Sensex rallies over 100 points.. auto, telecom stocks lead

The Indian stock market opened higher led by gains in auto companies and ahead of US jobs data, which is expected to came in stronger, thus raising chances of a Federal Reserve rate hike soon. 

The BSE Sensex opened 75.24 points up at 28,498.72, whileNSE Nifty opened 21.70 points up at 8,796.35.

At 2:02 PM, the S&P BSE Sensex is trading at 28,474 up 60 points, while NSE Nifty is trading at 8,782 up 13 points.

The BSE Mid-cap Index is trading up 0.41% at 13,221 whereas BSE Small-cap Index is trading up 0.40% at 12,650.

Tata Motors, Adani Ports, Lupin, Hero MotoCorp and HDFC are among the gainers, whereas Coal India, Reliance Industries, L&T, GAIL, Bajaj Auto and M&M are losing sheen on BSE.

Some buying activity is seen in realty, auto, industrial, finance, banking and consumer durable sectors, while energy, metal, IT, telecom, teck, and oli & gas sectors are showing weakness on BSE.

The INDIA VIX is down 0.13% at 13.3325. Out of 1,857 stocks traded on the NSE, 591 declined, 949 advanced and 319 remained unchanged today.

A total of 41 stocks registered a fresh 52-week high in trades today, while 21 stocks touched a new 52-week low on the NSE.

L&T is trading lower at Rs.1,501. The construction arm of L&T has won orders worth Rs. 1,458 crores across its various business segments.

Telecom stocks wiped out its morning losses and trading higher on BSE. On Thursday, Mukesh Ambani announced the launch of much-talked about Jio 4G service, offering free voice calls and national roaming.

The BSE Telecom is trading higher 1.2% or 13.42 points at 1,170 as against the previous close of 1,566.58. The BSE Telecom opened at 1,150.26 and hits a high of 1,173.62 and a low of 1,145.20.

Bharti Airtel Ltd is currently trading at Rs. 317.7, up by Rs. 7 or 2.25% from its previous closing of Rs. 310.7 on the BSE. The scrip opened at Rs. 308.95 and has touched a high and low of Rs. 318.5 and Rs. 306.5 respectively. So far 12729330 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 124199.22 crore.

Idea Cellular Ltd is currently trading at Rs. 83.65, down by Rs. 0.05 or 0.06% from its previous closing of Rs. 83.7 on the BSE. The scrip opened at Rs. 82 and has touched a high and low of Rs. 84.25 and Rs. 80.65 respectively. So far 45043896(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 30140.63 crore.

Reliance Communications Ltd is currently trading at Rs. 49.3, up by Rs. 0.15 or 0.31% from its previous closing of Rs. 49.15 on the BSE. The scrip opened at Rs. 49 and has touched a high and low of Rs. 49.5 and Rs. 47.45 respectively. So far 27526974(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 12233.34 crore.

ITC Ltd is currently trading at Rs. 262.5, up by Rs. 1.9 or 0.73% from its previous closing of Rs. 260.6 on the BSE.

Hindustan Construction Company Ltd is currently trading at Rs. 35.7, up by Rs.2.95 or 9.01% from its previous closing of Rs. 32.75 on the BSE. The stock has rally to the third straight day. In last three trading sessions the stock has rallied over 65%.

Maruti Suzuki India Ltd is currently trading at Rs.5162.95, up by Rs.104.7 or 2.07% from its previous closing of Rs. 5058.25 on the BSE. The company reported 12.2% growth in total sales to 1.32 lakh units in August 2016 over August 2015. This includes 119,931 units in the domestic market and 12,280 units of exports. The company had sold a total of 117,864 units in August 2015.
 
Atul Auto Ltd is currently trading at Rs. 454, up by Rs. 11.4 or 2.58% from its previous closing of Rs. 442.6 on the BSE. Atul Auto announced that total sales stood at 3,915 units in August 2016 compared to 3,906 units in August 2015, recording growth of 0.23%.

Sensex, Nifty flat; Bajaj Auto, Tata Steel major laggards

The market is still in green but struggling below 8800. The Nifty is up 5.30 points at 8779.95 and the Sensex is up 46.80 points at 28470.28. About 1352 shares have advanced, 846 shares declined, and 122 shares are unchanged. 

Adani Ports, Maruti, Tata Motors, HDFC and Asain Paints are top gainers whule Reliance, Coal India, Bajaj Auto, Tata Steel and Infosys were losers in the Sensex. 

Crude prices rose after losses of more than 3 percent a day earlier, with investors treading cautiously ahead of key US employment data that will help gauge the health of the world's largest economy and oil consumer. 

