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India lauds BRICS bank set up to counter Western hold on global finances

New Delhi, July 16 (ANI): Experts and leaders, on Wednesday welcomed the setting up of $100 billion BRICS bank and a currency reserve pool aimed at reshaping the Western-dominated international financial system. Leaders of the five top emerging markets in BRICS nations consisting of Brazil, Russia, India, China and South Africa, sealed the deal to foster financial and development cooperation and keep the monetary tap running in the face of a financial meltdown like the 2008 crisis. A senior researcher at the New Delhi-based Observer Research Foundation think-tank, Samir Saran, said bank would help emerging and developing nations to mobilize resources for infrastructure and development projects. BJP leader Subramanian Swamy, welcomed the setting up of the bank, adding that the previous Congress -led government had committed to the Chinese demand to have the bank being headquarted in Shanghai. Jul 16, 2014
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BSE closes points 321.07 down on July 16

New Delhi, July 16 (ANI): Trading at the Bombay Stock Exchange today closed 321.07 points up to stand at 25,549.72. At the National Stock Exchange the Nifty closed 97.75 points up to stand at 7,624.40. JP INFRATEC and Financial Tech were among the top gainers of Group A with an increase of 19.86% and 9.99% along with IDFC and Adani Ports with an increase of 8.87% and 8.44% respectively, while the top losers of Group A include Power Finance and REC with a decrease of 5.98% and 4.72% along with LIC Housing Finance Ltd. and South Indian Bank with a decrease of 3.71% and 2.97% at the close of the markets. The Auto sector is up 222.85 points at 15,741.51 while the banking sector is up 426.10 points at 17,479.92 and the realty sector is up 82.61 points at 2,014.51. The Indian currency is 0.07% up at Rs 60.16 per dollar. Jul 16, 2014
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BRICS Summit clears setting up of $100 billion New Development Bank with India's presidency first

Brazil, July 16 (ANI): Leaders of the five BRICS countries met for the first working session in Brazil in a major victory for India, sealed the agreement on the much anticipated 100 billion dollars BRICS Development Bank. The new development bank of the group of BRICS countries will be headquartered in Shanghai, China, with the presidency initially held by India. The deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank, which will have initial capital of $100 billion to invest in infrastructure projects. Negotiations to create the bank dragged on for more than two years as Brazil and India fought China's attempts to get a bigger share in the lender than the others. The stark economic and political differences between the BRICS countries have made it difficult for the group to turn rhetoric to concrete action in coordinating policies. Jul 16, 2014
A broker monitors share prices while trading at a brokerage firm in Mumbai

Rupee Dips, Sensex and Nifty Gain as June's Inflation Eases

On Tuesday, the broader Nifty and Sensex opened on bullish note by 37.15 points and 93.92 points after falling for previous four sessions due to sale of shares by foreign investors last week. According to Reuters report, the surge was attributed by June's consumer inflation rate report; that slowed to a low of 7.31 percent ahead of the RBI's policy review on 5 August. Jul 15, 2014
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