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New Delhi: an encouraging note. Elsewhere, Asian stocks fell, erasing earlier gains, and US futures dropped on speculation that General Motors and Chrysler would file for bankruptcy, overshadowing steps by central banks to prevent the global recession from deepening.
The MSCI Asia Pacific Index fell 0.6% to 79.39 in Tokyo, reversing a gain of 0.8%. Around five stocks dropped for every three that gained on the measure. Japan’s Nikkei 225 Stock Average declined 1% to 7,924.24. On the commodity front, prices of unregulated fuel products declined sharply as oil hit a low of $46.19 a barrel on the New York Mercantile Exchange for January contracts, whereas manufactured and primary commodities inflation rose.
Closer home, primary articles inflation rose to 11.98% from 11.90% last week. The pace of price rises in the manufactured products category increased to 8.15% from 8.01%, the finance ministry said in a statement on Thursday. However, the fuel and power group inflation fell to 5.28% from 7.81%, the statement said....
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