1. The stock markets today: After yesterday’s plunge by 558 points due to the Reserve Bank of India’s move to reining in inflation, stock markets in Mumbai flared up. The BSE’s benchmark index, sensex closed at 14,287, higher by 495 points. Overall, there was demand for good scripts. Nifty 50 closed at 4313, up by 124 points. In bullion market, precious metals were being traded low. Gold is being quoted at Rs.12,296/10gm and silver at Rs.23,688/kg. Nymex crude oil was trading lower at US$121.35 a barrel. Rupee was at Rs.42.36 a dollar.
2. RBI Governor says: At this juncture, a realistic policy Endeavour would be to bring down inflation from the current level of about 11-12% to a level close to 7% by March 31, 2009. Banking and realty stocks may feel the heat.
3. Terror life cover: Increasing numbers of terror strikes make insurance companies hawk terrorism insurance policies. So far, insurance companies do not provide stand-alone policy for terror insurance. Terror insurance is built into fire policies and personal accident life insurance.
4. Provident fund management: India government has decided to allow private players like ICICI Prudential, HSBC and Reliance Capital and SBI to manage the provident fund of employees totalling about Rs.2.5 lakh Crore. So far, only state-owned SBI was authorized to manage the funds. There are protests from left-affiliated trade unions against this move of the government.
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