, he said, adding that there are a lot of fiscal issues that may limit economic change. Glassman said that the US market has started to factor in a rate hike by the US Federal Reserve in December. The hike, if it happens, will be favourable for emerging markets but it won't be a dominant driver, he said.Don't miss: Buy, sell, hold: 3 stocks that you can pick today
The market has opened higher as the Sensex is up 112.05 points or 0.4 percent at 28173.19. The Nifty is up 37.75 points or 0.4 percent at 8735.35. About 406 shares have advanced, 90 shares declined, and 27 shares are unchanged.
ITC, Axis Bank, Tata Motors, Lupin and Cipla are top gainers while Bharti Airtel are losers in the Sensex.
The Indian rupee opened higher in the early trade on Monday. It has gained 10 paise at 66.58 per dollar versus 66.68 Friday.Pramit Brahmbhatt of Veracity said, "US economy data which announced last Friday were negative for dollar. Even dollar is trading weak against its peers. Thus rupee may appreciate for the day.""Trading range for the day will be 66.50 to 67/USD," he added.
Among global cues, Asian stock markets were mixed, while the Mexican peso climbed as US presidential candidates debate this morning.
The Mexican Peso was up 1.93 percent against the greenback, at the highest levels in nearly a month, as the second US presidential debate kicked off, signalling that the markets were lengthening odds on a Trump victory.
Meanwhile, the US added 1,56,000 new jobs in September but the unemployment rate in the world's largest economy rose slightly by 0.1 per cent to 5 percent, according to latest government data released.
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