Crisil (up 4%) plans to sell 5% stake in the Commodities and Derivatives Exchange
Chinese economic policies are unsustainable, which is bad news a global economy presently dependent on Chinese growth. So the only safe haven for investments right now — US equity markets
The Indian market is likely to open on a cautious note today on unsupporting global cues. Wall Street closed lower on Wednesday on gloomy earnings outlook by technology stocks — Adobe Systems and Microsoft Corporation. Most Asian markets are closed today for local holidays but those that are open were lower in subdued trade. The SGX Nifty was down 3.50 points at 5,990 against its previous close of 5,993.50.
The domestic market ended its three-day winning streak on Wednesday, as the recent rally led investors to book profits. With a clutch of Asian markets closed for local holidays, cues from the regional peers were limited. The lower opening of the influential European markets also weighed on the sentiments. While the market made feeble attempts of a recovery, it succumbed to the selling pressure. The Sensex ended 60 points (0.30%) down at 19,941. The Nifty settled at 52,991, down 18.05 points (0.30%).
The US market closed lower overnight on subdued earnings outlook by technology giants Adobe Systems and Microsoft Corporation. Adobe tanked 19% after estimating sales that missed analysts’ projections. PMC-Sierra fell 6% as the chipmaker cut its third quarter revenue forecast. Microsoft declined 2.2% after announcing a smaller-than expected dividend increase.
Stocks reversed earlier gains after the Federal Housing Finance Agency said US home prices slid 3.3% in July from a year earlier, the eighth consecutive decline, as foreclosed properties swamped the market. The Dow tripped 21.72 points (0.20%) to 10,739. The S&P 500 slid 5.50 points (0.48%) to 1,134. The Nasdaq shed 14.80 points (0.63% to 2,334.
Most Asian markets are closed for local holidays and the ones that are open are trading lower. Earnings outlook from US tech stocks also weighed on the markets. The KLSE Composite and Taiwan Weighted were down 0.41% each while Straits Times gained 0.02%. The SGX Nifty was down 3.50 points at 5,990 against its previous close of 5,993.50. Markets in South Korea, China, Japan and Hong Kong are closed for local holidays.
Directed by the government, telecom companies are understood to have partially upgraded their networks for lawful interception of BlackBerry Messenger (BBM) services only.
The solution for encrypting enterprise mails, however, remains elusive. This has been a major cause of concern which has prompted the government to ask BlackBerry service provider, Research In Motion (RIM), to enable monitoring or face termination of service.
Some of the operators have submitted compliance report for BBM to the Department of Telecom (DoT) which had asked the service providers to upgrade their technical capability for lawful interception facility of BlackBerry services, if not upgraded.