The News International Team
3:30 pm Market close
The market took home massive gains on Thursday. The Sensex ended up 416.44 points or 1.6 percent at 27126.57. The Nifty was up 129.50 points or 1.6 percent at 8159.30. About 2165 shares have advanced, 695 shares declined, and 97 shares are unchanged.
BHEL was up 5 percent, while Hindalco, ICICI Bank, GAIL and Maruti gained 4 percent each. M&M and Dr Reddy’s Labs were losers in the Sensex.
03:10 pm Modi’s moves
Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost USD 300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters.
Pro-business Modi has faced criticism in recent weeks that his ambition to spur investment and re-energise the economy has yet to be realised, more than six months after he won elections with the strongest mandate in three decades.
Industrial output contracted in October in its worst performance in three years, jarring with a much-publicised “Make in India” campaign Modi has championed to make the country a manufacturing powerhouse.
By taking over the Project Monitoring Group (PMG), which was previously in the Cabinet Secretariat, Modi could help firms planning coal, power, steel and infrastructure projects cut through a maze of up to 180 clearances.
02:55pm RPP Infra on buyers’ radar
Shares of RPP Infra Projects rallied 5.5 percent on bagging order for providing combined water supply scheme in Tamilnadu.
RPP has awarded a contract from Tamilnadu Water Supply & Drainage Board for providing combined water supply scheme to 158 rural habitations in Gudimangalam and Udumalaipettai Unions in Tiruppur District, Tamilnadu,” said the infrastructure development company.
The contract included paid maintenance for a period of 12 months for a total value of Rs 49.55 crore.
“This year is looking very good with winning many orders and few more in pipe line and civil supply. We are very positive that the topline of our company will touch new heights at end this fiscal year,” said Arul Sundaram, CMD.
02:40pm Rupee, crude update
The Indian rupee recovered further, up 43 paise to 63.18 a dollar compared to previous day’s closing value of 63.62 a dollar.
Brent crude rose 0.16 percent to USD 61.28 a barrel while US crude declined 0.09 percent to USD 56.42 a barrel
02:20pm Coal e-auction
The government today came out with draft rules for e-auction of 92 cancelled coal mines in the first phase, fixing a floor price of Rs 150 per tonne for sectors like steel, sponge iron, cement and captive power.
This paves way for auction and allotment of 204 coal blocks that were cancelled by the Supreme Court in September.
“In order to conduct the auction of coal mines in accordance with the Coal Mines (Special Provisions) Ordinance, 2014 and the rules framed thereunder, the Authority (Nominated) is required to prepare a tender document.
“Accordingly, an Approach Paper to the tender document has been prepared for public consultation,” the government today notified.
The Coal Ministry has sought comments from stakeholders by December 22, reports PTI.
02:00pm Market Check
Short covering after sharp fall in previous sessions helped the equity benchmarks trade strong in afternoon trade. The Sensex rallied 395.45 points or 1.48 percent to 27105.58 and the Nifty gained 121.15 points or 1.51 percent at 8150.95 on broadbased buying.
Manpreet Gill, Senior Investment Strategist, Standard Chartered says India amongst the emerging market basket has been the top pick for the last six months. He thinks if the reform momentum is sustained then Indian equities are sure to rally.
The broader markets consistently outperformed benchmarks with the BSE Midcap and Smallcap indices rising 2.6 percent and 3 percent, respectively. About 2024 shares have advanced and 674 shares declined on the Bombay Stock Exchange.
M&M Financial, SBI, Mastek, Wockhardt, Reliance Industries, Infosys, ICICI Bank and Larsen & Toubro were most active shares on exchanges.
Globally, European markets like CAC, DAX and FTSE gained 0.5-2 percent. Most Asian markets closed lower with the Hang Seng and Nikkei rising 1-2 percent.