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November 22, 2009 6:48:56 AM EST

Asian Market Commentary

Short-covering Lifts Indian Market

(RTTNews) - After struggling in negative territory till mid-session, the Indian market reversed its direction to close sharply higher on Friday, buoyed by positive opening of the European markets and comments by Planning Commission deputy chairman Montek Singh Ahluwalia that the government is unlikely to impose a tax on capital inflows. A sudden bout of short covering also helped the benchmarks close near the day's high.

On the economic front, the results of a NCAER (National Council of Applied Economic Research) survey showed the business confidence index bounced back in Octo (continued...)

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