India's Sensitive Index advanced for a third day in a row as investors in the Far East prepared to hear from India's Finance Minister, Palaniappan Chidambaram, on the country's economic budget Feb. 29. Market players are hoping that Chidambaram will cut income and corporate taxes in an effort to stimulate growth.
"With growth expected to slow due to higher rates and uncertainty regarding the impact of the U.S. recession, we expect the finance minister to provide some stimulus by reducing corporate and income taxes," said Tushar Poddar, an economist for Goldman Sachs Group. The Sensitive Index traded up slightly by 19.8 points, or 0.1%, to 17,825.99.
Leading the advancers among Indian ADRs Wednesday were online Internet portal Rediff.com (REDF Quote), up 5% to $8.79; business outsourcing firm WNS Holdings (WNS Quote), up 3.5% to $15.34; and HDFC Bank (HDB Quote), up 3% to $116.30. ...
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