The local market is expected to have a positive opening today on the back of supportive global cues. Wall Street closed with modest gains on Monday on strong economic data. Markets in Asia were mostly higher in early trade on Tuesday on improved outlook of the world economy. The SGX Nifty was up 20.50 points at 6,201.50 compared to its previous close of 6,181.
Yesterday, the market opened with smart gains on support from its Asian peers. It touched the day's high within minutes of the opening bell on institutional buying. However, the indices pared some gains on profit-taking at higher levels. The market moved further southwards in the post-noon session but stayed in the green and closed off the day's lows. On the other hand, the broader indices closed with decent gains.
The Sensex closed at 20,561.05, a gain of 51.96 points (0.25%). The Nifty ended the year's first trading day 23.10 points (0.38%) higher at 6,157.60.
Markets in the US closed firm on Monday, the first trading day of 2011, on positive economic indicators, signalling that the economic recovery is on track. Manufacturing activity expanded in December at the fastest pace in seven months. The Institute for Supply Management’s index climbed to 57 last month from 56.6 in November, the Tempe, Arizona-based group said yesterday. Former Federal Reserve Governor Frederic Mishkin said that while the central bank will complete its $600 billion bond- purchase program to help fuel the economy, a third round of the so-called quantitative easing is unlikely. Another report showed construction spending rose in November for a third month, helped in part by government projects. A 0.4% gain followed a 0.7% increase in October.
The Dow surged 93.24 points (0.81%) to 11,670.75. The S&P 500 gained 14.23 points (1.13%) to 1,271.87. The Nasdaq rose 38.65 points (1.46%) to close at 2,691.52.
Markets in Asia were mostly in the green in early trade this morning on optimism over the global recovery boosted demand for riskier assets like stocks.
The Shanghai Composite was up 0.61%, the Hang Seng added 0.02%, the Jakarta Composite was up 0.29%, the KLSE Composite climbed 0.73%, the Nikkei 225 surged 1.42%, the Straits Times gained 0.51% and the Seoul Composite was up 0.31%. On the other hand, the Taiwan Weighed lost 0.03% in early trade. The SGX Nifty was up 20.50 points at 6,201.50 compared to its previous close of 6,181.
In other news back home, the government yesterday said it will come out with two more series on monthly consumer price inflation from the next month to reflect the impact of price rise on consumption pattern of households in urban and rural areas.
“CSO will be releasing CPI—urban and rural—indices for January onwards. The first data would be released sometime in February,” chief statistician TCA Anant stated.
Currently, there are four CPI inflation series—CPI for industrial workers, CPI for agricultural labourers, CPI for rural labourers and CPI for urban non-manual employees. Besides four CPI series, wholesale prices are measured by WPI index.
New Delhi: Housing finance regulator National Housing Bank (NHB) today said it has entered into a 50 million euro (around Rs298 crore) agreement with Germany-based development bank KfW for promoting energy efficient housing in India, reports PTI.
The programme is expected to address a niche market segment for promoting energy efficiency in the Indian housing sector and is aimed at reducing energy consumption by 30 per cent in residential projects, NHB stated.
"NHB executed an agreement with KfW, Germany (the development bank of Germany) to promote energy efficient housing in India... under which NHB will borrow an amount of 50 million euro...," the housing finance regulator said.
It said that the initiative is an outcome of a dialogue process between the governments of India and Germany for promotion of a programme on 'Energy Efficient New Residential Housing in India', for which NHB will act as the implementation agency.
"As per estimates, the residential housing sector accounts for approximately 30% of the total energy consumption in the country. Promotion of energy-efficient residential housing is also an important objective laid down in the National Urban Housing and Habitat Policy, 2007, formulated by the government of India...," it said.
The programme envisages lending by NHB for individual housing loans through primary lending institutions for purchase of apartments in certified energy efficient projects.
The two partners have appointed an international consultant for the project.
The programme seeks to save energy levels in residential housing to the extent of 30% through both active and passive measures viz. adopting an efficient architectural design, using construction material of required standards, installing energy efficient electrical, electronic appliances.
A charted accountant by profession Sudip Bandyopadhyay has over 23 years of experience in the financial sector
Destimoney Securities has appointed Sudip Bandyopadhyay as the president. Destimoney Securities which was earlier wholly owned by the reputed PE Fund, New Silk Route (NSR), is undergoing a restructuring exercise and Mr Bandyopadhyay, erstwhile MD of Reliance Money is expected to lead the company in its next phase of growth.
As part of the restructuring exercise, the company plans to infuse around Rs40crore through new investors, including Dhanlaxmi Bank. Dhanlaxmi Bank proposes to invest Rs13 crore for a 15% stake, subject to regulatory approvals. The strategic investment is expected to reinforce the bank's commitment to be an integrated financial solutions company.
Mr Bandyopadhyay will build and lead a new team comprising new and existing resources. The new team will be expected to expand and grow the business by adding new customers and expanding in new locations.
Mr Bandyopadhyay has over 23 years of experience in the financial sector; he has been responsible for building Reliance Money into the country's largest broking and distribution house. He has also been instrumental in taking Reliance Money international through various innovative tie-ups and acquisitions.
A charted accountant by profession, Mr Bandyopadhyay started his career as a management trainee with HLL and has worked across multiple assignments in the area of capital market, money market and current market operations. Prior to this, he also had a stint as head, Centralized Treasury and Investments at ITC.