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MARKETS News :
Nifty futures on the Singapore Exchange traded 176 points down at 7 am (IST) this morning, indicating a major sell ff ahead on Dalal Street. On Wednesday, Nifty50 declined for the fifth trading session and formed a bearish candle with a long wick. The index looked oversold, but analysts are ruling out any strong rebound.
Oil futures fell on Thursday on concerns for economic recovery in US. WTI crude futures fell 36 cents, or 0.9%, to $39.57 a barrel, while Brent crude futures slipped 28 cents, or 0.7%, to $41.49.
Rupee vs Dollar appreciated by just one Paisa to close at 73.57 against the US dollar on Wednesday, as investors turned cautious amid weak domestic equities The Dollar extended gains against most of the currencies on Thursday amid worries over economic slowdown slowdown in Europe and the US. The pound traded near its weakest level since late July, while the greenback hit a near nine-week high against the Swiis Franc. The US currency also held on to a 0.4% gain against the yen
Gold prices in India fell below key psychological level of Rs 50,000 per 10 gm, extending losses to the third day in a row amid a slump in global rates. On MCX, gold futures hit Rs 49,660 at day’s low. Silver futures were down about 3% to Rs 59,429 a kg. In international markets, spot gold prices dropped 0.3% to hti a two-month low at $1,858.39 an ounce
Sebi eases right issue rules… Sebi has changed the minimum subscription requirement in rights issues, a move aimed at making fundraising easier for companies. The regulator on Wednesday said the mandatory 90% minimum subscription would not be applicable to those issuers where object of the issue involves financing other than financing of capex for a project, provided that the promoters and promoter group of the issuer undertake to subscribe fully to their portion of rights entitlement.
IPO rush on even in a weak market… The initial public offerings of Chemcon Speciality Chemicals and CAMS closed on Wednesday with strong response from investors even as the stock market weakness extended for the third straight day. Bids for Chemcon’s issue were 149 times the shares on offer, making it one of the most subscribed IPOs in last five years. The Rs 2,242 crore IPO of CAMS was subscribed 46.9 times.
Baring accepts higher Hexaware delisting price. Hexaware Technologies will be the first to successfully delist from Indian bourses in two years after a holding company for Baring Private Equity Asia on Wednesday accepted the discovered price of Rs 475 a share against Rs 285 offered initially to minority investors. Hexaware’s public shareholders who have tendered their equity shares at or below the exit price will be paid @ Rs 475. per share.
Investors are advised to track the market news and act accordingly.
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