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Domestic markets weather Asian storm; UTI seen as saviour
The recent financial crisis in Southeast Asia may have resonated throughout the globe. Even markets in the US and Europe were not spared the aftershocks of the Asian crisis. Indian stock exchanges, however, seem to have bucked the trend in this regard. The BSE Sensex rose 3.1% between December 12 and January 13, compared to a drop of 2.4% in the Dow Jones Industrial Average, a 17.8% fall in Hong Kong's key Hang Seng index and a drop of 7.2% in Japan's Nikkei index.
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Aluminium stocks lack a vital catalyst to outperform the market; Kotak Report
Given the current state of affairs in the aluminium sector, aluminium stocks lack a catalyst for market outperformance, according to a fresh report on the aluminium industry. The report, drafted by Kotak Securities, further adds that a revival in the domestic demand for aluminium would not be forthcoming shortly.
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Possibility of a short rally; Sensex faces support at 3318 points
On Friday, the BSE Sensex closed at 3351.21 points, losing 31 points over the previous week's close. Besides, lacklustre trading, the quantum of volumes was also low. Institutional buying was minimal as most of them shifted their attention to the currently lucrative call money market.
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Wall Street shaken by Asian crisis, Clinton scandal
Blue-chip stocks on the Wall Street slumped this week in the wake of continuing economic crisis in Asia and the latest sex scandal involving US President Bill Clinton. Quarterly results that failed to match expectations and pessimistic corporate statements on the coming months because of Asian weakness also dragged down share prices on the Wall Street. The Dow Jones Industrial Average closed on Friday at 7,700.74, a drop of 0.68% over the previous week.
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