Moodys revises Asian steel outlook to negative
Moodys has revised the outlook for the Asian steel industry to negative from stable, as it expects profits of steel firms in this region to decline in the second half of 2013 on the back of slow demand growth, over-supply coupled with destocking.
Indian shares likely to fall, says Morgan Stanley
Morgan Stanley said RBIs cash tightening measures last month have made Indian shares much more vulnerable to global cues, especially the expected tapering of US monetary stimulus. As RBIs moves echo into the economy, we believe that share prices in India are likely to fall led by banks, Morgan Stanley said in a note dated Wednesday.
Markets to remain closed today
The BSE, NSE and forex markets will remain closed today on account of Id-ul-Fitr. The wholesale commodity and futures markets will also be closed for the festival. However, bullion market will be open.