3:30 pm Market close
The market took home massive gains on Thursday. The Sensex ended up 416.44
points or 1.6 percent at 27126.57. The Nifty was up 129.50 points or 1.6
percent at 8159.30. About 2165 shares have advanced, 695 shares declined, and
97 shares are unchanged.
03:10 pm Modi's moves
Prime Minister Narendra Modi has taken direct control of a
project-monitoring body to fast-track investments worth almost USD 300 billion
and revive manufacturing in the country, two officials with direct knowledge of
the matter told Reuters.
Pro-business Modi has faced criticism in recent weeks that his ambition to
spur investment and re-energise the economy has yet to be realised, more than
six months after he won elections with the strongest mandate in three decades.
Industrial output contracted in October in its worst performance in three
years, jarring with a much-publicised "Make in India" campaign Modi
has championed to make the country a manufacturing powerhouse.
By taking over the Project Monitoring Group (PMG), which was previously in
the Cabinet Secretariat, Modi could help firms planning coal, power, steel and
infrastructure projects cut through a maze of up to 180 clearances.
02:55pm RPP Infra on buyers' radar
Shares of RPP Infra Projects rallied 5.5 percent on bagging order for
providing combined water supply scheme in Tamilnadu.
RPP has awarded a contract from Tamilnadu Water Supply & Drainage Board
for providing combined water supply scheme to 158 rural habitations in
Gudimangalam and Udumalaipettai Unions in Tiruppur District, Tamilnadu,"
said the infrastructure development company.
The contract included paid maintenance for a period of 12 months for a total
value of Rs 49.55 crore.
"This year is looking very good with winning many orders and few more
in pipe line and civil supply. We are very positive that the topline of our
company will touch new heights at end this fiscal year," said Arul
Sundaram, CMD.
02:40pm Rupee, crude update
The Indian rupee recovered further, up 43 paise to 63.18 a dollar compared
to previous day's closing value of 63.62 a dollar.
Brent crude rose 0.16 percent to USD 61.28 a barrel while US crude
declined 0.09 percent to USD 56.42 a barrel
02:20pm Coal e-auction
The government today came out with draft rules for e-auction of 92 cancelled
coal mines in the first phase, fixing a floor price of Rs 150 per tonne for
sectors like steel, sponge iron, cement and captive power.
This paves way for auction and allotment of 204 coal blocks that were
cancelled by the Supreme Court in September.
"In order to conduct the auction of coal mines in accordance with the
Coal Mines (Special Provisions) Ordinance, 2014 and the rules framed
thereunder, the Authority (Nominated) is required to prepare a tender document.
"Accordingly, an Approach Paper to the tender document has been
prepared for public consultation," the government today notified.
The Coal Ministry has sought comments from stakeholders by December 22,
reports PTI.
02:00pm Market Check
Short covering after sharp fall in previous sessions helped the equity
benchmarks trade strong in afternoon trade. The Sensex rallied 395.45 points or
1.48 percent to 27105.58 and the Nifty gained 121.15 points or 1.51 percent at
8150.95 on broadbased buying.
Manpreet Gill, Senior Investment Strategist, Standard Chartered says India
amongst the emerging market basket has been the top pick for the last six
months. He thinks if the reform momentum is sustained then Indian equities are
sure to rally.
The broader markets consistently outperformed benchmarks with the BSE Midcap
and Smallcap indices rising 2.6 percent and 3 percent, respectively. About 2024
shares have advanced and 674 shares declined on the Bombay Stock Exchange.
M&M Financial, SBI, Mastek, Wockhardt, Reliance Industries, Infosys,
ICICI Bank and Larsen & Toubro were most active shares on exchanges.
Globally, European markets like CAC, DAX and FTSE gained 0.5-2 percent. Most
Asian markets closed lower with the Hang Seng and Nikkei rising 1-2 percent.
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