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Nik's Diary Indian markets opened in the red tracking negative opening trades in SGX Nifty and most of the Asian markets. The US markets moved mostly lower on Thursday, offsetting the gains posted in the previous session. The correction came as worries about the situation in Cyprus overshadowed a batch of largely upbeat US economic data. The major averages ended the day in negative territory but off their lowest levels of the session. Meanwhile the European markets also finished in negative territory on Thursday. Uncertainty surrounding Cyprus continued to weigh on investor sentiment after the country's lawmakers blocked a bank tax and the ECB gave the country an ultimatum. Weaker-than-expected European economic data also contributed to the negative mood Indian shares ended a volatile session lower on Thursday amid worries that the ongoing political uncertainty may derail reforms. Investors fear that the government may resort to populist measures with an eye on elections...

Nik's Diary Indian markets opened flat to positive tracking positive opening in most of the Asian markets, backed by better than expected manufacturing data from China with its PMI index for March coming in at 51.7 from 50.4 in February. US stocks ended higher over the course of the day yesterday after the Federal Reserve said it would continue to support the US economy. The FOMC decided to keep the target range for the federal funds rate at zero to 0.25% and said it would continue its asset purchase program at a pace of US$85bn a month. In his subsequent press conference, Federal Reserve Chairman Ben Bernanke expressed confidence in the economic recovery but indicated that the central bank would maintain its quantitative easing program for the foreseeable future. Also, market gained early strength as Cyprus' parliament rejected a proposed Cyprus European Union bailout plan that would tax bank deposits. Indian markets extended losses yesterday on continued political unce...

Nik's Diary Indian markets opened flat to negative tracking mixed positive opening in the Asian markets, with a rejection by the Cypriot parliament of a European bailout plan fueling some uncertainty. US stocks ended mixed over the course of the day yesterday as the market was weighed by concerns about the situation in Cyprus against upbeat US housing data. In the latter part of the trading day, Cyprus's parliament voted to reject a proposed European Union bailout plan that would tax bank deposits at a rate of up to 9.9%. Meanwhile, the US Commerce Department released a report showing that housing starts edged up by 0.8% to a seasonally adjusted annual rate of 917,000 (Estimate – 915,000) in February from the revised January estimate of 910,000. Indian markets fell yesterday, as worries of political instability overshadowed hopes that Cyprus could revise a deal to contribute to its bailout. In a dramatic development, the DMK withdrew its support to the UPA Government on ...

Nik's Diary The Indian markets opened in the green today, tracking positive opening in most of the Asian markets as stocks moved higher to take back some losses made yesterday, when investors reacted to news that a bailout for Cyprus would include a tax on bank deposits. A bailout of Cyprus announced over the weekend included a controversial proposal to levy tax of up to 10% on all the country's bank accounts, sparking widespread public anger and fears of a run on some banks in the region. US stocks moved lower over the course of the day yesterday as markets responded to news of a bailout agreement for Cyprus that raised concerns about a run on the Mediterranean island's banks. Cyprus' parliament has postponed a vote on the proposed bailout, which has generated significant opposition, as it is seen to unnecessarily tax deposit holders. Meanwhile, the National Association of Home Builders released a report showing an unexpected drop in US homebuilder confidence in t...

Nik's Diary Indian markets opened in the red on negative opening in most of the major Asian markets because of bailout announced by Cyprus president, in which private citizens’ bank deposits would be tapped. Cyprus announced plans for a one-off levy on bank deposits in exchange for equity in the banks as part of a deal that would have international creditors provide 10bn euros (US$12.9bn) to shore up the island nation’s finances. Under the bailout, Cyprus would also sell government assets, raise corporate tax rates and impose a tax on interest earned in Cypriot banks. US stocks moved lower over the course of the day on Friday as profit taking continued and a report from Reuters and the University of Michigan showed a substantial deterioration in consumer sentiment in the month of March to 71.8 from 77.6 in February. Meanwhile, the Federal Reserve released a separate report showing that industrial production increased by ...