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Rupee / US Dollar Forex Currency News, Gold in India, and The Sensex index on the Bombay Stock Exchange (BSE). Euro / Rupee and Yen / Rupee. Indian Rupee Inflation
India Inflation concerns - Gold Higher

Indian shares are expected to
fall on Thursday after the central bank raised its key lending
rate to curb inflation, and weighed down by lower Asian
markets.

 The Reserve Bank of India raised its repo rate by 25 basis
points to 8.0 percent, with annual inflation already at 3-½
year highs above 8 percent. For story, please double-click on
[ID:nBM260784].

 "The market could drop more than 300 points at open," said
V.K. Sharma, head of research at Anagram Stock Broking Ltd.

 "There will be a huge impact on auto, realty and banking
sectors," he said.

 The 30-share BSE index .BSESN closed 1.99 percent higher
on Wednesday at 15,185.32 points. The index, which fell to
14,645.31 during trade on Tuesday, its lowest since Aug. 29,
2007, is 22.3 percent down in 2008.

 Shares in India's biggest listed firm, Reliance Industries
(RELI.BO: Quote, Profile, Research), will be in focus as the company is expected to
announced a slew of business initiatives at its annual
shareholders meet later in the day.

 Traders will also be watching data on industrial output in
April, expected by noon (0630 GMT). A Reuters poll had forecast
the output to have grown an annual 5.7 percent. [ID:nDL7897].

 By 0308 GMT, Asian markets were trading lower with Tokyo
.N225 and Sydney  down 2.3 percent each while Seoul
fell 1.8 percent. The Nifty futures SINc1 traded in
Singapore was down 2.8 percent at 4,389.5.
------------------MARKET SNAPSHOT@0310
GMT---------------------

                 INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500             .SPX      1335.49       -1.69    22.950
USD/JPY                    107.24        0.4%     0.430
10-YR US TSY YLD      4.0871          --     0.012
SPOT GOLD                 $875.4       -0.47%    -4.150
US CRUDE            CLc1      $135.31      -0.78%    -1.080
DOW JONES           .DJI       12083.77    -1.68%   -205.99
ASIA ADRS           .BKAS      154.33      -1.58%     -2.48
--------------------------------------------------------------

 FACTORS TO WATCH
* Indian rupee gains after cbank raises interest rate
[INR/]
* Indian bond yields jump to 1-yr high on rate hike  
[IN/]
* FOREX-Dollar edges up on Fed's tough talk, Aussie
slides[FRX/]
* Oil falls, but supply fears give support           
[O/R]
* GLOBAL MARKETS-Asian stocks sink on inflation, credit fears
[MARKETS/AS]
* US STOCKS-Wall St sinks as oil reapproaches high, BUD up
late [.N]
* For closing rates of Indian ADRs                 
INADR

 STOCKS TO WATCH

 * Fertiliser stocks such as Tata Chemicals (TTCH.BO: Quote, Profile, Research),
Rashtriya Chemicals (RSTC.BO: Quote, Profile, Research), Nagarjuna Fertilizers (NGFR.BO: Quote, Profile, Research)
and Chambal Fertilisers (CHMB.BO: Quote, Profile, Research), ahead of a cabinet secretary
meeting on Thursday to decide on a new fertiliser policy.

 * Arvind Mills Ltd (ARMI.BO: Quote, Profile, Research) after the denim and apparel
maker called off a branding and distribution deal with Diesel
BV, saying it restricted expansion plans of the firms.

 * Gujarat Mineral Development Corp Ltd (GMDC.BO: Quote, Profile, Research), after the
state-run lignite maker's net profit for the March quarter
soared to 636.9 million rupees from 128.3 million last year.

 * Siemens Ltd (SIEM.BO: Quote, Profile, Research), after it said it received two
orders worth 1.6 billion rupees from state-owned Rashtriya
Ispat Nigam Ltd for power supply and augmentation package and
plant material handling systems.

 * State-run Shipping Corp of India (SCI.BO: Quote, Profile, Research), after it
posted an 11 percent dip in quarterly net profit to 2.5 billion
rupees on record crude oil prices and higher personnel costs.