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Opening Bell 5 May

Opening Bell 5 May
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First Published: Thu, May 05 2011. 09 04 AM IST
Updated: Thu, May 05 2011. 09 04 AM IST
New Delhi: The after shocks of the rate hike continued on Wednesday as Indian stocks fell for the eighth day in a row. Here’s a list of things to watch out for before trading starts.
Overnight, lower-than-estimated growth in service industries and the job market sparked concerns about the recovery in the US economy. The S&P 500 lost 0.69% to close at 1,347. Read more... -
Meanwhile, crude oil declined for a fourth consecutive day in New York on speculation that fuel demand may weaken in the US. Rising supplies in the US and concerns about slowing economic growth drove crude prices lower. Brent crude oil at $120.75 is lower by $0.44 a barrel.
The mixed cues led to a weak opening in the Asian stock markets. According to Bloomberg, the MSCI Asia Pacific Excluding Japan Index dropped 0.2% to 494.76.
Back home, the Bombay high court directed Jet Airways to pay Rs 478 crore to Sahara Airlines within two weeks. The latest court order puts an end to a messy legal battle that has its origins in Jet Airways’ April 2007 purchase of Sahara Airlines. Read more...
To cope with rising cost of funds, banks are slowly raising their lending rates. IDBI Bank, Punjab National Bank, Oriental Bank of Commerce and Yes Bank has raised their base rates. Read more...
Excluding microlenders that are classified as NBFCs by the Reserve Bank of India, bank loans to these companies will not be treated as priority sector lending. The latest move is expected to increase interest rates on loans given by banks to NBFCs. These firms depend on banks for majority of their credit requirements. Read more...
The Reliance Infrastructure-owned power distribution company in Delhi is facing acute losses due to rising power costs and stagnant retail rates. According to the company, it is facing a huge liquidity crunch due to a sharp rise in power purchase cost. Read more...
The Empowered Group of Ministers on fuel will be meeting on May 11 to review petroleum prices. There are expectations that the EGoM will allow oil marketing companies to increase fuel prices by Rs 2-4 per litre. The EGoM is also expected to discuss ways to cut rising losses of oil marketing companies.
PVR is planning to raise over Rs 100 crore by selling its Phoenix Mills property in Mumbai. According to reports, the company might announce the sale deal in the current week itself.
Reliance Industries is looking to invest up to $12 billion in the chemical business. The company is planning to invest in capacities that churn out raw materials or absorbents for rapidly growing hygiene and healthcare products.
Bharti Airtel, Cipla, Andhra Bank, Canara Bank and Kotak Mahindra Bank will announce their March quarter results today.
And finally, news media around the world is busy decoding the death of Osama Bin Laden. Here is an interesting list of 10 key myths about Osama Bin Laden.
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First Published: Thu, May 05 2011. 09 04 AM IST
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