Indian Share Markets closes in red | SENSEX | NIFTY closing rates

(posted under - BSE stocks, NSE stocks, SENSEX closing) - Major indian stock indices closed in red as profit booking lowered the indices.

Bombay Stock Exchange’s Sensex ended at 16780.46, down 79.22 points or 0.47 per cent. The index touched an intra-day low of 16705.56 and high of 16877.77.

National Stock Exchange’s Nifty closed at 5007.90, down 28.10 points or 0.56 per cent. The broader index touched a low of 4983.05 and high of 5035.70.

The BSE Midcap Index was down 1.30 per cent and BSE Smallcap Index fell 0.90 per cent.

Amongst the sectoral indices, BSE Realty Index was down 2.88 per cent, BSE Auto Index fell 2.14 per cent and BSE Metal Index declined 1.52 per cent. BSE FMCG Index was up 1.14 per cent and BSE Capital Goods Index advanced 0.42 per cent.

Prediction : Indian economy to grow at 9.2 perc in 2010-11

(posted under - Indian Economy news) - The Centre for Monitoring Indian Economy (CMIE) expects the Asia's third largest economy's GDP growth to accelerate to 9.2 percent in 2010/11 from 6.9 percent in 2009/10.

The measures helped as the country's industrial output grew at its fastest pace in two years in November at 11.7 percent, the economy expanded 7.9 percent in the September-quarter and inflation jumped to a one-year high of 7.3 percent in December CMIE expects the wholesale price index, the main price barometer, to steadily fall to 7.7 percent in the June quarter and further to 3.8 percent March quarter of 2011.

Govt seeks CVC nod for new norms for advisors

The Government has sought the opinion of the CVC to change the norms for appointing investment bankers for advising it on divesting its stakes in the companies it runs.

Last year, the Government had identified over 60 Central public sector undertakings for disinvestment over the next few years to bridge the gaping fiscal deficit and fund its social sector and infrastructure programmes.

Under the plan, the Centre would dilute up to ten per cent of its stakes in those CPSUs which are unlisted through IPOs and those already listed would have to dilute up to 15 per cent through follow-on public offers to meet Sebi guidelines.

The proposed regulations would help the Government modify the criteria of choosing investment bankers from cost- basis to quality-cum-cost basis, as the current norms put those advisors who do not have deep-pockets at a disadvantageous position.

The objective is to give more weight to the quality of these advisors and not just cost.

Currently, the investment bankers are selected on the cost-basis under which the technically qualified investment bankers are selected on the basis of the lowest bid.