300x250 AD TOP

Powered by Blogger.

Fashion

Ads Top

Labels

Random Posts

Flickr

Social Share

Recent comments

Labels

Popular Posts

Most Popular

Tuesday, 21 October 2014

Tagged under:

Markets open higher; metal, power shares gain

Markets opened higher led by power and metal shares after the government said it would formulate an ordinance to resolve issues arising out of the cancellations of coal blocks.

At 9:18AM, the 30-share Sensex was up 69 points at 26,499 and the 50-share Nifty was up 19 points at 7,898.

Further, the announcement by the governemnt to cap the subsidy ondomestic gas cylinders and to take up ordinance route to resolve issues arising out of the cancellation of coal blocks has improved sentiments. The ordinance will address issues related to coal supply to companies of central and state governments, as well as private companies in the cement, steel and power businesses. It will also address valuation of the land to be taken over from those who have lost coal blocks.

Trends are mixed at Asian markets which remain cautious despite the third-quarter growth data allayed concerns about an entrenching slow down in the Chinese economy. China's economy grew 7.3% between July and September from a year earlier, slightly above expectations. Other data showed factory output rose 8.0 percent in September from a year earlier, beating expectations for a 7.5% increase and up from August's six-year low of 6.9%. Shedding its gains from Monday, NIkkei has declined around 0.7% while Hang Seng Shanghai indices remains flat.

US stocks gained ahead of the release of third-quarter earning data of Apple while below expectation numbers from IBM dragged the indices down. Other factors adding to caution was the growing certainty about Fed wrapping up the third tranche of quantitative easing program later this month. Nasdaq was the biggest gainer with advance of around 1.3% while Dow Jones gained around 0.9% and S&P 500 around 0.5%.

Despite expectations of a some monetary easing measure to be undertaken by European Central Bank building up, European markets ended lower. German DAX was the biggest loser with a loss of more than 1.5% while French CAC 40 declined more than 1% and FTSE ended down 0.7%.

Hindalco, Sesa Sterlite, NTPC, Jindal Steel, Tata Power and Tata Steel were among the top Sensex gainers in early trades.

0 comments:

Post a Comment