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Indian shares climbed today and helped stretch weekly run
of gains to three in a row, after higher European markets lifted investor
confidence from an early slide. Banks led the gainers with sentiment also
boosted by an assurance the government was not planning to tax foreign
capital inflows.
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India is not considering imposing a tax to curb an influx
in overseas funds, and indeed wants an increase in inflows, the deputy
chairman of the government's planning commission said on Friday. Foreign
investors have so far bought more than $15 billion of local equities in
2009, after selling $13 billion in 2008, helping send Indian stocks up about
75 percent and lifting the rupee to its highest in more than a year.
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Among the sectoral indices, barring consumer durables all
the index ended in the positive. The Bankex index led the upmove, It was
followed by oil & gas and metal indices.
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Asian stocks fell for a fourth day, the longest losing
streak since July, after Sony Corp. pushed back its profitability targets
and Dell posted lower-than- estimated earnings.
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European shares fell for a fourth consecutive session on
Friday, with banks retreating from earlier gains and energy stocks falling
after crude prices slipped. The US futures were trading lower and the
investors will take in a report on state unemployment, which is due
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