Indian equity markets started the day on a positive note and continued this trend through mid-afternoon before turning volatile in the late afternoon session. The markets finally closed the day in the green. Barring auto and realty, all other BSE sectoral indices were trading in the green. Among them, consumer durables, power and capital goods sector stocks remained investors' favourite. While the BSE-Sensex closed higher by 41 points, the NSE-Nifty closed higher by 10 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 61.9 to the dollar at the time of writing.
Bharat Heavy Electricals (BHEL) has won a contract worth Rs 10.2 bn from Neyveli Lignite Corporation for supply of turbine generator package at a thermal power project in Tamil Nadu. The scope of contract includes manufacture, supply, erection, testing and commissioning of steam turbine generators & auxiliaries along with associated civil works. BHEL already has the order for supply and installation of the Steam Generator package for the same project.
The petroleum ministry is planning a new subsidy-sharing mechanism, something that might come as relief to upstream oil companies like Oil and Natural Gas Corporation (ONGC), Oil India and Gas Authority Of India Ltd. (GAIL) India. One of the suggestions would be that the three companies be given an assured US $65 a barrel on supply to oil-marketing companies (OMCs). Beyond US $65 and up to US $100 a barrel, they would have to offer an 85% discount. If the oil price went past US $100, the discount would be 90% on what they earned above US $65. The ministry will also move a Cabinet note for a higher increase in diesel price - in line with the Rs 5 raise recommended by the Kirit Parikh committee.