1. More than on-third of all buy-sell transactions in the stock exchanges, BSE and NSE are in the hands of foreign institutional investors (FIIs). Their share in overall turnover has risen from a mere 8% in 2001 to a significant 35% in 2007. This is likely to add volatility in the markets as and when the FIIs trade.
2. The Indian stock markets which were on downward march for the last three days, closed further down losing over 100 points. The BSE’s benchmark index, Sensex closed at 12,575. In bullion market, gold price closed Rs.13,560/10gm and silver closed at Rs.25,890/kg. Oil prices saw biggest drop of $6.44 in 17 years. In Nymex, the crude oil closed at US$138.71 a barrel. On Wednesday, crude fell by another 2.03 dollars a barrel for European contracts.
3. IT giant, TCS reported 7% higher net profit for the first quarter, while HDFC reported a jump of 26% in net profit for the same period.
4. Realty major Parsvnath Developers joined hands with Sabeer Bhatia, co-founder of Hotmail, to develop a 11,138 acre knowledge city, Parsvnath Nano City near Chandigarh. The project is valued at US$12 billion.
5. India government will release weekly inflation data on Thursdays at 5 p.m. instead of Fridays.
6. Government to sell imported cooking oils at cheaper rates through ration shops of Public Distribution System throughout the country.
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