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Tuesday, 24 February 2015

Sensex, Nifty sluggish; Suzlon jumps 4%, FMCG stocks gain

1:50 pm Market outlook: The India story continues to be strong despite the recent dip in the market, says Chandresh Kumar Nigam, MD and CEO of Axis Mutual Fund. The market has been rallying for more than a year and with it comes the usual ups and downs, he says. 

According to him, investors are expecting the finance minister to continue with investments needed for growth of the economy, make announcements on how to get investments back on track and build business confidence. If he manages to deliver on all those fronts, the long-term rally in the market will continue, he adds. Another thing that is aiding India at the moment is the fact that globally, there aren’t many places to invest, says Nigam.

1:30 pm Budget session: Even as a united opposition and anti-corruption activist Anna Hazare continue with their vociferous protests against the Centre's economic agenda and "pro-rich" stand, the Narendra Modi government on Tuesday tabled the Land Acquisition Amendment Bill 2015. It will replace the ordinance promulgated by the government in December 2014, which had brought changes in the earlier bill passed in 2013 by the UPA government.

The government had promulgated the ordinance making significant changes in the Land Acquisition Act including removal of consent clause for acquiring land for five areas -- industrial corridors, PPP projects, rural infrastructure, affordable housing and defence.

Don't miss: Telcos in focus as call rates to fall on TRAI norms

The market is still sluggish as the Sensex is down 19.03 points at 28956.08. The Nifty down 3.85 points at 8751.10. About 964 shares have advanced, 1629 shares declined, and 204 shares are unchanged.

HUL, ITC, BHEL, L&T and Coal India are top gainers in the Sensex. Among the losers are ONGC, Sesa Sterlite, Tata Steel, Tata Motors and Hindalco.

Shares of Suzlon Energy surged over 4 percent amid reports that Sun Pharma's Dilip Shanghvi will provide as much as Rs 3,800 crore of security that will help the wind turbine maker in availing credits. Dilip Shanghvi is the founder and managing director of Sun Pharmaceuticals. As per reports, Dilip Shanghvi will provide as much as Rs 3,800 crore (USD 610 million) of security for Suzlon Energy to help the maker of wind turbines fill orders and return to profit. 

Japan's Nikkei share average rose for a fifth straight day and scored another 15-year high after the yen weakened, while investors were cautious awaiting comments from US Federal Reserve Chair Janet Yellen later in the day.

The Nikkei rose 0.7 percent to 18,603.48 points, the highest point of the day and the highest close since April 2000. More information please visit this site

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