INDIAN BENCHMARKS rose to snap a three-day losing streak as rate-sensitive stocks such as IDFC Ltd jumped after Standard and Poor's raised India's sovereign credit outlook to 'stable' from 'negative'. Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories have rallied over 5% each in otherwise subdued market on report that suggests that a team of US FDA inspectors, which recently conducted a surprise audit on a Gujarat unit of Sun Pharmaceutical , has submitted Form 483. India Cements rose over 5%, after the company's board of directors approved the proposal to demerge Chennai Super Kings.
The INDIAN BENCHMARKS SENSEX ended 464 point down at 26626 and the 50-share NIFTY closed 152 point up at 7968.
GLOBAL MARKET CHASE
ASIAN STOCKS fell with Tokyo shares down in reaction to steep overnight selloffs in European and U.S. equity markets.
U.S. STOCKS rose as investors applauded robust U.S. gross domestic product data.
EUROPEAN STOCKS lower, tracking the downward trend in U.S. and Asian markets and as disappointing German consumer climate data added to concerns over a slowdown in the euro zone's biggest economy.
In the coming week, the Reserve Bank of India's monetary policy stance at its fourth bi-monthly monetary policy review on Tuesday, 30 September 2014, could provide clues on direction of interest rates.Developments from Prime Minister Narendra Modi's US tour will be closely watched. Modi will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership.
Shares of automobile companies will be in focus as auto companies start unveiling sales volume data for September 2014 from Wednesday, 1 October 2014.
Shares of public sector oil marketing companies will be in focus as a monthly revision in diesel prices is due at the end of the month.
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