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Tuesday, 28-May-2013 07:42 Email | Share | | Bookmark
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INDIAN BENCHMARKS Indian shares snapped a 4-day losing streak to edge higher on Friday, rebounding as Tata Steel surged after its March-quarter operating profit beat analyst estimates and as recently beaten-down blue chips such as Larsen & Toubro recovered. Sentiment improved after foreign institutional investors extended their record net purchases of Indian stocks to a twenty-sixth consecutive session on Thursday, despite worries the Fed may unwind its stimulus earlier than expected.

Both the BSE and NSE indexes posted their first weekly fall in six, ending a powerful rally since mid-April.

The INDIAN BENCHMARKS, SENSEX ended UP 30 points or 0.15% at 19,704.33 and the 50-share NIFTY closed 16 points UP or 0.28% UP at 5,983.55.

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ASIAN STOCKS were mixed following Thursday’s tumble that came at the hands of some weak Chinese economic data. Japan’s Nikkei rose 2.77% to rebound from Thursday’s 5.5% loss.

U.S. STOCKS were mixed after data revealed orders for long-lasting manufactured goods beat expectations in April, which drew both applause and concerns the Federal Reserve.

EUROPEAN STOCKS mostly lower, as investors remained cautious amid growing speculation over a possible near-term end to the U.S. Federal Reserve's bond-buying program.

Week ahead

INDIAN INDICES India will release January-March quarter GDP on Friday, which is expected to confirm the economy, grew at its slowest pace in a decade in the 2012/13 fiscal year. GDP data should also show whether the economy has gained some traction after the government's reforms moves and RBI's rate cuts. Investors will also be eyeing whether strong foreign buying continues.

Foreign institutional investors extended their record net purchases of Indian stocks to a 26th consecutive sessions on Thursday, despite sharp falls sparked by worries the Fed would unwind its monetary stimulus earlier than expected.

Companies will also continue to report January-March earnings, including Coal India Ltd, Sun Pharmaceutical Industries Ltd, and Cipla Ltd.

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