Markets likely to open lower tracking global cues; Banks, IT stocks in focus
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Indian markets are expected to see a cautious opening today mirroring weakness in the Asian peers. The early indicator SGX Nifty is trading 0.6% lower.
Despite a strong rally on Thursday, a slump in the US stocks overnight on concerns of a further fall in the global crude prices could weigh on the sentiment.
On Thursday, the S&P BSE Sensex ended up 309 points at 25,804 and the Nifty50 gained 93 points to close at 7,844.
Meanwhile, the Reserve Bank of India (RBI) said from April 1, 2016, banks must review their lending rates frequently, and reflect changes in their cost of borrowing in a bid to force banks to effectively pass on policy rate cuts.
Also, in focus would be the IT stocks after the US Congress has doubled a special fee on the popular H-1B and L-1 visas raising it up to $4,500 to fund a 9/11 healthcare act and biometric tracking system thus hitting Indian IT companies.
Asian shares took their cue from Wall Street and slipped on Friday, but were still on track for gains in a week marked by a depreciating yuan in China and the first U.S. interest rate hike in nearly a decade.
Japan's Nikkei .N225 edged down about 0.1 percent, poised for a weekly gain of 0.5 percent, as investors awaited the conclusion of the Bank of Japan's two-day meeting expected later in the session.
Wall Street drooped on Thursday as crude oil futures continued to wallow at multi-year lows against a backdrop of oversupply as well as a stronger dollar following the U.S. Federal Reserve's widely anticipated tightening on Wednesday.
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In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
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As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
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Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
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Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
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The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
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