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Indian Markets Recover - Sensex Crosses 17000

  •   Wed, Aug 10 2011 08:28:21 PM

Andrew L Dcunha

Mumbai, Aug 10: Indian market  bounced back to close above 17000 and remained on firm foot after massive sell off in last six trading days following financial shockwaves emerged from US and Europe. Global equities recovered after the US Federal Reserve decided to keep the interest rates unchanged near zero for two more years.

Bombay Stock Exchange's Sensex was at 17130.51, up 272.6 points or 1.62 per cent.

After touching a high of 17,256 The BSE Sensex moved sideways and started to slip in afternoon as pressure came from European markets and from falling Dow futures.

European markets slipped into red after positive opening. Riots in London, which is now in its fourth day, dampened sentiments in European markets. However, the indices recovered to morning levels

Global markets rose this morning, following Wall Street Hang Seng jumped 2.3% to 19,783. Nikkei was up 1%.

Gold and Oil

Gold price was volatile today but managed to rise by Rs 138 to Rs 25,869 per 10 grams in futures trade on fresh buying by speculators

Brent crude climbed above $106 a barrel on Wednesday after the US Federal Reserve's promise to extend near-zero interest rates for two more years weighed on the dollar and helped reverse a steep fall in oil. US oil rose by $3.27 to $82.57 a barrel by the same time, after plumbing session-lows on Tuesday of $79.30 a barrel.


Macroeconomy recovery is moving toward a positive direction: FM

Finance minister Pranab Mukherjee on Wednesday said India's macro-economy was moving in a positive direction and hoped international commodity prices would decline, helping the government tame inflation and cut subsidies. Mukherjee maintained that India's economic fundamentals were strong and capable of meeting any challenge posed by the downgrade of the US economy and the crisis in some eurozone nations.


Andrew L D Cunha, Managing Director, WinWin Fin  Advisory Pvt. Ltd. Mangalore. finadvisoryltd@yahoo.com
  

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Comment on this article

  • Satish Chandra, Toronto

    Wed, Aug 10 2011

    India has said that its nuclear warheads have been emplaced in various cities/countries such as New Delhi, Washington and New York. The nuclear destruction of these three cities, with a warning that additional U.S. cities will be destroyed if there is any retaliation, is the first step in the implementation of India's National Security Doctrine. The only way the United States will be able to keep two to three additional cities from being destroyed is by doing nothing in return. Five years later India can finish the job with its coast-to-coast destruction.

    With the impending nuclear destruction of New Delhi, Washington and New York, even a junk rating for the U. S. Government is too high. I am India's expert in strategic defence and the father of India's strategic program including the Integrated Guided Missile Development Program and my blog titled 'Nuclear Supremacy For India Over U. S.', which can be found by a Yahoo search with the title, shows why. Satish Chandra

    DisAgree Agree Reply Report Abuse


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