- The Sensex closed at 19122, up 31 points from its previous close, and Nifty shut shop at 5741, up 12 points.
- The BSE Sensex eked out a 0.2 percent gain on Tuesday after falling for two consecutive sessions, but trading was volatile and the near-term outlook seemed subdued as investors shunned risk after rating agency Standard & Poor’s lowered its U.S. credit outlook to negative.
- State Bank of India, the country’s largest lender, said on Tuesday it will raise its benchmark lending rate, or base rate, by 25 basis points to 8.5 percent per annum with effect from April 25.
- The Indian government on Tuesday forecast normal rains for the 2011 monsoon, strengthening the prospect for a good farm output that could help bring relief to Asia’s third-largest economy in its battle with high food prices.
- Harley-Davidson Inc reported a wider quarterly profit on Tuesday on higher income from the company’s financial services division and a 3.5 percent increase in sales of new motorcycles.
- The government is risking losing control of inflation, leaving the Reserve Bank of India (RBI) with few tools other than the blunt instrument of more aggressive interest rate increases even as growth momentum slows.
- Falling gas output and a rising subsidy burden are expected to weigh on the respective outlooks of energy major Reliance Industries and explorer Oil and Natural Gas Corp, taking the shine off their likely strong fourth-quarter earnings.
- The Indian rupee pulled back from a 2-1/2 week low touched earlier in the session due some dollar selling at higher levels.
- A German government adviser said on Tuesday that a restructuring of Greek debt was inevitable, raising pressure on Athens to seek a solution to the debt woes that are shaking investor confidence in the euro zone.
- India’s annual headline inflation in April could ease below 8 percent and 2011/12 economic growth should range between 8.75 and 9.25 percent, the chief economic adviser to the finance ministry said on Tuesday.
- Falling gas output and a rising subsidy burden are expected to weigh on the respective outlooks of energy major Reliance Industries and explorer Oil and Natural Gas Corp, taking the shine off their likely strong fourth-quarter earnings.
- A renewed rise in Spanish debt yields is bad news for the euro zone, since it shows Spain is still failing to set itself apart from the zone’s weakest states in the eyes of the markets.
- Some of the United States’ biggest creditors moved to shore up confidence in its sovereign debt on Tuesday after Standard & Poor’s threatened to cut its credit rating on the world’s top economy, touching a nerve among big holders of Treasuries.
- Costly oil could place a major strain on consumer countries with fragile economies, OPEC ministers said on Monday, in their clearest statements yet that they believe fuel demand has shrunk.
- India, which has allowed exports of 500,000 tonnes of sugar following a bumper crop, has asked mills to register starting Tuesday, a source in the food ministry said.
- Foreign direct investment flowing into China rose 29.4 percent to $30.3 billion in the first three months of the year, data showed on Tuesday, as the country’s booming services sector pulled in more funds.
- China will tightly regulate land supply to boost affordable housing and to clamp down harder on illegal land use this year, the Ministry of Land and Resources said on Tuesday, as it seeks to contain housing inflation.
- India’s current account deficit for the last fiscal year that ended in March 2011 is expected to be less than 3 percent, Trade Secretary Rahul Khullar told reporters on Tuesday.
