| India Market Update Archive: |
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Sensex Rebounds, Weak Footing
Jun 26, 3:49 AM EDT |
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| Sensex rebounded but technical indicators showed weakness in the bounce. Crude oil surged in the U.S. to a new record. |
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| Stocks in gained after a week of decline on rising inflation and economic slow down. Sensex in Mumbai rose 1.4% to 14,421. State Bank of India increased its lending rate following a recent increase in interest rate by the Reserve Bank of India. Rupee against dollar contiue to trade lower as crude oil price trade near record level. Stocks in India and Asia are likely to fall on a record high closing of Crude oil in New York. |
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RBI Hikes Rates, Jet Air Loss, Stocks Down
Jun 24, 1:26 PM EDT |
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| Jet Airways reported a loss in the fourth quarter of 2.21 billion rupees compared to gain of 880 million on 37% rise in revenue to 27 billion rupees. |
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| The Rerserve Bank of India increased repo rate to 8.5% from 8% and increaesd the bank deposits requirements to 8.75% from 8.5%. The decision was taken ahead of the scheduled meeting on June 29 after a sudden surge in iflation this week. Earlier in the trading stocks lost ground for the fifth days in a row and the Sensex index declined 1.3% and also dipped below 14,000 lelvel before closing at 14,106.58. |
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Inflation Surges, Sensex Drops 3.5%
Jun 20, 3:20 PM EDT |
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| Sensex index closed 3.4% or 516.70 lower as investors feared a rise in interest rate and further credit tightening by the central bank. |
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| Latest wholesales inflation index at the surged to a 13-year high to 11.11%. The sharp rise in inflation was fueled by the rising costs of fuel, food and materials. Higher inflation numbers has sparked fears of tighter monetary policy by the central bank, stocks fell sharply. Last week, the Reserve Bank of India made a surprise interest rate rise last week. |
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Sensex Drops 2%, Tax Collection Surge
Jun 19, 1:55 PM EDT |
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| Banks and realty stocks fell sharply in a wide sell-off in stocks. The disagreement in ruling coalition on the nuclear talks with the U.S. dominated. |
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| Indian stocks fell on Thursday for the second day in a row on political concerns and weak Asian markets. The division in the ruling coalition on a deal with the U.S. for the nuclear energy continues to put parties on a collision course. The key meeting on the agreement was delayed two one more week again. Stocks declined on the worries that lack of stability in the ruling coalition may hurt the economic agenda. However, income tax collection for the first two months of this fiscal year surged. |
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Sensex Surge 2%, Higher Advance Tax Payments
Jun 17, 3:39 PM EDT |
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| Stocks in Mumbai trading rose after HDFC rose 6% after it paid 40% more taxes than a year ago. Excise duty collection rose 4.4%, below 8% target. |
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| Stocks in India rose after leading companies pre-paid higher taxes, lifting optimism for earnings for the current quarter. Banks, realty and industrial companies led the rally. In Mumbai trading, the 30-share BSE Sensex gained 2% or 301.08 at 15,696.90. On the National Stock Exchange CNX Nifty rose 1.8% or 80.5 to 4653. |
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Record Inflation; Sensex Up 1.4%
Jun 16, 1:05 PM EDT |
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| Sensex index will include Sterlite Industries and Tata Power and drop Cipla and Ambuja Cements from its list of 30 stocks. |
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| Sensex index in India rose 1.4% after a week of volatile trading. Software exporters and bank stocks rose but stocks of vehicle manufacturing fell. The government increased excise duty on large cars and sport utility vehicles. Wholesale inflation in India at the end of May, but before the recent price increase in petrol rose to 8.75%. The inflation is now at seven-year high. |
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Reserve Bank of India Lifts Rates
Jun 11, 10:18 AM EDT |
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| The Reserve Bank of India lifted interest rate by 25 basis points to curb the rising inflation rate. |
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| The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high. |
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Daiichi Acquires Ranbaxy Control
Jun 11, 2:16 PM EDT |
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| The Reserve Bank of India increased its key lending rate by 25 basis points to 8%. The surprise rate was announced after the close. |
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| Ranbaxy controlling shareholder Malvinder Singh and his family agreed to sell their entire stake to Japan based Daiichi Sankyo for 737 rupees per share at 31% premium to the closing price on Tuesday. The deal values the company at 34,000 crore rupees or $8.5 billion. Sensex recovered after declining for three days. Tata Group is looking to raise $1 billion to finance additional acqusitions. |
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Sensex Drops 1.2%
Jun 10, 4:48 PM EDT |
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| The Sensex index dropped 1.2% on the worries of rising crude oil prices and record inflation. |
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| Stocks in Mumbai trading fell 1.2% after inflation worries dominated trading. Sensex dropped 1.2% and has lost 6% in the last five sessions. Rising crude oil prices and jittery investors in the U.S. and Europe have sold nearly $300 million of stocks in India in the last two weeks. The Sensex index now is at a three month low. Rising crude oil and food prices are stocking inflation. BHEL, the engineering company won an order to build a power plant in New Delhi. |
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Record Crude Oil Drag Sensex Lower
Jun 09, 3:31 PM EDT |
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| Stocks in Mumbai trading fell sharply after crude oil reached a record high. Analysts in Europe and in the US are estimating a price of $200 a barrel. |
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| Stocks in India fell on a sharp rise in crude oil prices. Israel threatened to attack Iran and lifting a specter of crude oil price as high as $200 a barrel in the near future. India imports nearly 70% of its crude oil needs and rising prices only stoke inflation that is running at a four-year high. Reliance Communication and the South African wireless telecom, MTN are expected to announce swap ratio of stocks. |
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