Indian Market:
Nifty was hovering around 5800 amid volatility. The benchmark index has surged more than 3% in last two trading sessions. Profit booking was seen around 5840 mark which dragged the Nifty back to 5800 level. Heavy buying was seen in auto, telecom and IT stocks.
Inflationary pressures remain in India and the Reserve Bank of India (RBI) will take appropriate steps at the appropriate time, Finance Minister Pranab Mukherjee said on Tuesday.
India's wholesale price index (WPI) rose an annual 8.5% in August, the government said on Tuesday.
Global Cues:
Asian stocks were mixed. Japanese shares fell as a stronger yen dented prospects for export earnings. The Nikkei 225 average fell 0.23%. The key benchmark indices in Singapore and South Korea fell by between 0.02% to 0.43%. But, the key benchmark indices in China Taiwan and Hong Kong rose by between 0.07% to 0.47%.
European stocks fell from a four- month high as German investor confidence tumbled, a forecast from Royal Philips Electronics NV disappointed investors and utilities dropped. U.S. futures slipped and Asian shares rose.
The euro is losing out to the dollar as renewed concern over the solvency of nations from Portugal to Ireland points to another slump for the common European currency.
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