Sensex to open on positive note
The government is hoping that the FDI in retail issue is discussed in Parliament while the Bharatiya Janata Party and the Left parties remain adamant on a debate under Rule 184, which entails voting.
The market is expected to start positive thanks to the latest deal where the Eurozone finance ministers, European Central Bank and IMF finally agreed to help Greece manage its debt. However, any debt relief is ruled out as they agreed to cut Greece’s debt by 124% of GDP by 2020 and to 110% by 2022. This paves the way for the release of the next tranche of aid.
On Monday the Indian market’s momentum was stalled near the resistance of 5640 which was mainly due to weakening rupee and lackluster global markets.
In its annual credit analysis on India, Moody's says that the Baa3 sovereign rating is supported by credit strengths which include a large, diverse economy, strong GDP growth as well as savings, and investment rates that exceed emerging market averages.
US markets ended mixed as investors continued to worry about the fiscal cliff and were apprehensive about the retail sales which came after offering huge discounts.
GSKPlc plans to raise its stake in its listed Indian unit to 75 per cent by investing Rs 5,222 crore and announced an open offer to buy 31.8 per cent stake in its Indian arm GlaxoSmithKline Consumer Healthcare
Asian shares are higher. Japan's Nikkei 225 and Hong Kong's Hang Seng index are trading well in the green. South Korea's Kospi index is up above a percent while China's Shanghai index is marginally up.
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India Infoline Research Team / 10:47, Aug 24, 2015
In spite of massive improvement in CV demand, standalone revenues for Banco Products Ltd registered muted performance with sales at Rs. 113cr in Q1 FY16.