Equity benchmarks closed sharply lower but managed to settle above their psychologically important levels. The sell-off was seen in power, oil & gas, private financial, FMCG, realty, cement, select auto and technology companies' shares.
State-run explorer ONGC is still jointly working with PetroVietnam on acquiring BP Plc's Vietnam assets, Oil Secretary S. Sundareshan said, which the London-listed firm has sold to its Russia joint venture.
The Reserve Bank of India (RBI) warned on Tuesday of persistent inflationary pressures on the economy from rising food prices, adding to expectations that the RBI will raise interest rates in November.
Global Cues:
State-run explorer ONGC is still jointly working with PetroVietnam on acquiring BP Plc's Vietnam assets, Oil Secretary S. Sundareshan said, which the London-listed firm has sold to its Russia joint venture.
The Reserve Bank of India (RBI) warned on Tuesday of persistent inflationary pressures on the economy from rising food prices, adding to expectations that the RBI will raise interest rates in November.
Global Cues:
Asian stock markets were mixed Wednesday, amid growing worries that the US Federal Reserve's stimulus measures may be smaller than expected. The key benchmark indices in China, South Korea, Singapore and Taiwan fell by between 0.12% to 0.16%. But, the key benchmark indices in Japan, Indonesia and Hong Kong rose by between 0.09% to 0.69%.
European stocks fluctuated amid mixed earning reports and as investors speculated whether the Federal Reserve will announce sufficient measures next week to keep the recovery on track. Asian shares and U.S. futures fell.
Treasuries dropped for the sixth day and European bonds fell before a U.S. report that may give the Federal Reserve fewer reasons to buy securities to support the economy. Greek bonds and U.S. futures retreated while commodities declined.
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