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Business News/ Market / Stock-market-news/  Opening Bell 24 August | Markets retreat on stimulus doubts
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Opening Bell 24 August | Markets retreat on stimulus doubts

Asian markets were trading lower following weak cues from Wall Street and doubts about the Fed's actions in easing off

A file photo of BSE building in Mumbai.Premium
A file photo of BSE building in Mumbai.

Mumbai: The market rally around the world lost steam as investors weighed the likelihood of more central bank stimulus against further evidence of faltering economic activity, reports Financial Times. The Dow Jones Industrial Average fell 0.9%, the S&P 500 Index dropped 0.8% and Nasdaq was off 0.7%, giving up gains eked out on Thursday.

Asian markets were trading lower following weak cues from Wall Street and doubts if the US Federal Reserve would ease soon. Japanese stocks fell sharply on Friday morning, giving back the previous day’s gains. The Nikkei Stock Average tumbled 1.3%, Hang Seng Index dropped 1.3% on the back of decline in resource shares and China’s Shanghai Composite was off 0.4%.

photoIn India, political turmoil continues to delay reforms as the BJP-Congress face-off entered the third day on Thursday, reports Mint. The BJP blocked parliament and demanded the resignation of the Prime Minister over alleged irregularities in captive coal block allocation that allegedly cost the exchequer 1.86 trillion.

State Bank of India wants the Reserve Bank of India to phase out the system of banks having to park a portion of their deposits with it in the form of cash reserve ratio, reports Mint. SBI chairman Pratip Chaudhuri said that phasing out CRR would lead to overall growth in the economy.

Maruti Suzuki has pressed the accelerator button on its Gujarat plans. Suzuki Motor Corporation chief, Osamu Suzuki, is scheduled for a review meeting with top bureaucrats of Gujarat on faster implementation of projects, reports Business Standard. According to senior government officials in the state, Maruti Suzuki is likely to begin work at the Hansalpur site within the next three months.

Britannia will see some action after the Madras High Court ruled in favour of the company and restrained GlaxoSmithkline Consumer Healthcare from manufacturing, selling and advertising Horlicks Nutribic brand of biscuits. The HC refrained GSK Consumer from selling the product over trademark and copyright violations of NutriChoice Oats biscuits by Britannia, reports Business Standard.

Energy firms after investing more than $12 billion have been hit by delays on approvals for 52 exploration blocks, some which were awarded as far back as 1999. Approvals have been delayed due to defence, environment and maritime boundary issues. Of the blocks awaiting approvals - 22 belong to ONGC, 15 to Reliance Industries, and three to Cairn Energy India.

Glenmark will continue to be in focus after it won a legal battle against Napo Pharma over rights to sell HIV-associated diarrhoea drug Crofelemer in 140 countries, reports Business Standard. The potential sales of the drug will be around 440 crore for the 140 markets.

GVK Power and Infrastructure has received environmental clearance from the Australian government for the $10-billion (Rs 55,280-crore) Alpha coal project and railway line in Queensland. In the first phase, one coal mine will produce 32 million tonnes coal a year.

Lastly, Amazon.com Inc. officially launched its Kindle Store in India, offering over one million titles to its customers. The product will be available in Croma Retail stores for 7000 ($127), reports Wall Street Journal India.

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Published: 24 Aug 2012, 07:58 AM IST
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