Capital Goods shares ended mixed on the back of weak IIP numbers. L&T ended down 0.7% while BHEL ended with marginal gains.
Many nations, especially in Europe, are finding it hard to carry out the austerity measures.
"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," Ahluwalia said while speaking at the convocation ceremony at Vijna Jyothy Institute of Management.
The markets across the globe advanced after the European Central Bank announced a series of policy measures aimed at raising liquidity in European banks, easing concerns that an escalating debt crisis could trigger the collapse of European banks.
BSE market breadth was almost neutral as 1,397 shares advanced while 1,345 shares declined.
Describing the high commodity and food prices a threat to growth and food security in energy dependent emerging economy, the Minister called for collective global action to overcome the crisis.
Eurozone's financial contingency plan is trying to solve the problem of excessive debt with even more debt.
Foreign funds withdrew over Rs 3,200 crore (Rs 32 billion) from the Indian securities market in the month of November amid concerns over the worsening debt crisis in the Eurozone.
Banks in Ireland and Spain are discovering that their customers are losing their jobs and income as the construction bust hits the national economies.
The world watched with great concern how the markets would react to the first downgrade of US' credit rating.
Even as Prime Minister Manmohan Singh arrived in the quaint, quiet resort of Cannes in southern France on Wednesday for the G20 Summit, the air was thick with doubt if the leaders of the world's largest economies would be able to deliver the goods and rein in the galloping debt crisis. Shishir Bhate reports from Cannes.
Top losers in the Sensex pack included TCS, Yes Bank, ITC, Sun Pharma, Reliance, Coal India, Asian Paints, SBI, Maruti, HUL, HCL Tech and ICICI Bank, falling up to 2.91 per cent.
Rupee has gained by 15 paise or 0.24 per cent in two days.
The big three Indian IT exporters fell over 2-4 per cent on the BSE.
The EU is still an India in the making.
Greece's financial crisis has intensified.
If the Greek crisis spirals into a larger European sovereign debt crisis and possible fragmentation of the eurozone, India's trade and capital flows could be hit, says Shankar Acharya.
The Greek debt crisis shows clearly that if the eurozone is to come out of this crisis relatively unscathed, it needs a full-time fiscal-monitoring and crisis-resolution mechanism.
Kotak Bank was the biggest loser in the Sensex pack, falling 3.71 per cent, followed by RIL, HDFC Bank, Bajaj Finance, PowerGrid, IndusInd Bank, Asian Paints, HDFC and ITC.
TCS and Infosys were the top losers in the Sensex pack, falling up to 3.39 per cent.
Ireland contributes roughly a quarter of percent of global GDP and 2 per cent of eurozone. The exposure of global financial institutions to both Irish sovereign and bank debt is somewhat small and the Irish government seems to be all set to be bailed out by Europe's stability fund and the IMF. Market estimates put the bailout package at roughly 100 billion, a sum that is by no means hefty by the standards of rescue packages offered over the last couple of years.
The only amount that is actually committed in the Europe rescue package is 60 billion pound from an EU emergency fund
Recent weeks have seen the euro coming in for a pummeling, sending ripples across global markets.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
The markets had a weak start on the back of cues from Asian markets. It fell to its lowest level in three months. European markets opened in the red, dragging the Indian bourses further.
Currently, gold is ruling at about Rs 18,300 per ten grams.
Brokerage Edelweiss Securities said if the NDA returns to power with a clear majority in line with exit polls, markets would rejoice the policy continuity.
India attracted an estimated $49 billion FDI in 2019, a 16 per cent increase from the $42 billion recorded in 2018.
It will strengthen, because global economic conditions require the eurozone to run trade deficits.
While Vedanta was the biggest gainer in the Sensex pack rallying 4.67 per cent, others included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.
Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.
Europe's deepest recession since World War II officially ended on Friday, as data showed the European Union was growing once again, following five straight quarters of contraction.
Both the indices closed at five-month highs, led by financial services, IT and metal stocks, amid persistent foreign fund inflows.
In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma jumped up to 4.64 per cent.
The world, India included, has entered a period of substantially lower growth, which is likely to be prolonged because the balance sheet implications of the end of an unprecedented financial high wire act will take time to play out.
Recovering from early losses, the rupee on Friday ended marginally higher at 64.81 against the US dollar.
The domestic currency had lost 44 paise in the previous two days.
NTPC was the top gainer, spurting 4.28 per cent. Other winners were Bajaj Auto, Bajaj Finance, Sun Pharma, ITC, Hero MotoCorp, TCS, Yes Bank, HDFC, HDFC Bank and SBI, rising up to 1.38 per cent.
The IT industry, which has already taken a hit of more than Rs 500 crore in the second quarter because of the appreciating dollar against the rupee, will now be hit by adverse cross-currency movements even as they attempt to boost the share of revenue from the UK and the Eurozone. Unfortunately, the hit will be despite attempts by software makers to step up hedging in the pound and the euro. The IT industry earns about 60 per cent of its revenue from the US.
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