Brent crude had climbed 27 cents to USD 45.72 a barrel by 0426 GMT, while US West Texas Intermediate crude futures were up 24 cents at USD 43.40 a barrel, buoyed by a weaker dollar.

Sensex, Nifty open higher; Tata Motors & ITC up, Infosys down

The market has opened higher with the Sensex up 86.13 points or 0.3 percent at 28509.61. The Nifty is up 21.70 points or 0.2 percent at 8796.35. About 237 shares have advanced, 93 shares declined, and 19 shares are unchanged. 

Tata Motors, Hero MotoCorp, Coal India, ITC and Dr Reddy's Labs are top gainers while BHEL, Bharti, Axis Bank, Sun Pharma and Infosys are losers in the Sensex.

The rupee opened higher by 13 paise at 66.85/$ against US Dollar Friday as against the previous close of 66.95/$. Traders also looked ahead to Friday's release of the closely watched U.S. monthly jobs report and its impact on the outlook for interest rates.

Sensex, Nifty snap 3-day gain; Rel Jio drags Bharti & Idea 6-10%

The bulls took a breather on Thursday as equity benchmarks closed rangebound session marginally lower after rallying for previous three consecutive days. Sell-off in telecom stocks on Jio's tariff plans & profit booking in Reliance Industries dampened the market sentiment but FMCG, metals, auto and select banks limited the downside. Subdued Q1 GDP and July core industries data also weighed on the market. 

The 30-share BSE Sensex was down 28.69 points at 28,423.48 and the 50-share NSE Nifty slipped 11.55 points to 8,774.65. The broader markets also ended lower by 0.4 percent on weak breadth. About 1662 shares declined against 1074 advancing shares on the BSE. 

The market may not see major selling pressure in near term as foreign investors started pumping in more money into Indian equities again after showing caution last week ahead of Federal Reserve Chief speech, feel experts.

 With raising Sensex target to 30,000, Surendra Goyal of Citi says with the expected catalysts of GST, monsoon playing out and the market delivering 20 percent returns since February/March, focus will shift to H2 earnings. 

He expects 12 percent/15 percent Sensex/Nifty profit growth in FY17. While the pace of recovery will likely be uneven, there are reasons to be positive in the medium term - reform impact, likely consumption uptick, peaking of NPL cycle, bottoming utilisation, increasing return on equities, he says. 

Telecom stocks butchered badly with the Bharti Airtel and Idea Cellular falling 6-10 percent after Reliance Industries Chairman Mukesh Ambani unveiled Jio's aggressive tarriff plans.

Sensex, Nifty lacklustre

The Indian stock market opened on a flat note Thursday as investors digested disappointing GDP and infrastructure output data and looked ahead to Friday's U.S. jobs report for clues regarding the Fed's next move.
 
At 12:46 PM, the S&P BSE Sensex is trading at 28,446 down six points, while NSE Nifty is trading at 8,778 down mere eight points.

The BSE Mid-cap Index is trading down 0.04% at 13,213 whereas BSE Small-cap Index is trading down 0.01% at 12,649.

GAIL, ICICI Bank, Tata Motors, M&M, Coal India and Bajaj Auto are among the gainers, whereas Bharti Airtel, Wipro, Adani Ports and HDFC Bank are losing sheen on BSE.

Some buying activity is seen in consumer durables, auto, industrial, banking and FMCG sectors, while telecom, realty, teck, oil & gas, capital goods and energy sectors are showing weakness on BSE.

The INDIA VIX is up 2.60% at 13.5875. Out of 1,853 stocks traded on the NSE, 845 declined, 726 advanced and 282 remained unchanged today.

A total of 63 stocks registered a fresh 52-week high in trades today, while 21 stocks touched a new 52-week low on the NSE.
 

BPCL, HPCL and IOC traded mixed after hiking petrol price by a steep Rs.3.38 per liter and diesel by Rs.2.67 a liter on Wednesday, reversing a two-month declining trend.

Bharti Airtel slipped 1% after slashing effective data tariffs.

Reliance Industries advanced 1% on BSE. 

Tata Motors rose 0.8% after the Supreme Court on Wednesday quashed the controversial acquisition of 997.11 acres of land in Singur in 2006 for the company's project.

Rajesh Exports inched up 1% on winning a Rs.1,172-cr job order from Singapore.

Bajaj Auto and Hero Moto Corp rose about a percent each before unveiling their August sales numbers.

MCX gained 1% on reporting a 55% rise in Q1 net profit.

The rupee opened marginally lower by 9 paise at 67.04/$ against US Dollar Thursday as against the previous close of 66.95/$.

Sensex, Nifty to open on a negative note

The indices are set to open on a negative note. Auto stocks will be in focus based on the numbers announced.

