Opening Bell 16 Nov | Eurozone growth contraction weighs on markets

Asian markets were trading in the mixed on Friday morning following leadership change in China and stronger yen
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First Published: Fri, Nov 16 2012. 08 10 AM IST
A file photo of BSE building in Mumbai. Photo: Mint
A file photo of BSE building in Mumbai. Photo: Mint
Mumbai: Wall Street indices slipped for the third consecutive session on Thursday following weak corporate results and lingering worries over the looming tax hikes and spending cuts. Macro-data from Europe from was weak - eurozone GDP shrank 0.1% between June to September, indicating that it has slipped back into recession. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 fell 0.2-0.3% each.
Asian markets were trading mixed on Friday morning following the leadership change in China and a stronger yen. Japan’s Nikkei Stock average gained 1.5% on back of a firm yen while Hong Kong’s Hang Seng was flat.
China’s Shanghai Composite declined 0.5% after Xi Jinping was annointed as the new head of the Communist Party of China, taking charge of a conservative team which may be reluctant to embrace any major new economic or political reforms, reports Financial Times.
In India, GMR Infrastructure and United Phosphorus will be in focus following reports that it will be replaced with Divi’s Laboratories and United Breweries in the MSCI India index from 30 November, according to Morgan Stanley Capital International Inc.
GMR Infrastructure’s net loss shot up threefold to Rs 180 crore in the September quarter as it took a hit of Rs 1,450 crore on Air India and Tamil Nadu dues, reports Business Standard. The stock plunged 5% to Rs 19.35 on Friday.
Air India has sold Rs 7,400 crore worth of non-convertible debentures to state-run entities - Life Insurance Corporation of India and the Employee Provident Fund Organisation, reports Mint. Air India is planning to use the funds to retire short-term working capital loans taken from 19 different banks.
After the flop 2G spectrum auction, the government and the Congress on Thursday questioned the Comptroller and Auditor General’s estimated loss of Rs 1.76 lakh crore in the spectrum allocation of 2001, drawing fire from the opposition, reports Economic Times.
The department of telecom may finalize the guidelines for a unified licence regime by December, reports Economic Times. Telecom providers will be able to provide all types of telecom services like internet, mobile, long distance call with only one license.
Airline stocks will be in focus following reports that aviation ministry will meet local carriers to ask what changes are needed in the policy to lure overseas investors to invest in domestic airline, following lack of interest despite earlier policy changes.
Oil marketing companies have cut petrol prices by Rs 0.95 a litre from Thursday night, to pass the impact of softening crude price to consumers.
Lastly, Ireland’s government pledged to clarify its abortion laws after an Indian woman Savita Halappanavar died of blood poisoning in an Irish hospital after being refused to terminate her pregnancy despite a miscarriage.
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First Published: Fri, Nov 16 2012. 08 10 AM IST
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