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Wednesday, July 14, 2010

Market Trend


Indian Market:

Nifty continued its uptrend for fourth consecutive session and managed to close above 5400 mark for the first time since February 5, 2008, led by heavyweight Reliance Industries (RIL). Financial, realty, metal, power and capital goods companies' shares also supported the markets to end in green.

India, the world's second-biggest vegetable oil consumer after China, may boost imports of palm and soybean oils in the three months to October to meet rising demand during festivals amid a drop in domestic inventories.

State Bank of India, the nation's largest lender, plans to meet investors in Europe, Asia and the U.S. from July 15 ahead of a potential dollar bond sale.

Global Cues:

Asian stocks made modest gains on Tuesday, as investors took heart from Alcoa's stronger-than-expected quarterly profit reported after the close of US trade on Monday, 12 July 2010. The key benchmark indices in Hong Kong, Singapore, Indonesia, Taiwan, Japan and South Korea rose by between 0.06% to 0.58%

U.S. stock-index futures rose, indicating the Standard & Poor's 500 Index may extend the longest winning streak in three months, after Alcoa Inc. reported earnings that topped analysts estimate.

European banks, rattled by investor uncertainty about their ability to withstand a sovereign-debt crisis, are poised to win a reprieve in Basel, Switzerland, this week as regulators from 27 countries shape new capital rules.

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