Asia Bizz » usa http://asiabizz.com Uncovering Asian Business, Technology & Finance Sat, 04 Feb 2012 16:25:04 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Sensex up 125 pts higher, driven by positive cues from US http://asiabizz.com/1016/sensex-up-125-pts-higher-driven-by-positive-cues-from-us/ http://asiabizz.com/1016/sensex-up-125-pts-higher-driven-by-positive-cues-from-us/#comments Sat, 06 Feb 2010 11:22:53 +0000 Agatha Vyland http://asiabizz.com/?p=1016

Indian shares snapped a two-day falling streak to close 0.8 percent higher on Saturday buoyed by overnight gains on Wall Street, but BSE investors remained cautious about European debt and the global recovery.

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The Bombay Stock Exchange benchmark Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points or 0.79 per cent from its last close, when it crashed by 434 points on global cues.

Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions– realty, metals, oil & gas and IT counters– leading the rally.

The National Stock Exchange’s 50-share Nifty also shot up by 38.60 points or 0.82 per cent to finish at 4,757.25 from its previous close, after opening over 42 points.

US stocks rose yesterday on speculation that the European Union may propose a solution for Greece’s budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intraday due to last hour profit booking, while Nasdaq gained 0.74 per cent andthe S&P 500 0.29 per cent.

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Toyota’s troubles multiplied its flagship Prius hybrid became the latest model to be targeted in an expanding web of US investigations. Toyota decided to recall an estimated 270,000 Prius cars in Japan and the US to fix the brake problem.

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The Japanese automaker has been hit by a whirlwind of safety concerns around the globe and US authorities are scrambling to assure concerned public and angry lawmakers who have begun their own probes into vehicle defects.

The admission of a brake design flaw with its star green car and the subsequent US probe are major new blows that could not have come at a worse time for the world’s largest automaker.

Toyota was already under fire in the US for its handling of massive recalls affecting about eight million vehicles worldwide “more than its entire 2009 global sales of 7.8 million vehicles “due to accelerator trouble.

The latest developments were particularly worrying for Toyota because the Prius has created a global buzz and been Japan’s top-selling car since June “ahead of its main rival, Honda’s Insight.

Toyota had sold nearly 1.5 million Prius vehicles in 40 countries as of August 31 since the first version’s launch in 1997, making it the world’s most popular hybrid car.

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