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Indian share market remains choppy
Wed, 18 Mar 01:30 pm

Indian share markets continue to remain volatile as investors await clarity on the much speculated hike in interest rates by the US Fed. BSE Sensex is trading with a loss of 20 points while NSE-Nifty has lost 10 points. BSE Mid Cap and BSE Small Cap, however, have outperformed the market. Midcap and smallcap stocks have gained 0.5% and 0.6%, respectively. Banking stocks are trading with maximum gains, however, capital goods and Informational Technology (IT) stocks are the major losers.

Commodities continue to trade on a negative note. Gold price, per 10 grams, has fallen 0.2% or Rs 44 and is trading at Rs 25,570 levels while Silver price, per kilogram, has fallen 0.4% or Rs 120 and is available at Rs 35,200 levels. Crude oil prices continue to decline owing to international selling pressure. Crude oil prices have fallen over 3.5% or Rs 87 and is trading at Rs 2670 levels. The value of Indian rupee against the U.S. Dollar has hardly changed as investors await the outcome of the 2-day Fed meeting. The Indian Rupee has fallen 0.08% or 0.05 at Rs 62.65 against the U.S. Dollar.

Asian markets gained over 1% in today's trading session. Japanese, Chinese, Hong Kong, and Taiwanese gained about 0.6%, 2%, 1% and 1.2%, respectively. Korean market, however, showed weakness and is trading with a minor loss of 0.1%.

Infrastructure companies have witnessed renewed buying in the last two trading sessions as slew of construction orders are being awarded to different companies. Shares of Madhucon Projects gained nearly 5% as National Highway Authority of India awarded a project worth Rs 3.97 bn in Tamil Nadu. The project work is in the Nagapattinam - Thankjavur section of NH-67. The project work will be in the EPC (engineering, procurement and construction) mode.

Majority of the mining companies are trading in the green. Shares of Sesa Sterlite has gained over 4% as the ban which was placed on mining in Goa in 2012 has been revoked. In September 2012, environment ministry had imposed a ban on mining thus suspending clearances to all 89 leases related to mining. This ban has been revoked. However, the government said that the mining leases which are allowed may not be the same ones which were banned. Sesa Sterlite was allowed to mine 14 million tonnes (MT) which has been reduced to 7 MT on an annual basis.

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