Highlights for Today
Market Outlook for the day – 7500 is the nearest support, any fall below the same will attract fresh short positions.
GMR Infrastructure has won the arbitration proceedings which it had initiated against the Government of Maldives (GoM), after the earlier Government in Maldives unilaterally cancelled the $500 million contract given to GMR to upgrade and maintain the Male International Airport during late 2012.
Global Cloud Xchange, the submarine cable unit of Reliance Communications (RCom), is to lay a sub-sea cable linking Mumbai to Singapore with a total investment of $200 million.
The SEBI board has decided to fix the minimum dilution of stake to public in an initial public offer at 25 per cent or Rs400 crore whichever is lower. The board also took the decision regarding changes in offer-for-sale mechanism where 10 per cent of the issue size will be reserved for retail investors. Retail investors may also be offered discount. Retail investors mean those who are bidding for amount less than Rs 2 lakh.
In a volatile trading session key benchmark indices closed negative at the end of the day. Volatility ruled the roost in late trade as the key benchmark indices reversed intraday gain as macroeconomic worries weighed on sentiment as crude oil prices rose. Heavy selling witnessed in oil & gas, metal, banking and power sector stocks amid firm global cues. Market recovered from the day's low in afternoon trade as European stocks rose in early trade there. Key benchmark indices rebounded from intraday low to regain positive zone in mid-afternoon trade but unable to sustain. The market breadth indicating the overall health of the market was negative.