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Wednesday, September 22, 2010

Indian Share Market News Summary

Indian Market:

Nifty above 6,000 - important psychological level - for first time since January 17, 2008. Even the Sensex joined the party by hitting 20,000 mark.

30-share BSE Sensex closed at 20,001.55, up 95.45 points or 0.48% and the 50-share NSE Nifty rose 28.60 points or 0.48% to settle at 6,009.05 on the back of huge volumes. The Nifty September futures closed at 8 points premium and October futures at 20 points premium, as per provisional data.

Hindustan Petroleum Corporation (HPCL) has reportedly revived plans for setting up a mega petrochemical complex at Visakhapatnam in Andhra Pradesh. This plant would be an export oriented project and cost between Rs 20,000-25,000 crore.

Global Cues:

Asian stocks rose as Taiwanese export orders and US homebuilder Lennar Corp.'s earnings beat estimates. The key benchmark indices in Hong Kong, Indonesia, Japan, China, Singapore, and Taiwan rose by between 0.04% to 0.40%.

US stocks rallied to their highest level in more than four months on Monday, 20 September 2010, as encouraging financial and home-builder earnings boosted confidence in the economic recovery. The Dow Jones Industrial Average surged 145.77 points, or 1.4%, to 10753.62, its highest close since 13 May and its biggest point and percentage gain since 1 September.

The dollar slipped towards a five-week low on Tuesday and oil fell as traders braced for a Federal Reserve meeting later in the day where policy makers may discuss whether the fragile U.S. economy needs a fresh infusion of cash.

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