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Money Jan 7, 2013

Markets open flat; KFA down 2% on likely loss of intl rights

By Firstbiz Staff

The Indian equity opened flat for the week largely on lack of domestic economic triggers.

The Sensex opened at 19825.37, up 0.21 percent and Nifty at 6025.85, up 0.16 percent.

Globally, Asian shares outside Japan edged up on Monday, supported by data showing the US economy continuing on a path of slow but steady recovery that had pushed Wall Street stocks to a five-year high.

AFP

Financial stocks were underpinned by a decision from global regulators on Sunday to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help struggling economies grow.

Domestically, a Planning Commission study has said that achieving 8.2 percent growth during the 12th Plan period (2012-17) will not be easy and a fresh approach to economic issues is needed to push growth.

The National Development Council (NDC) has already scaled down the average growth target for the 12th Plan to 8 percent from 8.2 percent envisaged earlier. The average growth rate was 7.9 percent in 11th Plan (2007-12).

Stocks in news

Kingfisher Airlines opened down 2.29 percent after The Times of India reported that the airlines is likely to lose its international rights if it fails to submit a credible revival plan.

Public banks including Central Bank of India, State Bank of India and Indian Overseas Bank opened almost a percent up after reports that government is likely to consider next week the proposal to infuse Rs 12,000 crore into public sector banks, a senior official of the Finance Ministry said.

Oil marketing companies HPCL (0.81 percent) BPCL (2 percent) and Indian Oil (1.7 percent) opened up after the Kelkar Committee suggested immediate hike in fuel prices and complete deregulation of diesel prices by start of 2014-15 fiscal.

by Firstbiz Staff

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