Indian stock markets crumbled more than 4% during the week for the first time this year on account of aggressive selling action by foreign insitutional investors (FIIs) and owing to China's monetary stiffening and US banks rules.
China`s central bank announced a 50 basis points increase in banks' RRR on Monday and US President Barack Obama projected new limits on the size and trading patterns of big US banking institutions on Thursday.
The 30-share benchmark Sensex gained 91 points today as compared to the previous close at the Bombay Stock Exchange (BSE) mainly led by strong global cues and indications of strong economic recovery.
Shares of Metal, banking, realty, power and telecom attracted good investor response to end with gain compared to Monday's close.
Government has declined to impose any tax on foreign capital inflows to the stock market adding that there is no necessity at the moment as the market has been working normally. The finance minister added that there is no cause of any worry.
The Securities & Exchange Board of India has ordered Barclays Plc. to immediately cease all selling or trading of offshore derivatives across India, while accusing the UK bank of providing information which is incorrect, false and misleading.
All the prime mutual fund houses, which also include the UTI Mutual Fund, are eager to be part of the recent mutual fund service system belonging to National Stock Exchange. Reports have come through that the new MFSS or the mutual fund service system is to be officially launched on Monday.
Asian stocks rose for a second day, led by mining companies and banks, as gold prices surged to a record and brokerages upgraded companies including Sumitomo Mitsui Financial Group. BHP Billiton Ltd., the world's biggest mining company, gained 2.7 percent and Newcrest Mining Ltd., Australia's largest gold producer, surged 6.4 percent in Sydney.
Positive global cues and firm buying at lower levels helped the Sensex recover early losses and close higher. The Sensex swung 366 points from its low point of 16,622 to finish up 92 points at 16,958. The Nifty gained 24 points to close at 5,027 after hitting an intra-day low of 4,921. Constant buying was seen in metal, FMCG, banking and capital goods stocks while telecom, technology, cement, realty and oil marketing shares remained under pressure The Oct Nifty future ended with 10 points premium.
The Bombay Stock Exchange (BSE), the oldest stock exchange of India, has announced a cut in transaction fee in the cash segment of the market from October 7.
From Wednesday, the cost of transaction in BSE’s cash segment will be Rs 3.25 per lakh, against Rs 3.50 that the exchange charges now. In addition, for passive orders, the transaction charge will be slashed from Rs 3.5 per lakh to Rs 2.25 per Rs 1 lakh.
Positive global cues and firm buying at lower levels helped the Sensex recover early losses and close higher. The Sensex swung 366 points from its low point of 16,622 to finish up 92 points at
16,958. The Nifty gained 24 points to close at 5,027 after hitting an intra-day low of 4,921. Constant buying was seen in metal, FMCG, banking and capital goods stocks while telecom, technology, cement, realty and oil marketing shares remained under pressure. The Oct Nifty future ended with 10 points premium.
Indian markets fall as investors booked profit after a strong gain which pushed the Sensex below 17K and Nifty ends near 5K. Realty, telecom and metal stocks were the worst hit in today's session. The Sensex ended at 16,866 down 268 points. Nifty finished at 5,003 down 80 points after hitting a day's low of 4,991. Among the broader indices, the BSE Midcap Index fell 1.7% and Smallcap Index down 2.1%. All the sectoral indices were in the red barring FMCG. The market breadth was extremely discouraging. The Oct Nifty future ended with 9 points premium.