Indian Market:
30-share BSE Sensex extended gains and was trading near 3-week highs on the back of consistent buying in heavyweights. Positive global cues post FOMC meet and excess money in Coal India IPO returned to investors account helped the Nifty to inch up towards 6300 level.
Coal India Ltd. climbed as much as 39 percent on its first trading day, heading for the best debut by a state-run company this year after investors bid for 15 times the shares offered in the country's largest initial public sale
All options are on the table to control capital flows but India right now is not in favour of direct controls, the Finance Ministry's chief economic adviser said on Thursday.
Global Cues:
Asian stock markets rose Thursday as investors took heart from the Federal Reserve's plan to buy $600 billion in government bonds in an effort to inject life into the faltering US economy. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan rose by between 0.35% to 2.24%
The Federal Reserve launched a fresh effort to support a struggling U.S. economy on Wednesday, committing to buy $600 billion in government bonds despite concerns the program could do more harm than good.
The Bank of Japan, which meets on Thursday and Friday, is also poised to launch a new round of bond buying. The European Central Bank and Bank of England also meet on Thursday, 4 November 2010, but are expected to leave policy on hold
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