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Foreign investors still buy stocks, but pace slows

May 24, 2013 by sknlakshmi

Reuters Market Eye - Foreign institutional investors (FIIs) extended their record net purchases of Indian stocks to a 26th consecutive sessions on Thursday, despite sharp share falls sparked by worries the Fed would unwind its monetary stimulus earlier than expected.

FIIs were net buyers of 3.16 billion rupees of stocks on Thursday, while domestic institutional investors sold 5.4 billion rupees of stocks.

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Sensex ends four-day losing streak; Tata Steel gains

May 24, 2013 by sknlakshmi

MUMBAI (Reuters) - The BSE Sensex snapped a four-day losing streak to edge higher on Friday, rebounding as Tata Steel surged after its March-quarter operating profit beat analyst estimates and as recently beaten-down blue chips such as Larsen & Toubro recovered.

Tata Steel Ltd (TISC.NS) rose 4.49 percent, while Larsen & Toubro Ltd (LART.NS) ended 2.72 percent higher as a sell-off in the previous two sessions on earnings disappointment was seen as overdone.

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RBI plans to ease hedging norms for exporters, importers

May 24, 2013 by sknlakshmi

MUMBAI (Reuters) - The Reserve Bank of India plans to allow exporters and importers to rebook and cancel up to 50 percent of their total hedged exposure from the present cap of 25 percent, Executive Director G. Padmanabhan said in a speech in Singapore on Friday.

Padmanabhan did not explain why the RBI was contemplating taking this measure. In July RBI had allowed only exporters to cancel and rebook forward contracts up to 25 percent of hedged exposure.

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Asian stocks shaky, Nikkei still seen vulnerable

May 24, 2013 by sknlakshmi

SYDNEY (Reuters) - Japanese stocks turned negative on Friday and the yen reversed early losses, keeping intact worries that the Nikkei's largest one-day drop in two years may be the start of a bigger rout.

In a sign that many are still spooked by Thursday's eye-watering 7.3 percent Nikkei drop, share markets elsewhere in Asia extended their decline to a fresh one-month low.

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U.S. shares volatile on uncertain growth outlook, dollar lower

May 24, 2013 by sknlakshmi

NEW YORK (Reuters) - U.S. stocks and bonds were volatile on Thursday, alternating between steep losses and break-even levels as investors questioned the pace of economic growth and when the U.S. Federal Reserve's stimulus program would end.

Overseas shares ended sharply lower, closing before U.S. equities staged a late-day recovery, pressured as weak data in Europe and China underlined the uncertain growth outlook.

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Subbarao overrules panel view on rate action in May

May 24, 2013 by sknlakshmi

MUMBAI (Reuters) - Reserve Bank of India (RBI) Governor Duvvuri Subbarao went against the suggestion of a majority of external members of the central bank's monetary policy committee that recommended no change in the policy repo rate at a May 3 policy meeting, according to minutes of the meeting seen by Reuters.

The RBI cut the key policy repo rate for a third straight time in 2013 to 7.25 percent, pulling it to a two-year low, in a bid to revive decelarating growth and taking into account benign inflation reading.

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Nikkei dives 7.3 percent, China worries spark worst rout in two years

May 23, 2013 by sknlakshmi

TOKYO (Reuters) - The Nikkei share average plunged 7.3 percent on Thursday, its biggest one-day percentage drop in two years after weak Chinese factory data rattled investors, prompting them to take profits from a recent rally buoyed by massive Bank of Japan stimulus measures.

The Nikkei ended 1,143.28 points lower at 14,483.98, a two-week low. It was the 11th-largest point drop on record.

The Osaka Securities Exchange briefly suspending trade in Nikkei futures in the afternoon due to steep declines.

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Analysis: Rich country investors returning home

May 23, 2013 by sknlakshmi

LONDON (Reuters) - The world's biggest investors may be rethinking 20 years of boosting overseas holdings and are instead seeking more stable cash income at home, as aging societies and tighter regulation dull risk appetite.

This heralds a structural shift toward investments that produce long-term income in advanced economies, home to two thirds of the money held by insurers and pension funds - some $55 trillion.

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BSE Sensex falls; Ranbaxy, L&T slump

May 23, 2013 by sknlakshmi

Reuters Market Eye - The BSE Sensex falls 0.66 percent and the broader Nifty is down 0.8 percent, heading towards their fourth consecutive session of declines.

Asian stocks slid and the dollar rose to a 4-1/2 year high after Fed Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus and after data showed China's factory activity shrank for the first time in seven months in May.

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Half of investments in emerging markets go via tax havens - study

May 23, 2013 by sknlakshmi

LONDON (Reuters) - Nearly half of the money that multinationals and wealthy investors poured into emerging markets in 2011 came via tax havens, resulting in revenue losses for poor countries, anti-poverty campaigners ActionAid said in a report.

British Prime Minister David Cameron has said corporate tax avoidance will be discussed next month at the annual summit of the Group of Eight leading industrial economies, which Britain is hosting in Northern Ireland.

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