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Thursday, September 9, 2010

Share Market Review and Tips

Indian Market:
Nifty closed above 5600 mark for second consecutive day, after consolidating around the same level for throughout the session. The index slipped in first half of trade due to weak global cues but second half of trade was too volatile in trade.

30-share BSE Sensex closed at 18666.71, up 21.65 points and the 50-share NSE Nifty rose just 3.85 points to 5607.85. The broader indices also ended flat with positive bias. However, the Nifty September futures closed at 10 points discount, as per provisional data.The Bombay High Court will rule today on Vodafone Group Plc's dispute with Indian authorities over taxes stemming from the purchase of Hutchison Whampoa Ltd.'s mobile-phone operations in the country. The judgment may set a precedent for tax liability in other cross-border deals.

Bharat Heavy Electricals (BHEL) is reportedly entering the financing business by floating a non-banking finance company along with a strategic partner to finance power projects.

Global Cues:

Asian stocks fell on Wednesday, with Japan's big exporters among the heaviest losers as a rise in the yen to a new 15-year high threatens to erode their overseas earnings. Japan's Nikkei Average fell 1.97%. The key benchmark indices in Hong Kong, South Korea, Taiwan, China and Singapore were down by between 0.32% to 1.29%.

China and the United States said on Wednesday their sometimes rocky relationship is sounder after talks in Beijing, with both putting an optimistic face on ties that have been jolted by economic and security tensions.

Japan's finance minister acknowledged currency intervention is an option for the first time since the yen began rising in May, and a candidate to become prime minister sanctioned solo intervention as the yen jumped to a 15-year high versus the dollar.


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