 "Sensex slips to red after a positive start, IT stocks lose")
The Indian markets opened on a higher note today with the Nifty at 6300,but the main indices soon slipped into negative territory.
The Nifty is opened 22.60 points at 6336.40 and the Sensex opened up 100.55 points at 21294.13.
Many BSE indices are in the red - capital goods down 0.8 pct, IT down 0.5 pct, power down 0.5 pct
The Indian rupee opened lower by 10 paise at 61.95 per dollar versus 61.85 Friday.
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Himanshu Arora, Religare said, “Rupee is expected to strengthen against the dollar amid continuous inflows into Indian equities. Further weakness in dollar against basket of currencies is also expected to cap upside in USD-INR. The range for the day is seen between 61.40-62.08/USD.”
CCI sources say the competition regulator’s green light will be essential for mergers and acquisitions in the telecom space. In the political front, it has been a busy weekend for Arvind Kejriwal.
Less than two hours after being sworn-in as the 7th and youngest chief minister of Delhi on Saturday, team Kejriwal swung into action with their first cabinet meet and it wasn’t without outcome. Nine senior bureaucrats, including the CEO of the Delhi Jal Board were transferred as well. With Kejriwal taking charge, sources say that the Delhi secretariat may now work six days a week.
Meanwhile, the US stock markets closed mostly flat on Friday, with the Dow snapping a six-day streak of record closing highs after investors took a break from this week’s rally. Both the Dow and the S&P 500 wrapped up a second straight week of solid gains. The S&P 500 posted its best two-week period since July, while the Dow marked its best two weeks since June 2012.
In Europe, shares closed higher on Friday after the two-day Christmas break, continuing their year-end rally. However, trading was thin as investors geared up for the New Year.
Ian exclusive interview to CNBC-TV18, Finance Minister P Chidambaram discussed a wide range of issues including inflation, growth, the government’s fiscal and current account deficit targets, and a host of political issues.
Chidambaram said that that there is no concept that changes can be made to taxation system in a vote-on-account.He said current account deficit for the current financial year will be lower than $50 billion and also the restrictions on gold are the right move, which will continue.
Stocks in news:
HCL Tech is down 0.02 percent. Vineet Nayar hasretired from the HCL Technologies board. Keki Mistry has been appointed as the director of the company.
Jet Airways is up 0. 43 percent. The stock is down following a CCI imposing a penalty of Rs 1 core on Etihad.
SBI is up 0.32 percent. The bank has appointed P Pradeep Kumar as Managing Director & Group Executive (Corporate Banking).