The Bombay Stock Exchange’s benchmark index, Sensex closed at 8695.5, down by 207.6 points. The NSE’s Nifty-50 closed lower at 2654, down by 54.2 points. Weak economic data and recession fears continue to grip the market. In bullion market, gold is again volatile and it is being quoted at Rs.13,123/10gm and silver at Rs.17,560/kg. Crude prices stabilized. Nymex crude was trading higher at around 52.3 US dollars a barrel. The US dollar was at around Rs.50.
Citi gets $306 billion lifeline approval from US Federal regulators. Citi shares jump 60% in NYSE. US government however, puts a cap of 1% per share on the dividend. Citibank India is doing well.
Air India and Kingfisher Airlines are planning to bring down the fare by 12-15%.
India’s largest lender State Bank of India said that it has entered into a joint venture with Insurance Australia Group for its foray into the general insurance business.
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