Tokyo  - The Tokyo market extended losses Wednesday after Wall Street declined overnight and concerns over domestic politics spread.

The benchmark Nikkei 225 Stock Average edged down 59.55 points, or 0.82 per cent, to 7,170.17.

The broader Topix index of all first section issues was also down 6.92 points, or 0.95 per cent, to 719.88.

The market sentiment remained pessimistic after the US Dow Jones industrial average extended its losing streak to a fifth market day on persistent economic worries.

Amidst volatility, Indian equities were trading on a flat note this afternoon.

Realty and Oil & Gas stocks witnessed heavy buying action, while sustained selling pressure was seen across Consumer Durables stocks.

BSE Midcap and Smallcap slipped 0.41% and 0.29% respectively.

At 2:00 p.m., the 30-share index Sensex gained 23.72 points at 8630.80.

Meanwhile the broad based Nifty stood at 2,686, up 13.10 points. It also hit a high of 2,687.45 and a low of 2,653.25.

Washington, March 3: An American business expert at the University of Illinois thinks that it is not correct to put stock in suggestions that financial markets are a faulty barometer of the nation's economic climate.

Professor David Ikenberry admits that day-to-day ups and downs can be misleading, but insists that broader stock market trends are a good indicator of how the economy is faring and whether it's on the rise or sputtering.

The Bombay Stock Exchange sensitive index, which opened at 8,583.06 today (March 03), declined further to 8,535.08 after hitting high of 8,619.09 and a low of 8,531.40 at 10:10 a.m.

Meanwhile the broad based Nifty lost 13.35 points at 2,661.10 after touching a high of 2,679.10 and a low of 2,654.35.

Indian equities belled the day negatively on funds selling, tracking weak global signals. There was heavy selling across Banking and Consumer Durables stocks.

In the meantime, Auto stocks also saw marginal buying activity.

Wellington  - Th

After merger, every 16 shares in RPL will convert to one in RIL

The Reliance Industries Ltd (RIL)-Reliance Petroleum Limited (RPL) merger is seen by Dalal Street as mostly win-win for all stakeholders.

Though both stocks ended the day down, experts see the deal as beneficial for the companies' shareholders in the near term.

Early on Monday, the RIL board approved a swap ratio of 16:1 for the merger. This means, after approval of the amalgamation by the court, every 16 shares in RPL will get converted into one RIL share.