Share market
The Indian market showed resilience to close firm despite weak global cues. Sensex shut shop at 14401, up 157 points and Nifty at 4327, up 43 points from the previous close. CNX Midcap index was up 0.13% and BSE Smallcap index was down 0.16%. The market breadth was negative with advances at 558 against declines of 662 on the NSE.
It was a lackluster week for the Indian market. Experts feel a close above 4335 on Nifty would be positive and take the market higher with some choppiness next week (also F&O settlement week). The figures this week are: Sensex was down 2.3%, Nifty 2.5%. BSE Midcap index was down 2.8% and BSE Smallcap index down 2.6% over the week. BSE Bankex index was down 4.2%, BSE Realty index down 4.4% and BSE Oil&Gas index down 2.3%. BSE Healthcare index was up by 0.52%.
Oil prices fall over $6 on stronger dollar
Oil prices plunged more than $6 a barrel Friday, erasing gains from the previous day's big rally after the dollar strengthened and Russian troops began a long-awaited pullback in
Light, sweet crude for October delivery fell $6.45 to $114.73 a barrel in afternoon trading on the New York Mercantile Exchange. On Thursday, worries about Russian hostilities helped push prices up $5.62 to $121.18, crude's highest settlement price in over two weeks.
Buffett sees economy weak until 2009
Warren Buffett said the economy is still in a recession and unlikely to improve before 2009 but that stocks appear better valued than a year ago. "You always find out who's been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach," said Buffett.
He also said Federal Reserve Chairman Ben Bernanke has no "magic wand" to boost an economy facing weak growth prospects, mounting inflation and deteriorating credit. "In my judgment it won't be any better five months from now," he said.
Rupee up by 10 paise at 43.42/43 against dollar
Continuing its gains for the second day in a row the Indian rupee on Friday closed higher by 10 paise at 43.42/43 against greenback on alternate bouts of buying and selling amidst oil prices' climbing and recovery by US dollar.
Dealers said they were anticipating further intervention by the apex bank to contain the sustain fall in the rupee, which hit 17-month intra-trade low of 43.86 on August 20.
However, suspected intervention by the Reserve Bank of India (RBI) in last two days helped the local currency to recover some lost ground.
Sources…
Rediffmail.com
Yahoofinance.com
Timesofindia.com
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