Indian markets close on a strong note

Tue, 17 Mar 03:30 pm

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   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

The Indian markets gained momentum in the final hour of trade. While the BSE Sensex gained 300 points, NSE-Nifty is up by 100 points. Among the sectoral indices information technology stocks traded with moderate losses of 0.3%, up from day lows; However, banking sector, which gained investor attention, traded with gains of over 1%. BSE Mid Cap and BSE Small Cap stocks made moderate gains of 0.6% and 0.2%, respectively.

Commodities continue to trade with a negative tone. Gold prices, per 10 grams, declined 0.3% or Rs 70 and is trading at Rs 25,700 levels. While Silver prices per kilogram, has declined Rs 0.5% or Rs 160 and is trading at Rs 35,400 levels. Crude oil prices retreated from early gains and is currently trading with moderate losses. Crude oil prices per barrel fell 0.5% or Rs 9 and is currently trading at Rs 2730 levels. Indian Rupee continued to trade in the red as investors focused on the outcome of the two day meeting of the Fed. The value of the Indian rupee declined by 0.13% or 0.08 and is currently trading at Rs 62.75 levels.

European markets are trading on a mixed note a day after it gained over 2%. The European markets, DAX is trading with 0.6% losses while FTSE is trading with 0.5% gains. CAC is trading in between small losses and gains.

Media stocks traded with volatility in today's trading session. Shares of Zee Media Corporation increased around 3% after the company disclosed its plans of raising capital via the right issue route. The company plans to issue 108 m shares at Rs 18 per share to raise capital of Rs 1.96 bn. The company plans to utilize this capital towards purchasing new equipment and repaying outstanding loans. The rights issue will remain open between March 25 and April 8.

The coal auction process has gone through successful bidding through various phases. However, according to a leading financial source, the Government might reject the two bids placed by the Jindal Steel and Power as they have reportedly placed very low bids for two coal blocks. The two coals blocks include Gare Palma and Tara coal blocks. Follow such developments, share of the company tanked nearly 10%. With this, the process of auctioning nearly 34 blocks has been completed which could fetch over Rs 2 trillion. This week is the last phase in which coal blocks are being auctioned, hence, to ensure transparency and authenticity, government is scrutinizing few auctions.