The key Indian stock indices declined in early morning trade, extending this week's drop, amid growing worries over the state of the domestic economy and renewed fears over the deteriorating external backdrop. A steep fall in the rupee this week has played a key role in dampening the sentiment for equity markets, as concerns mount over the country's widening twin deficits amid slowing GDP growth. FII inflows have tapered off ever since the Finance Minister proposed the new GAAR rules in the Union Budget.
The controversy surrounding Vodafone tax case and the recent TRAI recommendations for 2G auctions have also stoked worries about adverse regulatory action hitting domestic economic activity.
Next week will be important for India as the Parliament takes a final call on the Finance Bill, including the controversial GAAR issue. The IIP data for March is due on May 11. Corporate earnings will continue to trickle in.
Key Results Today: Bank of Baroda, Corporation Bank, DB Corp, Gillette India, IL&FS Transportation, NIIT Tech, Tata Teleservices Maharashtra, TTK Prestige and Venus Remedies.
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