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Money Jan 8, 2013

Sensex opens in red; GMR down 2% after NHAI project termination

By Firstbiz Staff

The Indian equity markets today opened flat on global cues as investors waited for the next major domestic trigger--a much sought rate cut later this month.

The benchmark indices opened flat and quickly slipped into the red.

At 9:38 am , the Sensex was at 19681.96, down 0.05 percent and the Nifty at 5982, down 0.11 percent.

Globally, Asian shares steadied on Tuesday but prices were capped by investor caution ahead of corporate earnings season. Reuters

Globally, Asian shares steadied on Tuesday but prices were capped by investor caution ahead of corporate earnings season for the last quarter of 2012 and the European Central Bank's policy meeting later in the week.

US stock prices retreated from five-year highs on Monday, spurring selling of oil, gold and other risky investments and reviving some safety bids for US and German government debt.

The government is likely to approach parliament next month to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, in a move that may help settle UK-based Vodafone Group's long-runnning $2 billion tax dispute.

Stocks in news

GMR opened down 2.2 percent after the company terminated the concession agreement with NHAI for six-laning of a 555 km highway.

Marico opened 3 percent up after its board approved restructuring of the company's businesses and corporate entities with effect from April 1.

United Spirits opened down 0.4 percent after UK drinks group Diageo's mandatory tender offer to buy up to 26 percent of shares in United Spirits has been postponed as the deal has yet to receive local regulatory approvals.

Reliance Communications opened up 1.16 percent , Tata Teleservices(Maharashtra) opened 3 percent up after a group of ministers recommended a 30 percent or 50 percent cut in the base price of CDMA airwaves.

by Firstbiz Staff

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