The Indian markets ended the day flat with Sensex closing at 18,021.16, 21 points higher (0.12 percent) and the Nifty closing at 5435, 4.35 points higher (0.8 percent) ahead of the Federal Reserve meeting today.
Domestically, the Inter-Ministerial Group (IMG) on coal blocks allocation has recommended de-allocation of four mines alloted to private firms and encashment of bank guarantee of three others on the ground of non-development of mines within a prescribed time pushing shares of both Reliance Power and JSPL down over 1 percent.
Reuters
Aviation stocks extended their rally after Commerce Minister said the cabinet would discuss a proposal to allow FDI into the aviation sector, though the news had been expected. Jet Airways was up 2.22 percent and Kingfisher Airlines was 5.36 percent.
HSBC has cut India’s growth forecast for this fiscal year to 5.7 percent from 6.2 percent projected earlier, citing lack of “reform traction” in the country and weak global economic backdrop. HSBC said following the disappointing monsoon session in Parliament, there is less hope for a “meaningful” progress on structural reforms in the near term.
Amid declining industrial growth, the government said that several policy measures will be taken to arrest the slowdown and boost investments.
Among the sectoral indices, Capital Goods, PSUs and Oil and Gas stocks were top gainers.
Stocks in news
Nalco was up 2.11 percent on media reports that the cabinet would meet on Friday to consider selling some of the government stake in five companies.
Pantaloon Retail slipped further and closed 2.35 percent lower after the commerce minister said a proposal to open multi-brand retail to foreign direct investment was not on the agenda of the government’s cabinet meeting on Friday.
SpiceJet was up 5 percent after the airline held talks with a Gulf airline for potential investment in the Indian budget carrier, a news report has said.
BPCL was up 2 percent on fuel hike hopes.
Shares of United Breweries, Muthoot Finance were also up.
Shares in DCHL closed 1.7 percent lower at Rs 10.84 after it rejected the sole bidder for its ILP team Deccan Chargers for Rs 900 crore following opposition from its lenders.
