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AT&T's high-powered lobbying operation -- on steroids even by Washington standards -- will be critical in persuading regulators to approve its USD 39 billion bid to buy Deutsche Telekom AG's T-Mobile.
The no-fly zone over Libya could end up costing more than USD 1 billion if the operation drags on more than a couple of months, defense analysts say.
Crude oil was firm on West Asia turmoil yesterday. The US says, further strikes on Libyan leader Gaddafi's ground forces. But further military action lacks backing from all alliance members.
FIIs were net buyers of Rs 236 crore and DIIs were net buyers of Rs 96 crore in the cash market on March 22, as per provisional data available on NSE. FIIs have net bought Rs 812 crore in the F&O market.
The coming session is likely to witness a resistance at the 5450 levels on advances above which the 5465 maybe seen. Support is likely at the 5375 below which the 5360 maybe seen
Crude continued to rally as it traded near a two-week high on the back of West Asian turmoil and the Japanese nuke crisis. Brent prices traded at above the USD 116 per barrel mark as supply remained constrained. Crude is trading at USD 104 per barrel.
The support for the Nifty is at 5375-5313-5241 and resistance at 5510.
The market is expected to be range bound as it awaits the H1FY12 calendar next week. For this week the market will be supported by buying at lower levels by banks for year-end purpose. The weekly range for the 10-yr yield is seen between 7.90-8.05%, says Ramanathan K, ING Invst Mgmt.
The rupee is likely to be marginally weaker on account of weaker global markets and a stronger dollar. The range for the day is seen between 44.90-45.30/$, says Manis Thanawala, Greenback Forex Services.
F&O cues: Total Futures Open Int up Rs 910 crore and Total Options Open Int down Rs 1057 crore.
Market cues: FIIs net sell USD 15 million in the cash market on Mar 21.
At 7: 46 am (IST) Asian markets were trading lower. China's Shanghai Composite was flat at 2,919.07. Hong Kong's Hang Seng shed 0.39% or 88.16 points at 22,769.74. Japan's Nikkei slipped 1.52% or 145.92 points at 9,462.40. Singapore's Straits Times was flat at 3,008.28.
Indian ADRs ended in mostly up on Tuesday. In the IT space, Infosys was down 1.04% at $ 64.52, while Wipro was unchanged at $ 13.63 and Patni Computers was unchanged at $ 20.08.
The Dow Jones Industrial Average ended down 18 points at 12,018. The NASDAQ Composite was down 8 points at 2,684 and the S&P 500 Index fell 5 points at 1,293.
The US markets erased a 3-day winning streak as oil prices continued to rise amid West Asian tensions. The indices ended lower after trading in a narrow range for most of the session.
Equity diversified NAVs ended higher with advance:decline ratio of 257:1 as the Indian equity benchmarks bounced back on Tuesday, with surging 149 points on the Sensex led by global support and some short covering after fell in previous three sessions on rate hike fears, Middle East tensions and likely drop in RIL gas production.
Jammu and Kashmir Bank today said it has signed a memorandum of understanding (MoU) with JCB India Ltd, a leading infrastructure equipment manufacturer company, to provide latest infrastructure development machinery in the state on soft loan terms.
Roman jeweller Bulgari reopened all but one of its 40 shops in Japan, one of its biggest markets, on Tuesday as its chief executive predicted sales there would be weaker for at least one or two quarters.
The Adani Group-promoted Mundra Port & Special Economic Zone (MPSEZ) has said it will be developing a coal import terminal on the Visakhapatnam Port, which will be the third such facility by the company.
Egyptian stock market reopens tomorrow after remaining suspended for more than seven weeks to stave off a sharp decline following the political crisis that led to the ouster of President Hosni Mubarak.
Encouraged by progress in its business ventures in other Indian states, Taiwan today showed keen interest in exploring investment potentials in Orissa, mainly in textiles, food processing and IT sectors.
An empowered group of ministers (EGoM) on food today decided to allow sugar exports of up to five lakh tonnes as production this year is set to exceed the domestic demand, official sources said.
One can pity Kapil Sibal. Given the thankless job of covering up the UPA's atrocious record on corruption, he has fallen back on the old political strategy of beggaring-thy-neighbour: if I can't improve my reputation, it's best to make my opponents look worse.
After positive indications came from the Department of Telecommunications that it would allow the merger between Etisalat DB and Allianz Infratech late last year, in what could be termed as a blow to the combine, Solicitor General Gopal Subramaniam has now declined referring to the merger between Etisalat-Allianz.
Angry Sri Lankan fans criticised local organisers after tickets costing just USD 2.72 for a World Cup semi-final that could feature Kumar Sangakkara's men sold out in just 90 minutes on Tuesday.
