- Sensex soars 226 points in biggest rally in 10 days
- Rupee surges against dollar as stocks rally, exporters sell
- Car sales rise for eighth straight month in June
- Europe crisis: EU gives Spain more time on deficit, sets bank aid
- Bull market in 2 years. Here's what on Madhu Kela's radar
- China's trade growth weakens amid economic slump
- Kingfisher Airlines pilots go on strike, 5 flights cancelled
- Did New York Fed turn a blind eye to Libor fixing?
- Audi closes in on BMW as race for top slot gets hot
- Features: US mobile surveillance, app advertising, Airbus’ makeover and more
1) Sensex soars 226 points in biggest rally in 10 days
A turnaround in global sentiments helped the BSE Sensex post its biggest gains in 10 days Tuesday. The Sensex soared over 226 points or 1.3% to 17,618, while the Nifty gained 70 points to 5,345. Markets ended near the day's high, which is a positive sign for bulls. Markets traded with steady gains through the day, but a sudden spike in European stocks led to a turnaround in sentiments on the Dalal Street. (Read More)
Also Read: Why SKS Micro shares have soared 40% in a week
2) Rupee surges against dollar as stocks rally, exporters sell
The Indian rupee rallied against the dollar on Tuesday, snapping a four-session losing streak, buoyed by strong gains in local stocks and dollar sales by exporters. The rupee opened marginally higher, and went on to strengthen gains against the dollar. (Read More)
Meanwhile, the Reserve Bank's dollar sales were higher in the foreign exchange spot market in May than in April, data from the central bank showed on Tuesday. The RBI sold $1.26 billion in May compared with $275 million in the previous month as it tried to rein in the rupee's slide, taking its total intervention in the spot market since the start of September to $22.23 billion. (Read More)
Also Read: NRI remittances to not attract service tax, says Finance Ministry
3) Car sales rise for eighth straight month in June
Car sales in India rose an annual 8.3 per cent in June, data from an industry body showed on Tuesday, in what was the eighth straight monthly rise but below industry expectations as a hike in excise tax has crimped demand. (Read More)
Also Read: Hyundai sued over Elantra fuel efficiency claim
4) Europe crisis: EU gives Spain more time on deficit, sets bank aid
Euro zone ministers agreed early on Tuesday to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks. (Read More)
Meanwhile, Europe's economic crisis is hitting young people the hardest. However, the situation is unlikely to improve until the end of 2013 and low-skilled people are expected to bear the brunt, Organisation for Economic Co-operation and Development (OECD) said today. (Read More)
Also Read: As Europe struggles, young job-seekers suffer most
5) Bull market in 2 years. Here's what on Madhu Kela's radar
Madhusudan Kela, chief investment strategist, Reliance Capital told NDTV Profit's Prashant Nair that despite all negativities the India story is not over yet. Kela said Prime Minister Manmohan Singh has been a positive influence, and the recent Time magazine article on the PM may be the last nail in the coffin and might be a turning point. (Read | Video)
6) China's trade growth weakens amid economic slump
China's trade growth plunged in June, hurt by weak U.S. and European demand and a Chinese slowdown, with a potential impact on economies as farflung as Africa and Australia.
Import growth fell by half from May's level to 6.3 per cent, data showed Tuesday, as factories facing weak foreign orders cut purchases of raw materials and domestic demand softened despite stimulus efforts. Export growth declined to 11.3 per cent from May's 15.3 per cent. (Read More)
7) Kingfisher Airlines pilots go on strike, 5 flights cancelled
A section of Kingfisher Airlines pilots went on strike on Tuesday in Delhi over non-payment of February salaries, the second time in less than 10 days. A total of five flights have been cancelled—two flights each to Dharamsala and Dehradun, and one flight to Shimla. (Read More)
8) Did New York Fed turn a blind eye to Libor fixing?
The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities.
The role of the Fed is likely to raise questions about whether it and other authorities took enough action to address concerns they had about the way London InterBank Offered Rates (Libor) were set, or whether their struggle to keep the banking system afloat through the financial crisis meant the issue took a backseat. (Read More)
Also Read: Banks to see 11 per cent QoQ drop in profit, says StanChart Securities
9) Audi closes in on BMW as race for top slot gets hot
The race for the top slot in the Indian luxury car market is getting exciting with German maker Audi fast catching up with leader BMW after surpassing compatriot Mercedes Benz in the April-June period this year. See full coverage here
According to figures released by the Society of Indian Automobile Manufacturers (SIAM), Audi's sales in the first three months of the fiscal have jumped by 52.15 per cent while sales of market leader BMW declined by 12.16 per cent. (Read More)
Also Read: After finding its footing, Volvo prepares for India’s luxury race
10) Features: US mobile surveillance, app advertising, Airbus’ makeover and more
Airbus A330 gets surgery to improve range as Boeing plans complete makeover. Also, Singapore is top destination for Indian investments. Meanwhile, Barclays finance chief quits to join Apollo. Americans' credit card usage has jumped to highest in 5 years.
US-based mobile security firm Lookout said some advertising networks have been secretly collecting app users personal details over the past year and now have access to millions of smartphones globally. Meanwhile, according to data gathered as part of a congressional inquiry into cell phone surveillance, mobile phone carriers received more than 1.3 million requests last year from U.S. law enforcement agencies for their customers' phone records and the requests are on the rise. (Read More)
Also Read: Indian regulators: All bark, no bite?