Market Outlook for the day – Short term traders must trade cautiously as Nifty is still trading below its strong resistance zone (7970-8000).
Indraprastha Gas Ltd. signed share purchase agreement to acquire up to 5 crore equity shares of Rs 10 each of Maharashtra Natural Gas (MNGL) at a price of Rs 38 per equity share.
Maruti Suzuki India is looking at nearly doubling the number of models to 25, including entry into sport utility vehicle (SUV) and light commercial vehicle (LCV) segments, as it aims a sales target of 3 million cars annually.
Adani Enterprises has agreed to pay Australian dollar (A$) 155 million (USD 145 million) to Linc Energy to buy out the Australian firm's rights to future royalties from Adani's huge but delayed Carmichael coal project which is already four years behind schedule.
Key benchmark indices edged higher ahead of gross domestic product (GDP) data that is widely expected to show a recovery in economic growth in the first quarter of the current fiscal year. The markets witnessed intraday volatility in late trade as traders rolled over positions the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. PSU OMCs and GAIL (India) rose after the government on Wednesday, 27 August 2014, removed the restriction of one subsidized LPG cylinder per month for each consumer. The BSE Mid-Cap index was down 0.3% and the BSE Small-Cap index was up 0.1%, both these indices underperformed the Sensex. Going forward, the shares of public sector oil marketing companies (PSU OMCs) will be in focus as a monthly revision in diesel prices is due at the end of the month.