1. European markets: Top International Monetary Fund official have observed that the European Central Bank (ECB) can only attempt to save the financial markets from further damaging the global economy. At the same time, there are experts who believe that Greece should default.
2. Currency: Indian currency’s sharp movement has been a big surprise for the companies. Companies that had not hedged their positions are now under pressure. Also this sudden depreciation has mitigated the fall in commodities price. Unless the Indian national rupee does not become stable, the country and the companies will not be able to enjoy the falling commodity prices.
3. Commodities: Speculators were taking snap calls depending up on how they judged ECB's move to revive the European economy and solve the sovereign debt crisis.
This irrational movementwas seen as gold fell by approximately 10% in a sell off rush. Meanwhile, Silver fell by nearly 25% last week. Since 1980's this was the third time Silver fell more than 20% on fears of global recession. The two commodities are falling despite their safe-haven appeal.
4. Other news that will impact stocks: Securities Exchange Board of India (SEBI) has notified the new takeover code. Under the new cose the minimum open offer size has been raised to 26% from current 20%.
Also the initial trigger the open offer will get triggered at 25%, earlier this limit was at 15%. These new norms will come into force in 30 days.
5. New listing: PG Electroplast will be listing on exchanges today. The company raised Rs 121 crore via the issue with the price fixed at Rs 210.
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