Market Outlook for the day – Current chart pattern of Nifty suggests continuation in up move having 7625 as immediate resistance.
According to media reports, the government may allow gas producers to charge a $5.5-6.8 a unit on their existing output. This is lower than the $8.4 per unit price that the previous UPA government had notified based on the Rangarajan panel formula. Currently, gas producers get $4.2 a unit.
Commerce and Industry Minister Nirmala Seetharaman hopes that the Government would come to the rescue of the auto sector. Her comment that the Government was looking into the question of continuation of the excise duty cuts probably acted as a tonic to the sector which was reflected in the performance of the CNX Auto index.
National Buildings Construction Corporation jumped 4.4% on BSE after the company said it was granted Navratna status by Department of Public Enterprises.
Indian stocks surged after a decline in international crude oil prices. As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. Market surged on the back on heavy inflows in realty, consumer durables, oil & gas and power sector stocks amid weak European cues. The market breadth indicating the overall health of the market was strong.