Mayawati backs UPA on FDI

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With BSP supremo Mayawati lending her support to the government in Rajya Sabha on the contentious issue of FDI in retail , the 50-share NSE benchmark Niftytouched a 20-month high of 5,937.40.At 15.06 pm, the Sensex was up 78.5 points at 19470, and the Nifty up 23 points at 5923.4. The Sensex witnessed a 300-point reversal intra-day. Broader markets too are witnessing marked upmove with huge volumes being traded.

After a thumping victory in the Lok Sabha, FDI in multi-brand retail battle has shifted to Rajya Sabha. Mayawati's move today has clearly strengthened UPAs hands, and it appears the voting on Friday will go in favour of the ruling party. Political experts say the government has very tactfully played Samajwadi against the BSP, which helped in it getting closer to the number needed to win the Rajya Sabha vote.

Top Nifty gainers include Jaiprakash Associates, DLF, Axis Bank, Reliance Infra and Tata Motors. Among the sectoral indices, the BSE Realty Index gained, the BSE Auto Index and the BSE Metal Index pared all its losses. The IT index, however, remained in the red.

Posted By Low brokerage03:14

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Eurozone Recession Confirmed

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The euro area economy slid into recession in the third quarter, an updated report from Eurostat confirmed Thursday.

The gross domestic product fell 0.1 percent from a quarter ago, when it dropped 0.2 percent. The figures matched the preliminary estimate released on November 15.

Household final consumption expenditure remained unchanged in the third quarter, following 0.4 percent fall in the second quarter. This was expected to show a 0.2 percent decline.

Government spending dropped 0.2 percent quarter-on-quarter against expectations for no change. Investment declined 0.7 percent following 1.8 percent fall in the second quarter. This was roughly in line with forecast for a 0.8 percent drop.

During the three months to September, exports rose 0.9 percent and imports expanded 0.2 percent compared to the previous three-month period.

Annually, GDP fell 0.6 percent in the third quarter. This comes after a 0.5 percent fall in the second quarter. The figures matched the flash estimate.

Posted By Low brokerage03:11

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Greek Jobless Rate Hits New Record High In September

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Greece's unemployment rate increased further and reached a new record high in September as the deepening financial crisis in the debt-stricken economy continued to weaken the labor market, latest data showed Thursday.

The seasonally adjusted unemployment rate increased to 26 percent in September from 25.3 percent in August, which was revised down from 25.4 percent, the Hellenic Statistical Authority said. The latest figure was also significantly higher than 18.9 percent recorded in September 2011.

The unemployment rate among youth, aged between 15 and 24, was 56.4 percent in September, markedly higher than last year's figure of 47.6 percent.

There were around 1.3 million unemployed persons in the country at the end of September, sharply higher by 38 percent compared to last year. Month-on-month, the number of unemployed rose 2.8 percent.

The number of employed persons was around 3.7 million during the month, down 8.1 percent compared to last year. Month-on-month, employment dropped by 0.6 percent.

Posted By Low brokerage03:09

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