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Updated: 17/11/2008 | 02:57 PM IST
Markets recover from lower levels
Capital Market
Monday, November 17, 2008 (Mumbai)
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Recovery in index heavyweights pulled the key benchmark indices off their lows in mid-afternoon trade. The BSE 30-share Sensex was down 154 points, recovering close to 274 points from the day's low. The barometer index regained the psychological 9,000 level. Recovery of European stocks triggered recovery on the domestic bourses.

Earlier, the market had tumbled in afternoon trade after Japan joined the list of economies in recession and after world leaders failed to deliver specific measures to boost the global economy at a weekend summit. Measures announced by the Reserve Bank of India (RBI) during the weekend to shield the Indian economy from the global economic slowdown, had failed to avert the slide.

Some key European markets recovered from an initial slide caused by overnight fall in US stocks. Key benchmark indices in France and Germany rose by between 0.18% to 0.2%. But UK's FTSE 100 was down 0.18%.

Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports. Despite the weak data, the the Nikkei rose 0.71% in a choppy trade, with buying by pension funds lifting the market. Stocks elsewhere were weak. Key benchmark indices in Hong Kong, Singapore, South Koera and Taiwan were down by between 0.29% to 0.91%. But in China, the Shanghai China rose 2.22%.

Leaders of the G20 nations agreed on an action plan on Saturday, 15 November 2008, to restore global growth and prevent future financial upheaval while promising new spending plans and a set of reforms. But the plan was light on detail and there was no reference to coordinated stimulus packages by governments -- an idea promoted by Britain.

US stocks lost ground on Friday, 14 November 2008, after a record drop in monthly retail sales heightened worries that U.S. consumers' reluctance to spend will drag the economy into an even deeper downturn than initially expected.

Closer home the RBI on Saturday, 15 November 2008, announced measures to improve money market liquidity and help exporters. The measures include extension of a special repurchase facility to provide liquidity for mutual funds and non-banking finance companies till March 2009, increase in the limit on export credit refinance available to banks, allowing housing finance companies to raise funds through short-term overseas borrowings, reduction in provisioning on standard assets of banks to a uniform level of 0.4%, and reduction in risk weights for banks on commercial real estate and on unrated claims on corporates.

The central bank also said it would consider proposals from local firms to buy back foreign currency convertible bonds early.

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