INDIAN BENCHMARKS rose to its highest close in nearly two-and-a-half weeks. CPI for July inched close to 8 percent, led by increase in food inflation which spiked over 9 percent due to 16.9 percent increase in vegetable prices. Also, June CPI was being revised higher to 7.46 percent versus 7.31 percent earlier also disappointed.Tata Steel has reported a 70.4 percent decline in consolidated net profit at Rs 337.3 crore for the April-June quarter, impacted by provision for impairment of non-current assets. ONGC missed street expectations with the first quarter net profit rising 19 percent year-on-year to Rs 4,782 crore impacted by higher exploration cost written off and depreciation cost.
The INDIAN BENCHMARKS SENSEX ended 184 point up at 26103 and the 50-share NIFTY closed 52 point up at 7791.
GLOBAL MARKET CHASE
ASIAN STOCKS were lightly traded with Japan flat.
U.S. STOCKS mixed after a fresh flare up in the Russia-Ukraine conflict spooked investors,though bottom fishing took equities indices off earlier lows.
EUROPEAN STOCKS higher, as Thursday's disappointing economic growth reports from theeuro zone fuelled fresh expectations for further easing measures by the European Central Bank.
Indian shares will set the tone for the next week on Prime Minister Narendra Modi's Independence Day speech. The movement of rupee against the dollar and crude oil price
movements hold key.Global cues are also on watch, hope for continued global monetary stimulus being offset by geopolitical worries.
Metal stocks will be in focus on Thursday, 21 August 2014, as Markit Economics will announce on that day a preliminary reading of China's HSBC PMI index for August, indicating health of China's manufacturing activity.
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