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from India Insight:

Markets this week: Sensex gains 2.4 percent; L&T, Tata Power surge

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September is turning out to be a good month for Indian shares, as key stock indexes extended gains in the last four sessions. Monday was a market holiday.

The BSE Sensex gained 2.4 percent, while the broader Nifty rose nearly 3 percent as foreign institutional investors (FIIs) extended buying into Indian equities. A recovery in the rupee, which posted its best week in 15 months, also boosted sentiment.

Profit-taking dented markets mid-week as caution also prevailed ahead of a series of macroeconomic events scheduled next week, including August inflation data due on Monday and the likelihood of U.S. Fed’s decision to announce a reduction in its monetary policy stimulus. RBI will review its policy on September 20.

Here are the top gainers and losers of the week:

GAINERS

Larsen & Toubro (L&T): Shares of India's largest engineering and construction conglomerate surged during the week, ending 10.6 percent higher as the best Sensex performer. The stock outperformed the BSE capital goods index during the same period, which rose 8 percent.

from Global Investing:

Emerging markets: to buy or not to buy

To buy or not to buy -- that's the question facing emerging market investors.

The sector is undoubtedly cheap --  equity valuations are 30-50 percent cheaper than their 10-year average on a price-book basis; currencies have depreciated 15-20 percent in the space of 4 months and local bond yields have surged by an average 150 basis points. As we have pointed out before, cheapness is relative and the slowing economic and credit growth in many countries will undoubtedly manifest itself in falling EPS growth. Companies that cannot pass on high input costs caused by weak currencies, will have to take a further margin squeeze.

But many analysts have in recent days changed their recommendations on the sector. Barclays for instance notes:

from India Insight:

Delhi gang rape verdict: Reactions from people on the street

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By Aditya Kalra and Arnika Thakur

Four men were found guilty on Tuesday of the gang rape of a woman on a bus in New Delhi and her murder, closing a chapter on a crime that triggered protests and soul-searching about the treatment of women in India. Arguments on sentencing are due to begin on Wednesday.

(Live coverage of the trial at http://reut.rs/15eIlsb)

Here are some reactions from people on the street:

POOJA SINGH, 21, student, at the Munirka bus stop.
“The girl lost her life, the accused should get a similar punishment.”

from India Insight:

Bhaskar Rao: the cop with one head and too many hats

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Bureaucracy begets comedy as a general rule. The latest example is Bhaskar Rao, a police officer in Karnataka.

As the Deccan Chronicle reported on Aug. 27, Rao, an inspector general of police (IG) responsible for the internal security of the state, is also filling the role of training chief.

from Breakingviews:

Not all Asian countries need to fear the Fed

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By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Falling Asian currencies have triggered a sell-off in bonds and equities. Some investors now fear a repeat of a 1997-style crisis. Yet while a new Breakingviews’ interactive risk map shows no economy in the Asia-Pacific region is entirely sober, it is India that has become most addicted to cheap money.

from India Insight:

Outlook weak for India economic growth: analysts

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India’s economy grew at 4.4 percent in the June quarter, its slowest rate since the first three months of 2009 and weaker than analysts’ consensus of 4.7 percent in a Reuters poll.

With the rupee still trading near record lows and a ballooning current account deficit alarming investors and policymakers, several investment banks are worried about the road ahead.

from The Human Impact:

How old is old enough to be jailed for gang rape and murder?

The crime was horrific, the case shocking, and the trial long. Yet when the much anticipated first verdict in the high-profile Delhi gang rape case was pronounced in India over the weekend, there was no jubilation, just outrage.

Found guilty of the gang rape and murder of a student on a bus in December, the teenager - one of six accused - was sentenced to three years in a juvenile home, sparking anger and debate over whether India is too soft on its young offenders. Four adult defendants are on trial in a separate fast-track court. One of the accused committed suicide in jail.

from Breakingviews:

Emerging market currency rescue is a pipe dream

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By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Can emerging markets fight back against currency speculators? An idea floated by India to mount a joint defence has a certain charm. After a rout in the rupee the past three months, New Delhi wants other developing countries to help in a coordinated intervention in offshore foreign exchange markets, Reuters reported on Aug. 31. In reality, it sounds unworkable.

from India Insight:

Sensex loses 3.75 percent in action-packed month

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The BSE Sensex lost 3.75 percent in August, its worst monthly performance since February, as worries over foreign outflows were exacerbated by the rupee that fell to record lows.

India's current account deficit and a struggling economy still worry market participants.  Data showed on Aug. 31 that June quarter GDP grew at 4.4 percent, below analysts' estimates.

from India Insight:

Need good roles but need money too: Manoj Bajpayee

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In a career spanning nearly 20 years, actor Manoj Bajpayee has oscillated between brilliant and mediocre performances, winning acting honours while also getting brickbats for his poor choice of movie roles.

Bajpayee, whose performance in “Gangs of Wasseypur” (2012) and “Special 26” this year won him critical acclaim, plays the villain in Prakash Jha’s “Satyagraha”. The Bollywood film opened in cinemas on Friday.

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