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Money Jan 4, 2013

Markets marginally lower; gold loan cos extend gains

By Firstbiz Staff

The Indian stock markets opened marginally down on weak global cues. Emerging optimism about the domestic economic scenario, however, limited the fall.

The Sensex opened at 19735.00, down 0.15 percent and Nifty at 5995.55, down 0.23 percent.

The rupee opened up against the dollar at 54.08

HSBC services PMI is expected to be announced today.

PM economic advisory panel head Rangarajan said that it expects FY13 growth at 5.5-6.0 percent. Reuters

Globally, Asian shares fell on Friday, tracking overnight weakness in global equities, but the dollar gained as US debt yields rose after several Federal Reserve officials expressed concerns about continuing to expand stimulative bond buying.

The Fed's asset buying policy has been a crucial factor underpinning investor risk appetite and supporting global equities, so the more hawkish Fed minutes unnerved financial markets on Thursday, driving benchmark US Treasury yields up to a near eight-month high and weighing on equities and oil, while bolstering the dollar.

PM economic advisory panel head Rangarajan said that he expects FY13 growth at 5.5-6.0 percent

Additionally, Reserve Bank Governor D Subbarao said there is a need to preserve the independence of central banks as their mandate has expanded in recent times.

"The issue of monetary policy independence has acquired greater potency following the expansion of mandates of central banks and their more explicit pursuit of real sector targets such as growth and unemployment," he said.

Stocks in news

DLF opened 1.45 percent down after the Competition Commission of India has passed an order modifying theagreement between the company and the buyers of its apartments.

Kingfisher Airlines opened down 0.20 percent after Airports Authority of India warned the company that it will start taking away space allocated to the airline at airports across the country if it fails to submit a "functional" revival plan by mid-January.

Gold loans financing companies extended gains. Muthoot Finance opened up 5 percent and Manappuram Finance11 percent.

by Firstbiz Staff

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