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Tuesday, September 28, 2010

Weekly Equity Market Review

Indian Market:

The Nifty surpassed 6050 level as well during the day but sell-off in FMCG, technology, cement and private financial companies' shares dragged the index below that level in last couple of hours.

India's Supreme Court
gave the tax department four weeks to fix the amount it's claiming from Vodafone Group Plc on the company's purchase of Hutchison Whampoa Ltd.'s wireless assets in the country.

State-owned hydrocarbon companies such as Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation and GAIL (India) are reportedly among the nearly 400 applicants looking to set up solar power units as part of the country's efforts to promote clean energy.

Global Cues:

Asian stock markets kicked off a new week of trading on monday in good spirits, encouraged by an improvement in us economic indicators and higher metal prices. The key benchmark indices in china, hong kong, japan, indonesia, south korea, singapore and taiwan rose by between 0.47% to 1.51%.

Us stocks notched their fourth week of gains on friday 24 september 2010 as investors used a rise in business spending to revive the september rally after three days of losses. Economic data gave a mixed picture, but traders latched on to a rise in august business spending as the latest sign the recovery is on firmer ground.

Japan's annual exports growth slowed in august for the sixth straight month, underlining government concerns about the yen's strength that led authorities to sell the currency this month to ease pressure on the economy.

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