Indian Market:
30-share BSE Sensex closed at 18,020.05, down 110.93 points or 0.61% and the 50-share NSE Nifty fell 30.50 points or 0.56% to 5,418.60. Sensex shed 111 points on Monday, dragged by SBI, Maruti, Hero Honda, Reliance Industries,. It closed just above the 18000 level, after witnessing volatility throughout the session. Equity benchmarks looked weak in the last couple of hours today.
Oil & Natural Gas Corp., India's biggest energy explorer, plans to spend $5 billion to develop nine offshore natural gas discoveries that will boost the company's output by almost 60 percent in the next six years.
All eyes are on the Reserve Bank of India's (RBI's) July 27 meeting for the quarterly monetary policy review. As the country's inflation rate galloped to 10.55 per cent in June, up from 10.16 per cent in May, a hike in interest rates is being widely expected. So, expect EMIs to go up.
Global Cues:
Asian stocks rose on Monday, 26 July 2010, as most European banks passed stress tests, boosting optimism over the health of the global economy. The key benchmark indices in Hong Kong, Japan, South Korea, and Taiwan were up by between 0.28% to 1.2%.
U.S. stock-index futures fell, indicating the Standard & Poor's 500 Index will retreat for the first time in three days, before a government report that may show new-home sales remained near the lowest level on record.
Anglo Platinum Ltd., the world's largest producer of the metal, tempered its production plans for this year following the European debt crisis led by Greece and a weaker outlook for the global economic recovery.
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