At 9:15 AM, the S&P BSE Sensex is trading at 25,703 up 106 points, while NSE Nifty is trading at 7,879 up 30 points.
At 9:15 AM, the S&P BSE Sensex is trading at 25,703 up 106 points, while NSE Nifty is trading at 7,879 up 30 points.
Finance Minister Arun Jaitley says India can grow better and faster on the back of global recovery and good monsoon. Jaitley said that that, India is recording a growth rate of 7.5 to 7.6 per cent despite obstructionist global environment. Even as the noise regarding amending the India-Mauritius tax treaty refuses to die down, reports state that talks with Singapore to tweak the double taxation avoidance agreement with the nation would probably be the next step.
For the Nifty, 7787 is an important support for index. Nifty has so far achieved first target of bullish ABCD pattern and breakout from falling wedge pattern. Only a move above 7900 could provide fresh impetus to the pullback seen at start of the week towards near term target of 7970. Global cues are subdued today. Investors will keep an eye on India’s inflation numbers due today. CPI reading for April is expected at 5% (yoy basis), marginally higher when compared with 4.83% during the prior month. The rupee traded under pressure during the earlier part of the trading session on Wednesday, weighed by weak tone in domestic equities and concerns emanating from revision in the bilateral tax treaty between India and Mauritius. However, Indian rupee later pared losses, influenced by the softness in US dollar against the basket of major currencies.
US stock indices closed lower on Wednesday on the back of disappointing earnings from Disney and weakness among retailers. Sustained selling in consumer-discretionary stocks, which include retail shares such as Macy’s and Nike, weighed on the Dow and S&P 500. The Dow Jones Industrial Average sank 217.23 points, or 1.2%, to end at 17,711.1. The S&P 500 index dropped 19.93 points, or 1%, to finish at 2,064.46, with nine of its 10 main sectors trading lower. Meanwhile, the Nasdaq Composite index declined 49.19 points, or 1%, to settle at 4,760.69. West Texas intermediate (WTI) crude oil futures settled 3.5% higher at US$46.23 per barrel after a drop in US crude inventories and declines in domestic production.
Disney was the biggest loser within the Dow, after the entertainment giant late on Tuesday posted weaker-than-expected quarterly results.
Cairn Energy plc of UK has offered to pay 15% of the Rs. 10,247 crore principal amount in return for government, according to reports.
Nissan Motor Co. is considering acquiring about a one-third stake in Mitsubishi Motors Corp. for ~200 billion yen (US$1.8 billion) to become the single largest shareholder, according to media reports.
Industry body Assocham has said that the Central Exchequer will suffer a damage worth an estimated INR 6.5 lakh crore due to drought in some states.
Foreign banks have stopped opening branches in India as they need to set aside a lot more capital due to the country's higher risk credit rating and they feel it is not worth doing so, Reserve Bank Governor (RBI) Raghuram Rajan has said. Delivering his speech as part of the Marshall Lecture 2015-16 series at the Cambridge University on Wednesday, Rajan said that greater demand on banks to hold capital in the post financial crisis scenario has come at a cost.
Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Wednesday that the Japanese central bank can still ease monetary policy substantially if necessary. In an interview with German financial newspaper Börsen-Zeitung, Kuroda said that the effects of quantitative and qualitative easing (QQE), along with a negative interest rates are already very clear in financial markets.
"But, we have to wait a few months to see the effects in the real economy," Kuroda told the German paper.
Finance Minister Arun Jaitley says India can grow better and faster on the back of global recovery and good monsoon. Jaitley said that that, India is recording a growth rate of 7.5 to 7.6 per cent despite obstructionist global environment. Even as the noise regarding amending the India-Mauritius tax treaty refuses to die down, reports state that talks with Singapore to tweak the double taxation avoidance agreement with the nation would probably be the next step.
For the Nifty, 7787 is an important support for index. Nifty has so far achieved first target of bullish ABCD pattern and breakout from falling wedge pattern. Only a move above 7900 could provide fresh impetus to the pullback seen at start of the week towards near term target of 7970. Global cues are subdued today. Investors will keep an eye on India’s inflation numbers due today. CPI reading for April is expected at 5% (yoy basis), marginally higher when compared with 4.83% during the prior month. The rupee traded under pressure during the earlier part of the trading session on Wednesday, weighed by weak tone in domestic equities and concerns emanating from revision in the bilateral tax treaty between India and Mauritius. However, Indian rupee later pared losses, influenced by the softness in US dollar against the basket of major currencies.
US stock indices closed lower on Wednesday on the back of disappointing earnings from Disney and weakness among retailers. Sustained selling in consumer-discretionary stocks, which include retail shares such as Macy’s and Nike, weighed on the Dow and S&P 500. The Dow Jones Industrial Average sank 217.23 points, or 1.2%, to end at 17,711.1. The S&P 500 index dropped 19.93 points, or 1%, to finish at 2,064.46, with nine of its 10 main sectors trading lower. Meanwhile, the Nasdaq Composite index declined 49.19 points, or 1%, to settle at 4,760.69. West Texas intermediate (WTI) crude oil futures settled 3.5% higher at US$46.23 per barrel after a drop in US crude inventories and declines in domestic production.
Disney was the biggest loser within the Dow, after the entertainment giant late on Tuesday posted weaker-than-expected quarterly results.
Cairn Energy plc of UK has offered to pay 15% of the Rs. 10,247 crore principal amount in return for government, according to reports.
Nissan Motor Co. is considering acquiring about a one-third stake in Mitsubishi Motors Corp. for ~200 billion yen (US$1.8 billion) to become the single largest shareholder, according to media reports.
Industry body Assocham has said that the Central Exchequer will suffer a damage worth an estimated INR 6.5 lakh crore due to drought in some states.
Foreign banks have stopped opening branches in India as they need to set aside a lot more capital due to the country's higher risk credit rating and they feel it is not worth doing so, Reserve Bank Governor (RBI) Raghuram Rajan has said. Delivering his speech as part of the Marshall Lecture 2015-16 series at the Cambridge University on Wednesday, Rajan said that greater demand on banks to hold capital in the post financial crisis scenario has come at a cost.
Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Wednesday that the Japanese central bank can still ease monetary policy substantially if necessary. In an interview with German financial newspaper Börsen-Zeitung, Kuroda said that the effects of quantitative and qualitative easing (QQE), along with a negative interest rates are already very clear in financial markets.
"But, we have to wait a few months to see the effects in the real economy," Kuroda told the German paper.
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