The News International Team
9:55 am Buzzing: Shares of Thermax rallied as much as 6.9 percent in early trade after its joint venture company Thermax Babcock and Wilcox Energy Solutions (TBWES) received an export order from Babcock & Wilcox Power Generation Group Inc.
The order is for detailed engineering, manufacturing and supply of selective items for two pulverised coal-fired boilers for an international project. The contract value is approximately Rs 339 crore, says the energy and environment solutions provider in its filing to BSE.
Detailed engineering and supply of material are scheduled to be completed within 21 months for the first unit and 24 months for the second unit.
9:35 am Market outlook: Indian market as well as other emerging markets are driven by global cues, is the word coming in from Ajay Bodke of Prabhudas Lilladher. He expects the Indian market to remain volatile.
Bodke says the rally in certain parts of the midcaps has gone too far and investors seem to be taking some money off the table. On the much-awaited Supreme Court decision on coal block de-allocation, he says if the apex court does not adhere to the government’s plea to spare 46 coal blocks that are functioning or are about to start production, then the market will be under pressure.
9:30 am Proud moment for India: In its maiden attempt, India successfully placed Mars Orbiter Mission or Mangalyaan in the red planet’s orbit. The Indian Space Research Organisation has created history and has entered the league of three other agencies which successfully launched Mars mission. As all the operations were on schedule, India is the first Asian country to reach Mars in its first attempt. ISRO said, “All engines are going strong. Burning of fuel happening.”
All engines started burning as per the exact timeline. Prime Minister Modi and Karnataka Chief Minister Siddaramaiah were at ISRO Telemetry Tracking and Command Network (ISTRAC) in Bangalore to witness the crucial Mars Orbiter Insertion. Mangalyaan is primarily a technological mission and it has been configured to carry out observation of physical features of Mars and carry out limited study of the Martian atmosphere.
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After the deep cuts yesterday, the market has opened on flat note Wednesday. The Sensex is up 24.52 points at 26800 and the Nifty is up 10.30 points at 8027.85. About 622 shares have advanced, 286 shares declined, and 33 shares are unchanged.
Wipro, Coal India, ICICI Bank, BHEL and SBI are top gainers while Hindalco, Sesa Sterlite, Dr Reddy’s Labs, Tata Motors and Tata Steel are major laggards in the Sensex.
The Indian rupee opened with a marginal loss at 61.03 per dollar versus 60.94.
The dollar held close to a four-year peak against a basket of major currencies, underpinned by safe-haven buying. The dollar dipped against the yen, a traditional safe-haven buy.
Himanshu Arora of Religare said, “USD-INR is expected to trade slightly higher today amid weakness in domestic equities and as banks cover their dollar positions. RBI monetary policy review on September 30 is expected to offer more cues. Range for the USD-INR is seen between 60.78-61.20/dollar.”
Globally, the US markets closed in the red on global growth concerns with the S&P 500 and Nasdaq closing at five-week lows. European market too saw cuts of 1-2 percent and Asian equities are tracking global losses trading negative in morning trade.
And precious metal gold moved higher as the dollar eased after comments from a New York Federal Reserve’s official that any increase in interest rates should be done cautiously, while US air strikes added to global tension and hence safe-asset demand.