-Indian markets remained volatile today and closed in red color. Mr.Narendra Modi is expected to increase his cabinet on November 9th. The Indian Government is also planning to fall down the clause of exempting investors of Cyprus from capital gains* if they invest in India from the India-Cyprus Tax Treaty. A lot of believed that Indian investors invest in Indian markets by routing their funds from Cyprus as by that approach they do not have to pay any tax on capital gains.
– COMEX Gold went falling down as expected, but regained it losses soon later than it. MCX Gold traded as per the COMEX market. Crude is weak and could remain at the present level for some time but any major upside movement is not expected. The Chinese financial authority has decided to give Chinese corporate loans at low rates in order to increase their growth rate. China is the biggest consumer of base metals like aluminium, Copper, Etc; their prices will go up if its economy rises.
– ECB (European Central Bank) and Bank of England has kept their key lending rates at same i.e. 0.5%. Analysts were expecting that the ECB could cut rates further in order to push the Euro Zone economy go upwards, but Mario Draghi, ECB (European Central Bank) President, did not cut any rates.
– Pharma sector went up today on the back of weak INR (Indian rupee). Weak INR (Indian rupee) will bring in more revenue for them by exporting same amount of medicines in USD terms. Shares of OMCs (Oil Marketing Companies) went up due to decline in crude prices. Hero Moto Corp went fall down over the news that Bain Capital (Private Equity Fund Provider) has sold the stake of Hero Moto Corp from its portfolio.