Wednesday, 4 September 2013

Shares may open lower on Syria woes

At 800 hrs Indian Standard Time the SGX Nifty was up 21 points at 5,342.

  Markets are likely to open weak tracking negative Asian cues.

Sensex fell nearly 4 percent yesterday, retreating from a 2-1/2 week closing high in the previous session, as blue chip shares slumped as fears of military tensions in the Middle East roiled global markets.

Investors are now anxiously waiting for any fresh measures with Raghuram Rajan taking over the reins of RBI as the new governor on September 5.

At 800 hrs Indian Standard Time the SGX Nifty was up 21 points at 5,342.

US stocks rose on Tuesday but were far off session highs after top Republicans voiced support for U.S. President Barack Obama's call for military strikes against Syria.

The Dow Jones industrial, Standard & Poor's 500 and Nasdaq Composite Index was up 0.2-1%.

Asian stocks faltered on Wednesday, while oil and gold held on to overnight gains after President Barack Obama clinched the backing of two key figures in Congress in his drive for limited U.S. strikes on Syria.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent, following four days of gains. Tokyo's Nikkei slipped 0.6 percent.

STOCKS TO WATCH

Gujarat Gas Company has signed a memorandum of agreement with Gujarat State Petroleum Corporation Limited for long term gas.

Wipro has bagged a multi-year contract from Deutsche Bank valued around $125 mn.

SAIL, Essar Steel, JSPL and JSW Steel have raised prices by up to Rs 2,500 per tonne for this month due to sharp increase in input costs.

TCS has bagged a multi-million euro deal from Norwegian firm DNB.

The government has approved 17 foreign direct investment (FDI) proposals totalling Rs 992.61 crore, while recommending the Rs 2,058 crore Jet-Etihad deal for final clearance to the Cabinet.

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