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Major Asian stock markets have opened the day on a mixed note. The stock market in China is trading lower by 1.2%. However, stock markets in Japan and Hong Kong are trading higher by 1.1% and 0.7% respectively. Major indices in Europe and US ended their previous session in green. The rupee is trading at 67.46 per US$.
Indian stock markets have too opened the day on a flattish note. The BSE Sensex is trading lower by 43 points (down 0.2%) and NSE Nifty is trading lower by 6 point (down 0.1%). However, both BSE Mid Cap and BSE Small Cap have surged upwards and are trading higher by 0.4% and 0.5% respectively. Barring FMCG sector, major sectoral indices have opened the day in green. The stocks from oil & gas and metal sectors are witnessing maximum buying interest.
As per an article in Livemint, cement prices in northern India have reversed after staying down for long. Reportedly, producers hiked prices by Rs 70 per bag of 50kg in March. This is In addition to hike taken in month of February. During this time, producers had increased the price by Rs 15 per bag. The price increase in the north does appear to have spread to the nearby central region. However, prices in the western India are still subdued.
Further, there has been a slow but sustained increase in demand due to government spending on infrastructure and low-cost housing. Meanwhile, dealers hope that higher budgetary support in fiscal year 2017 for infrastructure and housing will have a multiplier effect on cement demand. Going forward, pick up in the infrastructure and housing space will be the key things to watch out for to gauge the cement demand.
In another news update, government's efforts to sell 5% stake in Container Corporation of India (Concor) witnessed good response from the institutional investors. The institutional investors bided for twice the number of shares on offer. Reportedly, foreign investors bid 40% of shares on offer, mutual funds bid 30% and insurance companies 125% of the stake on offer.
Further, the bids for retail investors will open today. The floor price is set at Rs 1,195 per share. Further, retail investors will be provided a 5% discount to the proposed floor price. Should you subscribe to the offer? Read on to find out (subscription required).
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