Highlights for Today
Market Outlook for the day – Nifty is trading near the crucial point and upside breakout above 7450 spot level would trigger the next up move otherwise consolidation may continue.
Shares of fertiliser companies rose on reports that fertiliser ministry has prepared a roadmap for rationalization of subsidy for the sector. The market buzz was also that the government will soon clear its 2013/14 outstanding subsidy payments for the fertilizer sector, estimated at more than Rs 35000 crore.
Firms involved in life insurance business jumped on renewed buying following media reports the finance ministry could recommend an increase in the limit on foreign direct investment in insurance sector.
Tata Steel and Steel Authority of India have restarted most of their iron ore mines in Odisha state after getting new permits from the Odisha state government. A total of eight mines in Odisha, which have an annual combined capacity of 20 million metric tonnes and received new mining leases, have resumed ore extraction.
Key benchmark indices edged lower in choppy trading session as weakness in European and Asian stocks weighed on sentiment adversely. Indian stocks snapped two-day winning streak. Shares of firms involved in life insurance business rose on renewed buying following recent media reports the finance ministry could recommend an increase in the limit on foreign direct investment in insurance sector. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser on BSE.