Indian Market:
Nifty opened the day with downtrend on weak global cues and remained down in the first half of trade; even disappointing IIP data weighed on the markets. But outstanding performance by SBI post better-than-expected quarterly numbers helped the index to recover sharply in the last couple of hours of trade.
India's mines ministry proposed mining companies allocate as much as 26 percent of their profit to develop the area where they operate, dropping an earlier proposal to also give residents an equal stake in the projects.
Monetary policy action taken by the Reerve Bank of India should start to show its impact on inflation over the next 6 to 12 months, a central bank deputy governor has said.
Global Cues:
Asian stocks dropped, extending a global rout as concern the world recovery is faltering spurred demand for safe assets. The key benchmark indices in Singapore, China, Hong Kong, Taiwan, Indonesia, Japan and South Korea were down by between 0.03% to 2.02%.
US stocks erased the year's gains in the broadest sell-off in a month-and-a-half on Wednesday, 11 August 2010, as fears of sustained global economic stagnation caused investors to flee to safer assets.
American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO.
Nifty opened the day with downtrend on weak global cues and remained down in the first half of trade; even disappointing IIP data weighed on the markets. But outstanding performance by SBI post better-than-expected quarterly numbers helped the index to recover sharply in the last couple of hours of trade.
India's mines ministry proposed mining companies allocate as much as 26 percent of their profit to develop the area where they operate, dropping an earlier proposal to also give residents an equal stake in the projects.
Monetary policy action taken by the Reerve Bank of India should start to show its impact on inflation over the next 6 to 12 months, a central bank deputy governor has said.
Global Cues:
Asian stocks dropped, extending a global rout as concern the world recovery is faltering spurred demand for safe assets. The key benchmark indices in Singapore, China, Hong Kong, Taiwan, Indonesia, Japan and South Korea were down by between 0.03% to 2.02%.
US stocks erased the year's gains in the broadest sell-off in a month-and-a-half on Wednesday, 11 August 2010, as fears of sustained global economic stagnation caused investors to flee to safer assets.
American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO.
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