1:45 pm On the run?
The Supreme Court today agreed to hear tomorrow a plea filed by a consortium of 17 PSU banks seeking a direction that industrialist Vijay Mallya be restrained from leaving India. “List it for hearing tomorrow,” a bench comprising Chief Justice T S Thakur and Justice U U Lalit said, when Attorney General Mukul Rohatgi, appearing for PSU banks, mentioned the matter for urgent hearing. Rohatgi said that the plea has been moved by 17 banks, including State Bank of India , against Mallya whose various firms have taken loan from them. He also said that the dues run into thousands of crore.
1:30 pm Buzzing: Metal stocks jumped with the index up around 2.6 percent, tracking surge in iron ore prices. The Metal index has gained 10.20 percent in a week. Shares of NMDC were up 11 percent, Tata Steel gained 3 percent while Hindalco was up 6 percent intraday. Iron ore prices climbed 20 percent to an eight-month high on expectations that Chinese steel mills are planning a short-term output boost. Iron ore has risen more than 22 percent this year, making it the best performing commodity so far in 2016, in a rally fuelled by stronger Chinese steel prices as market participants looked to brisk seasonal demand from March. The rally followed losses of around 70 percent in the past three years as iron ore was hit by a global glut and weaker Chinese steel demand.
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The market is flat as the Sensex is down 29.60 points 24616.88. The Nifty is down 10.30 points at 7475.05. About 1314 shares have advanced, 1152 shares declined, and 142 shares are unchanged.
Hindalco, GAIL, Lupin, Tata Steel and Adani Ports are gainers while Maruti, HUL, SBI, Infosys and ICICI Bank are losers in the Sensex.
Gold prices spurted by Rs 279 to Rs 29,871 per 10 gram in futures trade as speculators widened their bets taking positive cues from the global market.
Analysts said fresh positions created by participants following a better trend in global market as commodities extended their recovery after China said it will boost efforts to right the economy and the US dollar weakened, supported the upside in gold futures.