Market Outlook for the day – Day traders are advised to keep a cautious approach as volatility is expected to be on the higher side on account of derivatives expiry on Thursday.
- In a pre-budget booster to the automobile, consumer durables and capital goods sectors, Finance Minister Arun Jaitley extended the excise duty cut till December 2014.
- Steel Authority of India Ltd's flagship plant at Bhilai has restored more than half of its hot metal production after 12-day shutdown following an accident early this month.
- Dr Reddy's Laboratories announced that it launched Paricalcitol capsules in the US market, following approval from the United States Food & Drug Administration (USFDA).
- Strides Arcolab has received approval from the US health regulator to market its generic Imiquimod cream, used in treating skin diseases, in the American market.
Key benchmark indices closed negative at the end of the session in a volatile trading day. Selling pressure witnessed in oil & gas, capital goods, banking and FMCG counters amid weak global cues. Shares of automobile companies rose after news reports in late trade that Finance Minister Arun Jaitely has announced extension of the concessional excise duty on automobiles, capital goods and consumer goods by six months till 31 December 2014. The market breadth indicating the overall health of the market was positive.