We expect a slightly lower start today on account of sluggish global cues. US stocks recovered from session lows, but European indices slipped on downbeat data. | |
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Meanwhile, the renewed weakness in the rupee is eroding FII investments in shares and debt. FIIs turned net sellers in April after a strong first quarter mainly due to the controversy over GAAR provisions and Vodafone tax disputes. The sentiment towards Indian markets will improve if the two thorny tax issues are addressed amicably.
We expect a slightly lower start today on account of sluggish global cues. US stocks recovered from session lows, but European indices slipped on downbeat data. All eyes will be on the ECB policy meet later today. Asian markets are mostly in red.
Banks will be in focus after the RBI announced guidelines on implementation of Basel III capital rules. Sugar counters will also be in the spotlight after the Government removed the cap on exports.
Key Results Today: Aventis Pharma, Finolex Cables, Great Eastern Shipping, Gujarat Pipavav Port, Ingersoll Rand India, KEC International, Marico, NDTV, Piramal Healthcare and Nitco.
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