The hybrid flying car, called 'Model 367 BiPod', is a two-seater, designed to be driven like a car from the left cockpit and flown like a plane on the right. It features two 450cc internal combustion engines, 15 kW motors on both driving wheels and motor-driven propellers, and lithium batteries that are recharged during flight.
Lingering debt concerns around the world is hurting investor sentiments
Indian stocks are likely to see a cautious opening on the back of weak global cues. Markets in the US closed lower on Monday as the debt crisis within the country and in Europe kept investors on the sidelines. Even positive earnings reports were not sufficient to push the indices higher. Markets in Asia were mostly lower in early trade on Tuesday as the debt crisis across the world led to concerns about the economic recovery. The SGX Nifty was five points lower at 5,564.50 from its previous close of 5.569.50.
The market opened flat yesterday, tracking the Asian markets that were mixed in early trade. Debt problems across the world led investors to look out for other safe haven investment options.
The Nifty opened at 5,582, just one point up from its weekend close and the Sensex at 18,592, plus 30 points. Quick selling in the opening minutes pushed the indices into the negative, but buying immediately afterwards pushed the Nifty to its intra-day high of 5,597 and the Sensex to 18,623.
Choppiness continued till noon, after which the market fell prey to sellers again. A lower opening on the key European exchanges added to the woes and pushed the indices further southwards.
The market touched the day’s low in the last hour, with the Nifty falling to 5,551 and the Sensex down to 18,470. However, a late recovery ensured a close above the intra-day low, but still down for the second day in a row. The Nifty settled at 5,567, down 14 points and the Sensex at 18,507, a loss of 55 points. If the Nifty goes below 5,500, it will quickly fall to 5,400.
Wall Street closed lower overnight as the failure to solve the debt crisis would lead to a default. The European stress test on banks, which revealed that only eight out of 90 banks in the region failed the tests, was greeted by scepticism. The US markets took cues from its European counterparts, plunging as much as 183.50 points during the day before regaining almost half of that decline to close at its biggest point and percentage drop in a week and the lowest close since 29th June.
Financial shares slumped the most with Bank of America Corp declining 2.8%, Citigroup Inc fell 1.7% and Genworth Financial Inc plunged 7.7%.
The Dow declined 94.57 points (0.76%) to 12,385.16. The S&P 500 shed 10.70 points (0.81%) to 1,305.44 and the Nasdaq fell 24.69 points (0.89%) to 2,765.11.
The Asian pack was mostly lower, weighed down by debt concerns across the world. The worsening debt crisis in Europe and the imbroglio in the US is expected to crimp growth, economists opine. The Japanese market, which opened after an extended weekend, was pulled lower by utilities on concerns over power shortages.
The Shanghai Composite declined 0.87%, the Hang Seng fell 0.37%, the Jakarta Composite lost 0.48%, the KLSE Composite was down 0.26%, the Nikkei 225 fell 0.71%, the Seoul Composite lost 0.12% and the Taiwan Weighted shed 0.20%. On the other hand, the Straits Times added 0.19% in early trade.
Back home, credit rating agency Crisil on Monday said the revision of base year for calculating Index of Industrial Production (IIP) is expected push up gross domestic product (GDP) growth for 2010-11 to 8.9%, from the current estimates.
The final economic growth figures for the last fiscal are yet to be released. While the GDP estimates took into account IIP numbers, compiled by the Central Statistics Office (CSO), based on 1993-94 as the base year, the new figures are based on 2004-05.