Skip to main content
Wall St mixed on rate cut hint(The Economic Times 27th Feb 2008)US stocks ended mixed Wednesday after Federal Reserve chairman Ben Bernanke hinted at more rate cuts to bolster a sagging economy and investors saw hopes for fresh capital for the troubled housing sector. The Dow Jones Industrial Average, which wobbled in and out of positive territory for most of the day, closed up a modest 9.36 points (0.07 percent) at 12,694.28. The Nasdaq composite rose 8.79 points (0.37 percent) to 2,353.78 and the Standard & Poor's 500 index fell 1.27 points (0.09 percent) to 1,380.02. Bernanke told Congress that weak US economic growth may prompt the central bank to cut short-term interest rates further if needed, citing "downside risks" to economic growth. Markets viewed the remarks as suggesting more rate cuts are on the way to rescue the economy. "Rate cuts are still on the agenda, and 'calibrating' policy is a matter of how much further the Fed will cut rates and when," said Stephen Gallagher, economist at Societe Generale in New York. "Recently there has been concern that higher inflation puts the Fed in a bind, but Bernanke's comments stress growth risks." Meanwhile the regulatory Office of Federal Housing Enterprise Oversight (OFHEO) announced plans to end portfolio caps for mortgage finance giants Fannie Mae and Freddie Mac, offering hope of more liquidity for the beleaguered housing market. More

Comments

Post a Comment

Popular posts from this blog

Jyoti Structures bags Rs 253 cr worth orders

Jyoti Structures on Tuesday said it has bagged two orders worth Rs 253 crore from Uganda Electricity Transmission Company Ltd and Eskom Enterprises (Pty) Ltd for construction of transmission lines. The company has bagged Rs 160-crore order from Uganda Electricity Transmission Company Ltd for construction of transmission lines and sub-stations. Besides, the company's joint venture company Jyoti Structures Africa (Pty) Ltd has bagged a contract for Eskom Enterprises (Pty) Ltd, the electricity utility of South Africa for construction of transmission line. The scope of the order from Uganda Electricity Transmission Company includes supply and erection of Bujagali Interconnection Project, the manufacturer of transmission line towers informed the Bombay Stock Exchange. The contract valued at around $39.64 million (Rs 160 crore) is to be executed in 24 months, the company said, adding the company would construct 220 kV and 132 kV transmission lines and substations.
Post a Comment
Read more

Day End Report

The Sensex opened with a positive gap of 317 points at 9,362, on the back of on-going pull-back in the market. Intra-day profit taking saw the index pare gains during the day, the Sensex however ended on a firm note at 9,788 - up 744 points With today's gain, the main index of the Bombay Stock Exchange, the Sensex, gained over 27% (2,091 points) from it's Monday low of 7,697. However, the index was down almost 24% (3,072 points) for the month, and down nearly 52% (10,499 points) so far this year. The BSE Metal index surged over 10% to 5,368, and Oil & Gas index soared over 9% to 6,196.   The market breath was fairly positve - out of 2,575 stocks traded, 1,577 advanced, 915 declined and the rest were unchanged today. Mahindra & Mahindra zoomed 23% to Rs 372. HDFC soared 17.5% to Rs 1,765, and Jaiprakash Associates surged 16.5% to Rs 72. ICICI Bank rallied 15.5% to Rs 399. Sterlite gained 14.5% at Rs 282. Reliance and Reliance Communications moved up 13.8% each to Rs 1,37...
Post a Comment
Read more

Market ends quiet on the first day

Market Closing Report - Source Moneycontrol.com Sensex closed up 13.72 points or 0.07% at 20300.71, and the Nifty up 5.75 points or 0.09% at 6144.35. About 2418 shares have advanced, 651 shares declined, and 36 shares are unchanged. The BSE Bankex was up 1% at 11,510.31. IOB, Allahabad Bank, Centurion Bank, Andhra Bank, Karnataka Bank closed in green. The BSE Capital Goods Index closed flat at 19,747.80. Greaves Cotton, Kirloskar Oil, Astra Microwave, Reliance Infra closed higher. The BSE Auto Index closed at 5,716.49 up 1%. Hind Motors, Apollo Tyres, Exide Industrie, Bharat Forge, Tata Motors closed higher. The BSE Metal Index closed at 20,061.49 up 0.2%. Mah Seamless, JindalStainless, Jindal Saw, SAIL, Jindal Steel closed higher The BSE FMCG Index closed up 2.4% at 2,375.07. ITC, Marico, Tata Tea, Dabur India, HUL, Godrej Consumer ended higher BSE Oil and Gas Index closed at 13,280.88 down 0.2%. Essar Oil, Petronet LNG, Reliance Petro, ONGC ended higher. The BSE IT Index was at 4,471...
Post a Comment
Read more