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Opening bell 9 March

Opening bell 9 March
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First Published: Wed, Mar 09 2011. 10 19 AM IST
Updated: Wed, Mar 09 2011. 10 20 AM IST
Mumbai: Crudely put, oil is down, the Congress and DMK cozy up again and the markets are soothed. Here’s a list of things to watch out for before trading starts.
The Organization of Petroleum Exporting Countries said it would consider increasing production amid continuing tensions in Libya and else where in that region. Crude oil fell. Nymex crude was down about 0.5% at $104.54 a barrel.
That euphoric feeling (perhaps) led to gains in US equities. The Dow Jones ended up 1% while the S&P 500 gained 0.9%. Asian stocks were also positive this morning with the Nikkei opening a little over a percent.
However, all is not well as the Libya conundrum continues.
In local news, the government and its various agencies are convinced about bringing down inflation and a 9% GDP growth. Morgan Stanley joins the list of brokerages which doesn’t believe that. Read their reasons here
A deal that happened 11 years ago may just cost RIL today. Sebi issued a notice to the company yesterday on allegedly violating the norms of increasing promoters’ stake in the company. The law does have long arms.
This soap opera has finally ended. At least for now. The Congress and the DMK ended their lover’s quarrel. The DMK finally conceded to the Congress demand for 63 seats in the upcoming Tamil Nadu assembly polls.
People stash money in Swiss bank accounts, in the Cayman Islands and other tax havens. But in Iceland? About 70 Indian firms and individuals are set to lose money kept with or owed by Kaupthing Bank HF, which went err…kaput after the financial crisis. Some of these accounts are now being probed for irregularities, write Dinesh Unnikrishnan and Appu Esthose Suresh in Mint.
The job markets can finally bid adieu to recession blues. Salaries in 2011 may see an average hike of 13%. Now, don’t pop the champagne bottle yet. With inflation at 8%, the real hike is only about 5%. Read more...
And finally, Warner Brothers movies will soon be available on social networking site Facebook. Another excuse to log on to that site during office hours, then! Read more...
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First Published: Wed, Mar 09 2011. 10 19 AM IST
More Topics: Markets update | Oil | Crude | Congress | DMK |