Indian equity markets built on initial gains and traded firmly during the last two hours of trade. All sectoral indices traded positively led by capital goods and power stocks.
The BSE-Sensex is trading higher by 271 points and NSE-Nifty is trading higher by 90 points. BSE Mid Cap and BSE Small Cap indices are currently up by 1.3% each. The rupee is trading at 53.97 to the US dollar.
Hotel stocks are trading strong led by Hotel Leela Venture and EIH Limited. According to a leading financial daily, The Indian Hotels company Limited is planning to set up its maiden premium five star hotel in Bhubaneswar. The company has sought an area of seven acres for developing the new project in the city that would entail a minimum investment of Rs 750 m. Guwahati based developer Unique Properties Private Limited (UPPL) will develop the project at Bhubaneswar for IHCL. UPPL will show the sites and take the approval of the company so that it fulfills the standards of Taj brand. IHCL and UPPL will enter into an operating agreement for managing the property in Bhubaneswar. The proposal of IHCL will be placed before the state task force soon before taking it forward for approval of the state level single window clearance authority.
Steel stocks are trading strong led by Steel Authority of India Limited (SAIL) and JSW Steel. According to a leading financial daily, India's steel output has risen in August despite the fall witnessed globally. According to the World Steel Association, global crude steel production fell by 1% to 124 m tonnes. In China, the world's top steel producer and consumer, production fell 1.7% to 58.7 m tonnes. However, India's production was up 2.6% to 6.4 million tonnes. According to a UK steel consultancy firm, the environment in steel industry is still very depressed. In China, there is an oversupply whereas in other places, the buyers are not placing orders as the end user market is difficult.
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Indian share markets end lower with the Sensex down by 441 points and the Nifty ending down by 143 points.
GRINDWELL NORTON share price is trading down by 5% and its current market price is Rs 950. The BSE CAPITAL GOODS is down by 1.5%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 3.3%) and AIA ENGINEERING (up 0.3%). The top losers is GRINDWELL NORTON (down 5.1%).
ADITYA BIRLA CAPITAL share price is trading down by 5% and its current market price is Rs 131. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 7.3%) and MOTILAL OSWAL (up 5.9%). The top losers are ADITYA BIRLA CAPITAL (down 5.0%) and APOLLO HOSPITALS (down 5.2%).
HAVELLS INDIA share price is trading down by 5% and its current market price is Rs 1,163. The BSE CONSUMER DURABLES is down by 0.7%. The top gainers in the BSE CONSUMER DURABLES Index are BLUE STAR (up 1.7%) and CROMPTON GREAVES CONSUMER ELEC. (up 1.3%). The top losers is HAVELLS INDIA (down 5.1%).
BALMER LAWRIE share price is trading down by 5% and its current market price is Rs 148. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.8%) and MOTILAL OSWAL (up 6.1%). The top losers are BALMER LAWRIE (down 5.0%) and APOLLO HOSPITALS (down 5.5%).
TRENT share price is trading down by 5% and its current market price is Rs 936. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.6%) and MOTILAL OSWAL (up 6.1%). The top losers are TRENT (down 5.4%) and APOLLO HOSPITALS (down 5.5%).
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