The market may extend last two days' fall with Sebi taking no decision on participatory notes (PNs) at its board meeting on Wednesday, 13 August 2008. But traders may refrain from taking large positions ahead of a long weekend. The market remains closed on Friday, 15 August 2008, on account of Independence Day.
Some expectations were that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%.
The government will today, 14 August 2008, release inflation data for the year through 2 August 2008, after trading hours. Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%. It was the highest reading in 13 years.
US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.
Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Hong Kong, South Korea and Taiwan were up by between 0.02% to0.1%. Key benchmark indices in China, Japan and Singapore were down by between 0.03% to 0.8%.
US crude oil for September 2008 delivery gained $2.99 to settle at $116 a barrel on Wednesday, 13 August 2008, after the latest US inventory report showed declines in oil and gasoline stockpiles.
Sebi on Wednesday, 13 August 2008, slashed the time period of rights issues to 43 days from current 109 days. Sebi has also changed the pricing rules with issue of shares by companies to qualified institutional buyers (QIB) in light of volatile markets. A QIB issue will now be based on the average share price of the previous two weeks, rather than a choice of an average of two weeks or six months, whichever is higher.
The market regulator has also extended the deadline for companies reporting consolidated results to two months from the quarter-end from one month now
Profit taking after a recent solid surge pulled the barometer index BSE Sensex down 410.80 points or 2.64% to 15,093.12 on Wednesday, 13 August 2008, from a recent high of 15503.92 hit on 11 August 2008.
As per provisional data released by the stock exchanges, foreign funds on Wednesday, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
Some expectations were that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%.
The government will today, 14 August 2008, release inflation data for the year through 2 August 2008, after trading hours. Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%. It was the highest reading in 13 years.
US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.
Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Hong Kong, South Korea and Taiwan were up by between 0.02% to0.1%. Key benchmark indices in China, Japan and Singapore were down by between 0.03% to 0.8%.
US crude oil for September 2008 delivery gained $2.99 to settle at $116 a barrel on Wednesday, 13 August 2008, after the latest US inventory report showed declines in oil and gasoline stockpiles.
Sebi on Wednesday, 13 August 2008, slashed the time period of rights issues to 43 days from current 109 days. Sebi has also changed the pricing rules with issue of shares by companies to qualified institutional buyers (QIB) in light of volatile markets. A QIB issue will now be based on the average share price of the previous two weeks, rather than a choice of an average of two weeks or six months, whichever is higher.
The market regulator has also extended the deadline for companies reporting consolidated results to two months from the quarter-end from one month now
Profit taking after a recent solid surge pulled the barometer index BSE Sensex down 410.80 points or 2.64% to 15,093.12 on Wednesday, 13 August 2008, from a recent high of 15503.92 hit on 11 August 2008.
As per provisional data released by the stock exchanges, foreign funds on Wednesday, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
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