OUTLOOK
Asian stocks rose, poised for their best week in nearly three years, as a long-awaited plan to resolve the European debt crisis encouraged investors to put money back in markets driving up prices of risky assets such as the euro and commodities.The dollar steadied after nursing heavy losses, having suffered its biggest decline in more than two years against a basket of major currencies, after a European debt deal sparked a massive relief rally. The deal in Europe calls for private banks and insurers to take 50 percent losses on their Greek debt as well as agreements on recapitalization of hard-hit European banks and a leveraging of the bloc's rescue fund.
On domestic front the RBI, which has raised key interest rates by a cumulative 375 basis points since March last year, has also signalled that chances of another rate increase when it reviews monetary policy again in December are "relatively low". Though data released by the government on Thursday showed food inflation rose to 11.43% year on year for the week to October 15, compared with 10.6% in the preceding week, driven by a 25% jump in vegetable prices even as prices of food articles increased 0.25%. It is now a wait and watch policy.
Result season is in full swing with results for the day are BEML, Bharat Electrical, Indian Hotels, NHPC, Tata Global, Tata Elxsi.
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