Daily Round-Up of 12 March, 2014
The markets were in consolidation mode today following the recent sharp rally after the general election dates were announced. Although, the Sensex was seen hovering 100-150-points shy from the 22,000-mark, the overall trend continued to remain strong as every dip was met with fresh buying. The FIIs in particular have been aggressive buyers off late in the Indian markets.
For the records, the BSE Sensex ended with a marginal gain of 30-odd points at 21,856. Sun Pharma surged over 4 per cent to Rs 604. Hero MotoCorp, ITC and Coal India were the other major gainers. On the other hand, BHEL shed nearly 3 per cent at Rs 184 on profit taking. Tata Motors, Hindalco and SBI were the other prominent loses. The Indian Rupee too which hit a fresh seven month high yesterday has retraced significantly and today ended with a loss of 26 paise at 61.22 per US dollar. Going forward the markets will be taking cues from the IIP and CPI numbers to be released later today.
Meanwhile, the commodity markets seemed to be faring better than the forex and equity markets today. Bullions like the Gold and Silver were up smartly by Rs 215 and Rs 450, respectively. Potato and Nickel are some of the other major gainers, while Mentha Oil, Kapas and Crude Oil are the major losers.
In the elections 2014 news, the AAP (Aam Aadmi Party) campaining had reached Mumbai today – Arvind Kejriwal took an auto rickshaw from the airport to Andheri station, from where he took a train to Churchgate. The campaigning will continue tomorrow and cover parts of South and North Mumbai, after which he will be heading towards Nagpur.
In other economic news, the Union aviation minister, Ajit Singh today announced that Indian airports will be attracting $ 12 billion investment during the 12th Plan period (2012-17). He added that commercial fleet size is expected to rise to 1,000 in 2020 from current levels of 400. Meanwhile, private airline SpiceJet has placed order for 42 Boeing 737s for an estimated cost of $ 4.4 billion.
Oil & Gas major – Reliance Industries have refuted AAP charges that oil ministers Mani Shankar Aiyar and S Jaipal Reddy were removed for they did not favour the company. Reliance has called APP’s claims as “malafide propaganda” and “factually incorrect”.