Indices in the Indian equity market came off the day's highs during the closing stages. However, they still managed to close in the positive. While BSE-Sensex edged higher by around 60 points (up 0.4%), gains on the NSE-Nifty stood at more than 20 points. BSE Mid Cap and BSE Small Cap indices also behaved in a similar manner and were up by around 0.4% each.
While most Asian markets closed in the positive today, Europe too is trading in the green currently. The rupee was trading at Rs 57.2 to the dollar at the time of writing.
It was largely a quiet session today. The good part being that markets remained in the positive right through. While no specific reason can be attributed to today's performance, the key event to watch going forward would be the European summit that starts tomorrow. Although experts of the likes of George Soros have urged the Euro Zone leaders to take strong measures, the possibility of such steps being taken is low indeed.
As per reports, India's largest steel company, Tata Steel has chosen a firm known as CA Technologies to help it accelerate the innovation of new steel solutions in order to drive topline growth. Tata Steel intends to use the firm's services to manage the entire new product and service lifecycle from innovation and product design through production and delivery. Tata Steel expects the whole exercise to achieve a structured approach to innovation that will help drive profitability and competitive differentiation and enhance customer satisfaction. The stock closed higher by more than 2% today.
The continuous fall in crude prices, an eight month low at last count, may finally bring in some good news for Indian consumers. As per reports, petrol prices are likely to be reduced by Rs 4 per litre from July onwards. However, this is not likely to reduce under recoveries given the steep 20% fall in rupee against the dollar in the last few months. Oil and Natural Gas Corporation Ltd. (ONGC), the domestic exploration and production major closed flat today.