Benchmark Nifty has fallen for fourth consecutive day and shed more than 100 points in four days; it slipped below 5900 - psychologically important level - during the day but managed to claw back above that level at close. Financials took beating for third straight day today on likely margin squeeze post hike in deposit rates by banks.
Dr Reddy's Laboratories is reportedly in the process of closing its operations in the United Arab Emirates (UAE) and hand over them to GlaxSmithKline as the Indian drugmaker is finding it difficult to sell products in the UAE due to a limited product range.
Akzo Nobel India, Berger Paints India and Shalimar Paints have reportedly increased prices by 2.5% across brands on surging raw material costs.
Global Cues:
Asian stocks fell by the most in two weeks on speculation China will raise interest rates to help stem inflation in the world's fastest growing major economy, curbing demand for commodities.
US stocks eked out a small gain on Tuesday , 7 December 2010, as investors' enthusiasm over a tax cut extension deal was short-circuited by rising bond yields and reports regulators were stepping up an insider-trading probe.
U.S. government bonds extended sharp losses on Wednesday over U.S. tax proposals, boosting the appeal of the dollar as yields.
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