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India's growing economy to fuel oil demand: Opec
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.

Freeing gas prices
Business Standard / New Delhi October 12, 2009, 0:07 IST

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MP to push demand for GST postponement
The Madhya Pradesh government will tomorrow press for its demand to postpone proposed goods and service tax from April next year, as it has estimated that losses to all the states will be in tune with Rs 80000 crore before the committee on GST in New Delhi. “The Centre is putting important issues like health and education at stake if implementing GST, as revenues losses to the states would be much higher than calculated,” AP Shrivastava, principal secretary commercial tax department said, “The proposed GST is not different from VAT however the Centre has wrongly calculated tax-base and revenue losses at Rs 21.66 lakh crore (as per Tax Research Unit of Department of Revenue Government of India) and Rs 35,000 crore.” The state finance minister will demand that this is not an opportune time to implement GST and the Centre should give some time for VAT to settle down.
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Bulls to hold sway above 17,380

The markets struck positive notes at the beginning of the year with the benchmark indices touching their fresh 22-month highs. The Sensex scaled a high of 17,790, but eventually ended with a marginal gain of 75 points at 17,540 this week. Mid- and small-caps outperformed the benchmark with significant gains of 3.4 per cent and 4 per cent, respectively. - Sensex hits 22-month high; mid-, small-caps shine - Mid-cap, small-cap indices ourperform Sensex - Sensex slips 75pts amid lacklustre trade - Sensex ends down 75 pts - Markets extend losses - Markets remain sideways Grasim was the top gainer among the Sensex stocks, up 11 per cent at Rs 2,755, followed by Jaiprakash Associates, up 10 per cent at Rs 162. DLF, Hindalco, Tata Power, Mahindra & Mahindra, Sterlite, Tata Steel, ACC, Reliance Communications and Sun Pharma were the other major gainers. On the other hand, Maruti plunged over 8 per cent to Rs 1,433. TCS slumped nearly 7 per cent to Rs 701. Infosys, Hero Honda and HDFC were the other prominent losers. The Sensex has been moving in a narrow band for the last two weeks. Going forward, this week’s high and low could dictate the trend for the rest of the month. The index may face resistance around 17,800-17,830, while support on the downside at 17,380 is very crucial. As long as the index stays above this level, bulls will continue to hold an upper hand and the index may target 18,000 during the month. The NSE Nifty moved in a range of 62 points. From a low of 5,160, the index rallied to a high of 5,222, but ended 44 points higher at 5,245. The corresponding crucial level for the Nifty is 5,180. Below, 5,180, the index may soon drift to 5,040. On the higher side, the index is likely to face considerable resistance around 5,300-5,335. The Nifty short-term moving average is 5,134, medium-term at 5,032, while the long-term moving average is at 4,468. Expect a rise in volatility, as the results season kicks in with Infosys results coming on Tuesday. As more numbers start coming in, the markets are likely to take cues from there.


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