Indian shares to track global trends this week
Monday, 8 December 2008
MUMBAI, Dec 6 (AFP): Indian shares will track news-linked events this week following an Indian economic stimulus package expected this weekend and a bailout package for US auto giants next week, dealers said.
Locally, the markets expect the Reserve Bank of India (RBI) to announce a slew of measures to boost the economy, which could include a sharp rate cut, and the government to also unveil a stimulus package.
India's inflation hit a seven-month-low Thursday, giving more room for interest rate cuts to spur a flagging economy that has taken another blow from the deadly Mumbai attacks, analysts said.
Annual inflation fell by over four-tenths of a percentage point to 8.40 per cent for the week ending November 22, from 8.84 per cent the previous week, according to the Wholesale Price Index, the most watched cost-of-living gauge.
For the week to December 5, the benchmark 30-share Sensex index fell by 1.40 per cent or 127.52 points to 8,965.2, a near-three-year-low.
Locally, the markets expect the Reserve Bank of India (RBI) to announce a slew of measures to boost the economy, which could include a sharp rate cut, and the government to also unveil a stimulus package.
India's inflation hit a seven-month-low Thursday, giving more room for interest rate cuts to spur a flagging economy that has taken another blow from the deadly Mumbai attacks, analysts said.
Annual inflation fell by over four-tenths of a percentage point to 8.40 per cent for the week ending November 22, from 8.84 per cent the previous week, according to the Wholesale Price Index, the most watched cost-of-living gauge.
For the week to December 5, the benchmark 30-share Sensex index fell by 1.40 per cent or 127.52 points to 8,965.2, a near-three-year-low.