Market Outlook for the day – Considering current chart patterns, Nifty is more likely to extend its down side move on Tuesday.
Adani group plans to invest $2 billion to build a 2,500 megawatt power plant in Odisha, which would raise group capacity by a quarter and boost supply in a country. The group plans to generate 1,000 megawatt (MW) of electricity by 2017 in Odisha, ramping up to full capacity by 2019.
Alstom T&D India has been awarded 400 million euros (Rs 3250 crore) in contracts by Power Grid Corporation of India (PGCIL) to build Phase II of the Champa-Kurukshetra Ultra-High Voltage Direct Current (UHVDC) link in Northern India.
The Supreme Court deemed all coal block allocations made since 1993 as illegal. The court said that it would appoint a high-level committee of retired judges to identify those who will be affected by its order. The bench will address the issue of the legal consequences of its ruling on the next hearing on September 1, 2014, when it creates a committee to identify those whose allocations will be cancelled.
A Supreme Court ruling that all coal block allocations made since 1993 are illegal pulled key indices off record highs. Just before the apex court's ruling which hit the market in mid-afternoon trade, a rally had taken the barometer index, the S&P BSE Sensex, and the CNX Nifty to record high. A setback in mining, metal and power generation stocks pulled key indices off record highs after the Supreme Court ruling. The market breadth turned negative from positive on BSE in late trade.