3:30 pm Market closing:
The market picked up pace at the last few hours. The Sensex ended up 246.49 points or 0.9 percent at 25856.70 and the Nifty was up 82.95 points or 1 percent at 7872.25. About 1691 shares have advanced, 965 shares declined, and 106 shares are unchanged.
About 1691 shares have advanced, 965 shares declined, and 106 shares were unchanged. NTPC, Hindalco, Vedanta, Tata Steel and Axis Bank were top gainers while Maruti, Bajaj Auto, Reliance and Tata Motors were major laggards.
3:20 pm: Balco, part of Anil Agarwal-led Vedanta, today said it has started the procedure to shut down its aluminium rolling business in Chhattisgarh – a move that will see 1,000 people losing jobs. Last month, the aluminium manufacturer had announced its decision to shut down the rolling mill in Korba (Chhattisgarh) on account of “steep fall” in the prices of the metal besides dumping from China and falling margins. “Balco has begun the official procedure to close down its Sheet Rolling Division and Foundry at Korba.
The company has issued the information to the Secretary, Labour Ministry, Government of Chhattisgarh as well as the BSE and NSE,” the company said in a statement. Mining conglomerate Vedanta Ltd, earlier Sesa Sterlite, holds 51 per cent stake in Bharat Aluminium Company (Balco), while the remaining is held by the government. It produces about 30,000 tonnes per annum of rolled products like aluminium sheets and coils.
3:10 pm Market check: After rising over 250 points, the Sensex is up 155.11 points or 0.6 percent at 25765.32. The Nifty is up 78.35 points or 1 percent at 7867.65. About 1691 shares advanced, 947 shares declined and 93 shares are unchanged.
3:00 pm Market Expert: It is prudent to wait for the FOMC meet to get over, but a sharp move based on one single event is unlikely, says Dipen Sheth, head institutional Research at HDFC Securities. He guesses that a rate hike in unlikely at the moment. There are other global activities that may make the Fed to think of delaying a rate hike, Sheth said.
In addition, Sheth does not see a major shake up by domestic institution. He also sees a decent headroom for inflows from retail investors.
2:45 pm Market Update: Equity benchmarks extended rally with the Sensex rising 217.74 points or 0.85 percent to 25827.95 and the Nifty gaining 65.30 points or 0.84 percent at 7854.60.
About 1608 shares have advanced, 924 shares declined, and 101 shares are unchanged on the BSE.
2:40 pm Buzzing: Shares of Rolta India climbed 5.8 percent intraday on additional 13 million dollar contract for engineering information asset solution. It has designed, developed and deployed this solution for one of the world’s largest petrochemical complexes.
The solution contains the integration of key engineering systems and information to support the complex work processes required by engineering studies, projects and management of change for as-built facilities.
The project is being managed by a global Rolta team working out of the United States, India and the Middle East, said the company in its filing to the exchange.
2:20 pm IPO News: