9:55 am Buzzing: Shares of Thermax rallied as much
as 6.9 percent in early trade after its joint venture company Thermax Babcock
and Wilcox Energy Solutions (TBWES) received an export order from Babcock &
Wilcox Power Generation Group Inc.
The order
is for detailed engineering, manufacturing and supply of selective items for
two pulverised coal-fired boilers for an international project. The contract
value is approximately Rs 339 crore, says the energy and environment solutions
provider in its filing to BSE.
Detailed
engineering and supply of material are scheduled to be completed within 21
months for the first unit and 24 months for the second unit.
9:35 am Market outlook: Indian market as well as other
emerging markets are driven by global cues, is the word coming in from Ajay
Bodke of Prabhudas Lilladher. He expects the Indian market to remain volatile.
Bodke says
the rally in certain parts of the midcaps has gone too far and investors seem
to be taking some money off the table. On the much-awaited Supreme Court
decision on coal block de-allocation, he says if the apex court does not adhere
to the government’s plea to spare 46 coal blocks that are functioning or are
about to start production, then the market will be under pressure.
9:30 am Proud moment for India: In its maiden attempt, India
successfully placed Mars Orbiter Mission or Mangalyaan in the red planet's
orbit. The Indian Space Research Organisation has created history and has
entered the league of three other agencies which successfully launched Mars
mission. As all the operations were on schedule, India is the first Asian
country to reach Mars in its first attempt. ISRO said, "All engines are
going strong. Burning of fuel happening."
All
engines started burning as per the exact timeline. Prime Minister Modi and
Karnataka Chief Minister Siddaramaiah were at ISRO Telemetry Tracking and
Command Network (ISTRAC) in Bangalore to witness the crucial Mars Orbiter
Insertion. Mangalyaan is primarily a technological mission and it has been
configured to carry out observation of physical features of Mars and carry out
limited study of the Martian atmosphere.
After the deep cuts yesterday, the
market has opened on flat note Wednesday. The Sensex is up 24.52 points at
26800 and the Nifty is up 10.30 points at 8027.85. About 622 shares have
advanced, 286 shares declined, and 33 shares are unchanged.
Wipro, Coal India, ICICI Bank, BHEL
and SBI are top gainers while Hindalco, Sesa Sterlite, Dr Reddy's Labs, Tata
Motors and Tata Steel are major laggards in the Sensex.
The Indian rupee opened with a
marginal loss at 61.03 per dollar versus 60.94.
The dollar held close to a four-year peak
against a basket of major currencies, underpinned by safe-haven buying. The
dollar dipped against the yen, a traditional safe-haven buy.
Himanshu Arora of Religare said,
"USD-INR is expected to trade slightly higher today amid weakness in
domestic equities and as banks cover their dollar positions. RBI monetary
policy review on September 30 is expected to offer more cues. Range for the
USD-INR is seen between 60.78-61.20/dollar.”
Globally, the US markets closed in the red on
global growth concerns with the S&P 500 and Nasdaq closing at five-week
lows. European market too saw cuts of 1-2 percent and Asian equities are
tracking global losses trading negative in morning trade.
And precious metal gold moved higher as the
dollar eased after comments from a New York Federal Reserve's official that any
increase in interest rates should be done cautiously, while US air strikes
added to global tension and hence safe-asset demand. More information please
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