Friday 30 August 2013

INDIAN STOCK MARKET – 31 AUGUST 2013

INDIAN FACE
INDIAN EQUITY BENCHMARK rose over 1% in a volatile session, marking its highest close in nearly two weeks as blue chip shares surged tracking a rebound in the rupee for a second day, ahead of April-June GDP data. Ebbing prospects of a U.S.-led military strike against Syria were also seen helping shares even as foreign investors sold over $1 billion worth of shares in the previous 10 sessions through Thursday.
Further, Software exporters gained to record highs on improving U.S. business prospects.
Tech Mahindra Ltd rose 0.7 percent after Morgan Stanley resumed coverage of its shares at “overweight” and a target price of 1,650 rupees, saying they remain undervalued.
GLOBAL FACE
Most Asian markets traded higher following a raft of regional economic data points.
European stocks were sharply, ahead of euro zone economic reports as fears over a potential military intervention in Syria by the U.S. and its allies weighed, sparking losses in commodity-linked stocks.
U.S. stock futures pointed to a higher open on Friday, as investors eyed the release of U.S. data later in the day, after positive U.S. economic reports indicated that the recovery is on track.
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