A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session
The Nifty moved up 0.3% buoyed by an optimistic result
The Nifty moved up 0.3% buoyed by an optimistic result from the Spanish bank stress test and an appreciating Rupee. The Spanish bank stress test revealed that the recapitalization requirement was in line with analyst estimates (at €59.3bn), less than €100bn agreed as part of the bailout. The result of the stress test revealed that 7 out of the 14 banks analyzed would not need further capital infusion. Also, the Indian Rupee further strengthened against the US Dollar appreciating almost 5% in the past 1 month. Hong Kong markets are closed on Monday and Tuesday, while mainland Chinese markets are shut this whole week for holidays. The Nikkei reacted to negative data from China and Japan closing the day with a 0.8% cut. Chinese factory index was at 49.8 for September, 2012; the 1st time it has shown a successive contraction since 2009. Japanese manufacturers' confidence index fell to (-3) in the past quarter.
The Indian market is closed on 2nd October, 2012 due to a national holiday. Event to watch for is USA PMI Manufacturers' Index for September, 2012 (estimated at 51.5 against prior 51.5).
