INDIAN FACE
INDIAN EQUITY BENCHMARKS gained for the second straight day but ended off their day highs as investors turned cautious and booked profits at higher levels on concerns that the US Fed may tone down its monetary stimulus measures if the jobs data, due for release later today, is better-than-expected.
Further, HINDUSTAN UNILEVER rallied over 4% in opening trades to touch an all-time high of after its parent company Unilever said it has acquired 14.8% stake against target of 22.5% in Indian unit. FMCG shares witnessed buying after HUL parent’s open offer received good response.
Erasing all initial gains, the rupee weakened further to 60.45 in afternoon trade on fresh dollar demand.
GLOBAL FACE
Asian stocks rose on Friday, after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus.
European shares briefly dipped into the red in jittery trade, with investors squaring positions after the previous session’s sharp gains and ahead of a keenly watched US non-farm payrolls report.
US stocks pointed to a sharply higher open, as markets awaited the release of highly anticipated U.S. employment data, amid uncertainty over the future of the Federal Reserve’s stimulus program.
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