Stock Markets

Bush's Republicans in revolt over finance rescue plan

Washington -Bush's Republicans in revolt over finance rescue plan US legislators worked behind closed doors through Saturday seeking agreement on a US finance rescue plan as a weakened US President George W Bush wrestled with a revolt from within his own Republican ranks on a tense Capitol Hill.

House of Representative Republicans continued to block approval of the mammoth 700-billion-dollar liferaft for the mortgage-debt-gone- bad crisis that has drained credit lines dry and is spreading financial troubles abroad.

BSE to launch Rupee Future from October 1; While MCX in progress

BSE to launch Rupee Future from October 1; While MCX in progressThe Bombay Stock Exchange, the country's oldest exchange will launch exchange-traded rupee futures on October 1.

Last month, the National Stock Exchange of India kicked off exchange-traded currency futures trading for the first time in India.

The leading commodity bourse MCX Stock Exchange Ltd has also received an in-principle approval from the SEBI for the launch of exchange-traded currency futures.

Sensex Loses 940 Points During The Week

The 30-share index, BSE Sensex lost 940 points during the week ended Sep 26, Sensex Loses 940 Points During The Weekon depressing reactions including delay in US bailout plan, closing of America’s second biggest banking institution caused a global meltdown. 

Moreover, the continuing credit crisis was another reason that pulled the Sensex down.

Inflation remained unaltered at 12.14% for the week ended September 13 even as the Finance Ministry said prices of essential items like cereals, pulses, sugar and edible oils went down on a weekly basis

Sebi Extends Primary Market Reforms To Rights Issues

The Securities and Exchange Board of India (Sebi) would launch a project to apply Sebi Extends Primary Market Reforms To Rights Issues the Application Supported against Blocked Amount (Asba) system for cases pertaining to rights issues. This would start the reform process in the primary capital market. Application Supported against Blocked Amount (Asba) system is currently applicable only to initial public offerings (IPOs) for retail investors only. The rights of Tata Motors and Sadhana Nitro Chem are coming on September 29 and these would also come under ASBA.

Most Americans against Bush''s Wall Street bailout plan: Poll

Washington, Sept. 27: There is scant public support for President Bush''s 700 billion dollar federal rescue plan for the U. S. financial industry.

Just 30 percent of Americans say they support Bush''s package, according to an Associated Press-Knowledge Networks poll released as White House and congressional leaders struggled to rescue the plan after House Republicans rebelled against it.

Despite the president''s pleas that the package is urgently needed to prevent an economic meltdown, 45 percent say they oppose Bush''s proposal while 25 percent said they are undecided.

Fewer than four in 10 Republicans, three in 10 Democrats and one in 10 independents said they support the package.

Sensex Plummets 445 Pts; Nifty Closes Below 4000

Indian equities dropped on yesterday (Sep 26) on account of weak Asian markets Sensex Plummets 445 Pts; Nifty Closes Below 4000 as US Congress failed to come out with a conclusion on the $700 billion plan to bail-out its financial segment.

Realty, metal, banking and power stocks recorded huge losses. Each sector plummeted 4-6%. 

Midcap and Smallcap index shed 2.99% and 3.11% respectively.

The 30-share index, BSE Sensex (on Friday) opened negatively at 13,481.85, down 65.33 points, whereas the NSE Nifty opened at 4108.75. 

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