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| "Rupee v/s Dollar" |
Indian Share Market :- Indian share market is expected to open low following the European cues, as well as hike in petrol price. Share Market opens flat today.
European Market :- European markets extended losses to close sharply lower on fears that an EU summit may fail to come up with concrete, new measures to tackle the region's sovereign debt crisis.The EU leaders finished their informal summit where they agreed to keep Greece in the Euro zone as long as it respects its commitments.
Rupee Outlook :- The Euro slid below the 1.26 level, its weakest level against the dollar since July 2010. The dollar index spiked above the 82 mark.
Rupee continued its free fall for the sixth consecutive day. It breached the psychological mark of 56 to the dollar on heavy buying from oil marketing companies and following weakness in the euro.
The rupee is expected to remain under pressure as the dollar continues to gain. The uncertainty in the Eurozone could add to the pressure but any RBI intervention may restrict the losses. The range for the day is seen between 55.90-56.25/USD
Petrol Hike :- State-owned oil firms IOC , BPCL and HPCL hiked petrol price by Rs 6.28 per litre effective Thursday. Including sales tax, the hike adds up to Rs 7.50/litre.
Commodity Outlook :- Crude prices slipped further with Brent back to USD 106 per barrel levels as concerns over the debt crisis in the Euro zone and a slowing Chinese economy weighed on demand. NYMEX slipped below the USD 91 per barrel mark.
Gold continued to trade below the USD 1,560 an ounce levels following weakness in the Euro
Result Today: RELIANCE POWER, TVS MOTOR, VOLTAS, VIDECON, GSPL, MADRAS CEMENT, ORBIT CORP, JET AIRWAYS, MAX INDIA, JM FINANCIALS, FUTURE VENTURES, SHASUN PHARMA, CINEMAX, PIDILITE, LT FOODS, FAME INDIA, GTN, GUJARAT ALKALIES, INOX, JAI CORP, MUKAND, MSP STEEL, RAMCO INDS, RAMCO SYSTEMS, RAINBOW PAPERS, TECHPRO.
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