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Sunday, 23 November 2014

Nifty holds 8500, Sensex nears 28500; HUL, M&M, Cipla weak

10:30 am Winter session: The winter session of Parliament is scheduled to begin today. The government will be keen on getting parliamentary approval for the recent ordinances that were promulgated, especially the coal mines special provisions ordinance.

The new law will set in motion the process of auctioning coal blocks in line with the Supreme Court order. The Insurance Amendment Bill and the GST Act are also a part of government economic reforms agenda.

The Insurance Bill was referred to the select committee in the last session. The Trinamool Congress is likely to oppose it this time too. The party also intends to take on the Centre on the issue of black money.

The market is holding strong with support from banks, metals and IT stocks. The Nifty is still holding up the 8500-mark. The 50-share index is up 28.70 points at 8506.05. The Sensex is up 109.36 points at 28443.99. About 1216 shares have advanced, 816 shares declined, and 75 shares are unchanged.

Hindalco, Sesa Strelite and Tata Steel are up around 3 percent each. ICICI Bank and Infosys are other gainers in the Sensex. Among the losers are HUL, Cipla, M&M, Reliance and Bharti.

Oil prices were mixed in ahead of a crucial meeting of the OPEC cartel later in the week that will discuss whether to trim output. The Organisation of the Petroleum Exporting Countries will hold one of its toughest and most significant meetings in recent years on Thursday, with members under pressure to address falling prices, which have sunk 30 percent since June. Investors were also waiting for third-quarter gross domestic product data from the United States and European powerhouse Germany scheduled Tuesday to gauge oil demand. More information please visit this site

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