Fed rate cut fails to lift markets December 17, 2008
Posted by dhirendra1972 in BSE, Bse news, Business, Capital Market, Commercial Banks, Commodity Market, Domestic Brand, Equity markets, Finance, Financial Capital, financial market, Financial Security, Global Equity Market, Global Market.Tags: BSE Sensex, Federal Reserve, Indian Stock Makret, money market, Sensex, Stock Market, Wall Stree
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Good Morning Friends, Market won’t lift even after Federal Reserve cut the rate. Word recession is going to remain. I was reading this news on yahoo site. The markets are weak in early trade despite an overnight rally on Wall Street after a drastic interest rate cut by the Federal Reserve to near zero.
After opening in the green above 10K levels, the Sensex is down 0.8 per cent to 9897 levels. The Nifty has also shed 0.7 per cent.
“The markets have gained 15-17 per cent in the last 8-9 trading sessions. The rate cut by Fed is a good signal though markets may see bouts of profit booking at higher levels,” said Alok Agarwal, Head of Research, K R Choksey Securities.
The Fed reduced the target for the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. That is down from the 1 percent in effect since the last meeting in October.
On Wall Street, the Dow Jones industrial average spiked 359.61 points, or 4.20 percent, to close at 8,924.14. It had been up about 100 in subdued trading ahead of the Fed’s announcement.
The Standard & Poor’s 500 index advanced 44.61, or 5.14 percent, to 913.18, and the Nasdaq composite index rose 81.55, or 5.41 percent, to 1,589.89.
In the Indian markets, buying is seen in consumer durables, banking and capital goods stocks while selling pressure is seen in technology counters. Blinds and Roller shades blinds companies are also working under pressure. Term Life Insurance companies and
Among the Sensex stocks, ICICI Bank leads gainers. It has jumped more than 2.5 per cent.
Satyam Computers is down 23 per cent after the company called off its proposed $1.6-billion acquisition of Maytas Properties and Maytas Infrastructure. more
Indian gold futures slightly higher on weaker rupee November 30, 2008
Posted by dhirendra1972 in Commodity Market, Grams, Tracks Oil, Turmoil.Tags: Indian Gold, Inflation
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Good morning friends. I have read one article about Indian gold and in spite of terrorism happened to Mumbai Indian gold is slightly higher on a weaker rupee.
Indian gold futures edged higher on Friday in the first day of trading since the militant attacks in Mumbai, as a weaker rupee supported prices.
Analysts said the Organization of Petroleum Exporting Countries’ (OPEC) meeting this weekend would give gold new direction as it often tracks oil due to the metal’s role as a hedge against inflation.
“A fresh trend will emerge only by next week,” said Subodh Gupta, analyst at Anand Rathi Commodities.
The rupee weakened against the dollar as it resumed trade after financial and commodity markets were shut on Thursday as the attacks paralysed life in the country’s financial hub. On Friday, gunmen were still holed up in two luxury hotels.
A weaker rupee makes gold more expensive locally as most of the metal is imported into India and paid for in the US currency.
Analysts said the turmoil in Mumbai and a long weekend owing to the Thanksgiving holiday on Thursday would keep trading volumes low.
“We expect gold to remain sideways,” said Aurobinda Prasad, senior technical analyst at Karvy Comtrade Ltd.
“People are there in the market but won’t take much positions until the direction emerges.”
Analysts said gold prices had not been influenced by the attacks as the metal generally reacts only when faced with larger international crises and possible disruptions to oil supplies.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to trade within 12,800 rupees per 10 grams ($256) and 13,150 rupees ($263), said Prasad.
Open interest for December gold was at 7,601 lots, a little down from 7,718 on Wednesday.
Mumbai cannot stop, come what may – 1 November 28, 2008
Posted by dhirendra1972 in Commodity Market, DArk Night, Indian Business, Morning Dawn, Under Siege.Tags: Business, Dawn, Market, Night, Siege, Stakeholder
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Good morning friends. I agree with the government of Mumbai that they will not stop. There’s always been a hope to everyone and with everything. As some others said…when ever you fell down, all you have to do is just stand up and always see the future for the brighter side
Mumbai may be under siege, but the fabled Mumbai spirit will be back in full play when the dark night dissipates and the morning dawns. After all, Mumbai, a city in incessant movement, cannot stop, inherently.
The stock, money and commodity markets will probably be up in the morning. The chief minister has already left instructions to the effect. Offices and banks will be buzzing again. And after a gap, everything will be just as intact as normal as before in the financial capital.
But one thing will change. The most audacious and direct terrorist attack on the Indian business will see industry too becoming a stakeholder in the anti-terrorism drive of the government.
Rajeev Chandrasekhar, president, Federation of Indian Chambers of Commerce and Industry (Ficci) said, “Indian business and its various stakeholders have, so far, been mute and very detached from this debate on terrorism and tougher approach to terrorism and terrorists, including anti-terror laws. Last night’s attack is a clear and unambiguous attack on the Indian economy and all its participants. It is time we all join this debate on terrorism and demand stronger and firmer leadership and approach to this threat of terrorism, including better laws”.
SK Birla, director, Birla Brothers, only complemented the thinking when he called on the corporate world to rise to the occasion. Birla said, “It is high time that all citizens of the country and particularly the corporate world rise to the occasion, shoulder to shoulder, with the government, all political parties and the civil society to give a fitting reply to the terrorists who have attempted to create havoc. It is no more an issue for the government alone. The attack has targeted the hub of the corporate world and we will speak in unison”.
