04 September, 2013

Sensex zooms 264 points in late morning trade

After the overnight crash, the S&P BSE benchmark sensex surged 264 points in late morning trade on fresh buying in IT, technology, oil, healthcare, metal and auto counters on the back of positive US economic data despite lower Asian cues.

The 30-share sensex resumed higher at 18,314.68 and moved up further to a high of 18,502.12 before quoting at 18,498.74 at 1030 hrs, showing a gain of 264.08 points, or 1.45 per cent, from its last close.

The NSE 50-share index Nifty also rose by 75.15 points, or 1.41 per cent, to 5,416.40 at 1030 hrs.

India slips to 60th rank, Switzerland on top: Global Competitiveness Report

India has slipped to 60th position in terms of its competitiveness globally, while Switzerland has retained its top rank.

This is India's lowest ever rank and also 31 places below its peer emerging market China.

Releasing the annual Global Competitiveness Report 2013-2014, Geneva-based World Economic Forum (WEF) on Wednesday said highly innovative countries with strong institutions continue to top the rankings.

Government gears up to battle Fed pull out

The government is bracing for the adverse impact of the US Federal Reserve's likely withdrawal of the fiscal stimulus by moving ahead with steps it has already announced and is working on measures that will yield results but with a lag. Even as it does so, it knows its options are limited.

The Fed is widely expected to announce a tapering off its monthly bond purchase plan of $85 billion when it meets on September 18. The move, coming in the backdrop of a recovering US economy, is anticipated to push up interest rates there and hence attract capital currently parked in emerging markets like India. Although markets have already factored in the likely impact and FII are withdrawing funds, the extent of damage will only be clear once the actual roadmap is unveiled, said government officials.

As of now, the plan is not to actively intervene in the foreign exchange markets to prop up the rupee or boost stock market. Instead, the government and RBI will "intelligently" use the foreign exchange reserves of $278 billion to ensure that "genuine market participants" are not affected. While officials did not elaborate on the details of the strategy, they said policymakers were not averse to selectively dipping into reserves to meet the bulk demand of local players. They pointed to the special RBI window for oil companies to help meet their forex demand directly, which has also taken away some of the pressure from the spot market.

Govt approves India-Abu Dhabi air services accord; enhances number of seats to 50,000 per week

The India-Abu Dhabi bilateral air services agreement, which ran into controversy following the Jet-Etihad deal, was approved by the government today enabling their airlines to fly 50,000 seats each week, up from the current level of 13,700.

The agreement received post-facto approval of the Union Cabinet at a meeting chaired by Prime Minister Manmohan Singh here this evening.

The accord would allow the designated carriers of India and Abu Dhabi to have 50,000 seat-capacity each week. This increase of 36,670 seats would be carried out in a phased manner spread over a three-year period.

Hyundai Motor launches new compact car 'Grand i10'

Hyundai Motor India (HMIL) on Tuesday launched its new compact car 'Grand i10' priced between Rs 4.29 lakh and Rs 6.41 lakh (ex showroom Delhi) as it looks to enhance its position in the country.

The Grand i10 comes in two engine variants 1.1 litre diesel and 1.2 litre petrol.

While the petrol variant is priced from Rs 4.29 lakh to Rs 5.47 lakh, the diesel version is priced between Rs 5.23 lakh and Rs 6.41 lakh (ex Showroom Delhi).

Li Na becomes first Chinese to reach US Open semis

Li Na became the first Chinese player to reach the semifinals of a US Open when she beat Russia's Ekaterina Makarova 6-4, 6-7(5), 6-2 in the quarterfinals on Tuesday.

Li, seeded fifth at Flushing Meadows, reeled off the last four games to seal victory after nearly two and a half hours at Arthur Ashe Stadium, raising both fists in the air as the New York crowd roared its approval.

BCCI puts CSA on notice, could host Lanka or Pakistan

The Indian cricket board (BCCI) has decided to play a severely truncated series of five matches - two Tests and three ODIs - against South Africa, a minimum requirement to fulfill ICC's Future Tour Programme (FTP) obligation.

The available window for this is between the first week of December and the second week of January. India will be on a short tour of New Zealand after that.

Sources said BCCI is hoping to hear from CSA before its AGM (this September end) to get the final confirmation on the series.

If CSA doesn't get in touch with BCCI on time, India is planning to invite either Sri Lanka or Pakistan (subject to clearance from home ministry) for a home series this December. This would mean an extra income of almost Rs 300 crore for the board through television and other title rights. Both the teams have been sounded out.

The CSA officials have so far been in touch with BCCI's working committee members who are not in a position to decide on the fate of the series. "They need to get in touch with the officials who are taking decisions in the board not the working committee members," a top BCCI official told TOI on Monday, hinting to a growing rift between BCCI and CSA.

Differences between the two boards came to the fore after CSA went ahead and appointed Lorgat as its CEO despite BCCI's strong objection.

West Indies agree to tour India in November

The West Indies Cricket Board (WICB) on Wednesday accepted India's invitation for a series in November which would allow senior batsman Sachin Tendulkar to play his milestone 200th Test in front of home fans.

"The West Indies Cricket Board today confirmed that the West Indies team will tour India in November. The tour will include a two Test series and three one-day internationals. The WICB and the Board of Control for Cricket in India agreed to utilise the mutually available window in November for the tour," the WICB said in a statement.

The tour was proposed by the BCCI's working committee in a meeting on Sunday and would precede India's trip to South Africa in December.

Tendulkar has played 198 Tests so far and the second Test of this series would take him to one of the several milestones he has touched in a glittering career.

For the West Indies, the Indian tour will precede the trip to New Zealand which is scheduled to commence on December 3 and conclude on January 15 next year.

"The full India tour schedule will be released following final agreement by the two boards," the WICB stated.

West Indies last faced India in a limited-overs series earlier this year in the Caribbean. India won that tri-nation series which also involved Sri Lanka.