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Thursday, September 30, 2010

Indian Share Market Review 29th Sept.

Indian Market:

The Sensex closed below its psychological mark of 20,000. However, the turnover was on the higher side, considering that futures and options contracts will expire tomorrow. Heavy selling was seen in metal, FMCG and oil & gas stocks. However, auto and realty stocks witnessed some buying interest.

The 2010 growth forecast has been revised up from 7.5% in April and a forecast of 6.4% a year ago; the 2011 forecast is unchanged from April. Indian growth was expected to pick up slightly to 8.7% in 2011 from 8.5% this year, driven by domestic demand, company profits and favourable financing conditions, the ADB said.

Orchid Chemicals & Pharmaceuticals said, unlisted drug maker Solrex Pharmaceuticals Company has sold its entire 8.01% of equity holding in Orchid or 56.4 lakh shares.

Global Cues:

Asian stocks hit a two-year high after poor US data reinforced expectations the US Federal Reserve will take more action to help the struggling US economy. The key benchmark indices in China, Hong Kong, Indonesia, Singapore, Taiwan and South Korea rose by between 0.26% to 1.06%.

European stocks retreated as a drop in Hennes & Mauritz AB offset gains in BP Plc and Rolls-Royce Group Plc. Asian shares gained and U.S. futures fell.

Euro zone economic sentiment rose unexpectedly in September and consumer inflation expectations eased, data showed on Wednesday, pointing to continued economic recovery in the third quarter.

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