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STOCKS START WITH CAUTION, MACRO DATA AHEAD
Mumbai December 12:
Key stock indices Sensex and Nifty turned cautious at the start on Tuesday as investors looked forward to macroeconomic data due later in the day amid a mixed trend in Asia.
The 30-share index was lower by 94.02 points, or 0.28 per cent, at 33,361.77. It had gained 858.61 points in the previous three sessions. Banking, power, FMCG and realty turned negative. The NSE index Nifty went below the key 10,300 mark at 10,291.85, down 30.40 points, or 0.29 per cent.
Unwinding of positions in blue-chip stocks by participants ahead of index of industrial production (IIP) data and retail inflation, to be released after market hours on Tuesday, dragged stocks down. The Federal Reserve, which is scheduled to issue an interest rate policy update on Wednesday, kicks off its meeting. It is expected to lift rates by 0.25 per cent.
Major losers were Asian Paints, HDFC Bank, ITC, Kotak Bank, Bajaj Auto and SBI, falling by up to 1.92 per cent. Hong Kong's Hang Seng shed 0.55 per cent while China's Shanghai Composite was down 0.57 per cent in early trade. Japan's Nikkei, however, was slightly up 0.02 per cent. The US Dow Jones Industrial Average ended 0.23 per cent higher on Monday.
Punjab Mail Online
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GOVT IN TALKS WITH SINGAPORE FOR CRUISE CONNECTIVITY: GADKARI
New Delhi December 12:
Keen on promoting cruise tourism on a mega scale, Union Minister Nitin Gadkari today said talks are on with Singapore for cruise connectivity.
India has huge potential for cruise tourism and efforts in this direction could boost it from 80 ship per annum to 900, the shipping minister said. "The cruises from India could go to Singapore, Philipines and Thailand and the projects will be developed on PPP (public private partnership) mode," the minister said on the sidelines of an event.
Cruise terminals are being built at major ports and in Mumbai alone Rs 1,000 crore is being spent to build a cruise terminal, Gadkari added. India, with a 7,500 km of coastline, has taken some steps to promote cruise tourism that includes relaxation of policies and roping in global consultants. He had earlier said that a policy was in making to put India on the global cruise map -- both for oceans and rivers -- which is seen to create about 2.5 lakh jobs and boost growth.
India saw 1.76 lakh cruise passengers in 2016-17, a merely 0.5 per cent of the global pie. Domestic cruise passengers are estimated to grow to 1.5 million by 2031-32. Of the 12 major ports, only five -- Mumbai, Goa, Cochin, New Mangalore and Chennai -- have facilities to berth international cruise ships.
Punjab Mail Online
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Will demonitisation help in curbing black money?
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