The Indian indices began the day's proceedings on a flat note and the morning session saw them inching upwards. However, profit booking was witnessed during the final hour of trade, leading to the markets to close the day on a flat note. BSE-Sensex closed higher by 18 points (up 0.06%), while NSE-Nifty closed on a flattish note.
Asian markets finished on a positive note, led by China which was up by 3.4%. The European stock markets have opened the day on a weak note. The rupee was trading at 63.495 against the US$.
As per a leading business daily, Prime Minister Office (PMO) has stepped in to directly oversee key road projects in the country. This after an assessment made by the PMO that several road projects are running way behind schedule despite getting all the necessary clearances. Stalled infrastructure projects, largely due to funding issues are the key reason for the investment cycle in India not picking up. Despite increased budgetary allocations to the road sector and speedy approvals, many critical highway projects are still stuck. The transportation ministry has been the biggest spending ministry so far in fiscal year 2015-16 but the money has not enabled projects to get off the ground.
Stocks in the engineering sector ended the day on a mixed note with Punj Lloyd and Jyoti Structures being the leading gainers, while Emco Ltd and Welspun Corp were the top losers in the pack. As per a financial daily, Crompton Greaves is in advanced talks to sell its overseas power assets. After selling its consumer products business, the company is now in the advanced talks with a global PE firm First Reserve to sell these overseas assets. Reportedly, the company will be selling the unit by Oct 2015. The company has been taking several steps to reduce its losses of its international operations and bring down its debt for a while now. This asset sale is aimed towards the same.