Today's Stimulus Package announced by Chinese Govt has lifted sentiments across the world in stock markets. Stock market were up 2-3% in Europe and around 1% in US. India remained flat. Continuous sell off for past 4-5 days was another reason for the bounce back. Biggest gainer was the chinese market which rose 6%. $585 billion is going to be used in infrastructure spending and also to boost the manufacturing sector.
Other News:-
- According to a report US has lost around 700 thousand jobs in Feb in the Private Sector.Data for January was also along the similar lines. HSBC has also announced lay offs in US after bad earnings data.
- Oil surged to $45 on inventory concerns.
- The Reserve Bank of India has reduced the benchmark REPO rate to 5 percent from earlier 5.5 percent and the reverse REPO rate to 3.5 percent from 4 percent. Economic growth is slowed down to 5 years low
- Reliance Infra and Sail were the big gainers in today's market
- Rolta India, Srei Infra continued it slide for yet another day. Good Buy now for risk takers
- RCOM(Reliance Communications), Vishal Retail hits new lows.
- Punj Lloyd was another gainer today.
- Moser Baer is also at 52 week low. It is going to expand in Europe,US for its Photo Voltaic Operations. It is buying back FCCBs and has repurchased bonds worth 1 million dollar.
- Suzlon another beaten back stock won order of 100MW which is for about 80 turnbines from China
- Satyam Computer plans to invite bids in next few days
- ICICI Bank hit new lows on worry about its exposure to Russian assets. Fresh shorts are created on this stock
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