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Tuesday, September 14, 2010

Equity Market Review

Indian Market:

Equity benchmarks closed at fresh 31-month high, led by marvellous rally in leading sectors like banking, oil & gas, reality and metal, especially after strong industrial output data. Even global cues were quite supportive post Europe's Basel III norms for banks and US economic data.

New bank capital requirements agreed by global regulators brought relief to Asia's financial sector on Monday as fears that lenders might be forced into fresh capital raising were put to rest.

Reliance Industries (RIL) has reportedly agreed to sign gas sale and purchase agreement (GSPA) with Essar Oil for the Vadinar refinery as decided by the empowered group of ministers.

Global Cues:

Asian stocks rose on Monday, 13 September 2010, driving the region's benchmark index to a four-month high, after Chinese data released over the weekend reaffirmed market hopes for a soft-landing for the mainland economy and strengthened expectations of a delayed interest rate hike by the Chinese central bank.

U.S. stock-index futures rose, with the Standard & Poor's 500 Index poised to extend a one-month high, as surging industrial output in China and a forecast for faster growth in Europe boosted confidence in the economy.

The Euro zone economy is likely to grow almost twice as fast this year as previously thought, the European Commission forecast on Monday, mainly because of much stronger growth in its biggest economy Germany.

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