Indian Market:
Nifty closed at a new 30-month high on Thursday, tracking strength in global markets ahead of results of Stress Tests of 91 European banks on July 23. Finally it broke that 5350-5400 range, which had been for last seven and half sessions and managed to see a highest closing at 5442 since February 2008. Even the Sensex ended above 18000 level.
The fuel price index rose 14.27 percent in the year to July 10, while the food price index climbed 12.47 percent, government data released on Thursday.
Hotel chains Indian Hotels and EIH Ltd are expected to report a rise in April-June net profit, helped by higher occupancy levels on the back of increased domestic tourist.
Global Cues:
Most Asian stocks fell, dragging the MSCI Asia Pacific Index lower for the first time in three days, after Federal Reserve Chairman Ben S. Bernanke said the U.S. economic outlook remains “unusually uncertain.”
U.S. stock futures rallied, indicating the Standard & Poor’s 500 Index may rebound from yesterday’s late selloff, as EBay Inc. reported better-than- estimated earnings and Qualcomm Inc. raised its profit forecast. The Dow Jones industrial average fell 109.43, or 1.1%, to 10,120.53. The Standard & Poor's 500 index fell 13.89, or 1.3%, to 1,069.5.
Nokia Oyj, the world’s biggest maker of mobile phones, posted a steeper-than-expected 40 percent drop in second-quarter profit on competition from Apple Inc.’s iPhone and devices based on Google Inc.’s Android.
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