Chidambaram helped pave the path for the market bounce, after other Asian markets opened strongly, by reiterating ahead of trading that the Indian economy is in a good shape and promising that the government will take new measures to boost liquidity in the local financial system. And the Dow Jones Industrial Average was off to a strong start in early trading on the New York Stock Exchange, up about 525.84 points, or 6.2%, to 8,977.03 at 9pm India time. The broader 50-stock Nifty index of the National Stock Exchange gained 211 points, or 6.43%, to close at 3,490.70. The Bombay Stock Exchange’s (BSE) Sensex gainedħ81.24 points, or 7.4%, the largest one-day percentage gain in at least four years, to close at 11,309.09, even as all Asian and European markets gained significantly. While cheered by analysts and fund managers, nobody was willing to bet how long this relief rally might last in what is still an unprecedented global financial turmoil. N unprecedented selloff in global equity markets that eroded several trillions of dollars of global investor wealth and pulled India’s bellwether Sensex stock index down by some 28% since September, did a U-turn Monday as most markets bounced back strongly. Sensex rises 7.4%, the largest one-day percentage gain in 4 years all European, Asian markets up too Relief rally sees gains for global markets >P15 Mint is also available for Rs4.75 with Hindustan Times under the combo offer
>P6Īxis Bank Q2 net profit Axis Bank shares surged 19% on Monday, the most in at least five years as it posted a 77% growth in net profit for the September quarter. Tata Motors on LCVs The current slowdown in sales is just a passing phase, Tata Motors executive director of commercial vehicles P.M.
Merck’s India growth plan Merck KGaA will invest one-fifth of the current revenue of its subsidiaries in India in expanding its local operations, chairman Karl-Ludwig Kley says.
Quota challenge Miscalculations may cost the government at least Rs2,000 cr when it implements a scheme to reserve 27% seats for OBCs at 12 universities. In this he has lived up to the ideals of another economist whom he admires much: John Maynard Keynes, who played an activist role during the Great Depression and charted a new, not-so-dismal, course for economics.Ĭontradictions in the Indian concept of hygiene >P21ĬPM makes new claims Members of West Bengal’s ruling front on Monday claimed the Tata Nano project at Singur was scuttled by Maruti Suzuki India and Bajaj Auto. For example, in his commentary on the current financial crisis, he has taken positions that have been unpopular with policymakers, but have proved to be true. But in his dual role as a public intellectual and an academic economist, Krugman has made such commentary a seamless affair. Economics is riddled with qualifications, making public commentary using the subject a difficult task. His column in The New York Times exemplifies that way of doing economics. His story does not end there: He has turned the dry up-and-down variety of economics (usually found in the financial markets’ sections of business newspapers) into something meaningful. It was Greek letters that won him the Nobel Prize for economics this year (see story on ). VENTURE CAPITAL: Focus may shift to later stage investing >8 BOLLYWOOD: Dancers’ unions irked as outsiders hog limelight >11Īul Krugman once described economics writing to be of three kinds: Greek letters, up-and-down and airport. Paul Krugman wins the Nobel for economics >20 ECONOMY: New Delhi, Mumbai, Bangalore, Chandigarh*, Pune*
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