Asian markets are trading mixed. Nikkei 225 is trading in green, while Shanghai Composite and Hong Kong's Hang Seng are trading lower.

Wall Street closed lower on Wednesday. The Dow Jones industrial average fell 53.42 points to 18,400.88, the S&P 500 lost 5.17 points to 2,170.95 and the Nasdaq Composite dropped 9.77 points to 5,213.22. 

Crude oil futures steadied after skidding on data showing a large surprise weekly build in US crude and distillate stockpiles and a smaller-than-expected drawdown in gasoline.

On the economy front, fiscal deficit in the first four months of the current financial year stood at Rs.3.93 lakh crore, or 73.3% of the Budget estimates for 2016-17.

India’s economic growth decelerated to its slowest level in six quarters in the April-June period, potentially making the government’s target of achieving 8% growth this year more dauntin.

The Eight Core Industries comprise nearly 38% of the weight of items included in the IIP.  The combined Index of Eight Core Industries stands at 173.7 in July 2016, which was 3.2% higher compared to the index of July 2015. Its cumulative growth during April to July, 2016-17 was 4.9%.

Among other stocks in focus:

RIL, ONGC: The government has set a 1-month deadline to begin implementing steps to resolve a dispute over natural gas that migrated from ONGC’s offshore block in the Bay of Bengal to the adjoining assets of Reliance Industries Ltd, as per media reports. RIL will be in focus ahead of its AGM in which Chairman Mukesh Ambani is likely to disclose future plans for Reliance Jio Infocomm at the company's annual general meeting on Thursday.

PSU Oil stocks in focus: Public sector oil marketing companies announced an increase in retail selling price of petrol by Rs.3.38 a litre and for diesel by Rs.2.67 a litre in Delhi on Wednesday. The price increase is inclusive of state levies and will vary from state to state and will be effective midnight August 31/September 1.

Cement stocks in focus: CCI imposed more than Rs.6,700 crore penalty on 10 cement companies. A fine of Rs.1,147.59 crore has been imposed on ACC, while penalties on Jaiprakash Associates Ltd and Ultratech are Rs.1,323.60 crore and Rs.1,175.49 crore, respectively. The fines on other companies are Rs 274.02 crore (Century), Rs.187.48 crore (India Cements), Rs.128.54 crore (JK Cements), Rs.490.01 crore (Lafarge), Rs.258.63 crore (Ramco), ACL (Rs.1,163.91 crore) and Binani (Rs.167.32 crore), according to the release. CMA faces a fine of Rs.0.73 crore. 

Auto stocks in focus: Auto stocks will remain in focus as auto companies will announce their August sales figures on Thursday.

Rajesh Exports Ltd: The company received export order worth Rs.1,172 crore. The order is to be completed by December 2016.

Multi Commodity Exchange of India Ltd: The company reported a 23% rise in revenue for the June quarter. Net profit rose 55% to Rs.32.8 crore.

MOIL: MOIL is set to enhance production of manganese ore up to 2.5 million tonnes by 2020-21, a top company executive has said.

Indiabulls Housing Finance: The company said it plans to raise up to Rs.100 crore through issuance of non-convertible debentures (NCDs).

Hathway Cables: The company reported Rs.53.2 crore loss for the quarter ended June 30 compared with Rs 37.30 crore reported in the year-ago period.

Indo Rama Synthetics India: The company reported a standalone net loss of Rs.16.56 crore for the first quarter ended June 30. The company had posted a net profit of Rs.5.86 crore in the corresponding period a year ago, Indo Rama Synthetics said in a BSE filing.

Power Mech: The company reported its net profit stood at Rs.16.60 crore for the quarter ended June 30 compared with Rs.15.90 crore reported in the year-ago period.

ZEE: Zee Entertainment Enterprises Ltd announced the sale of its sports network TEN Sports to Sony Pictures Network in an all-cash deal worth $385 million.

Tata Power: Two US defence firms-Raytheon and Lockheed Martin-plans will partner Tata Power Co. Ltd in manufacturing Javelin anti-tank guided missile in India, as per media reports.

Uniply Industries: A manufacturer of plywood, laminates and related products, has acquired Vector Projects, an architecture, design and interior fit out company to provide end-to-end building solutions, as per media report.  

Hindustan Copper: The company has signed a joint venture agreement with Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and associated minerals.

Global Data: RBA Commodity Index SDR (YoY) (Aug), EUR Markit Manufacturing PMI (Aug),CHF Real Retail Sales (YoY) (Aug),CHF SVME - Purchasing Managers' Index (Aug),EUR Markit Manufacturing PMI (Aug), EUR Markit Manufacturing PMI (Aug), EUR Markit Manufacturing PMI (Aug), EUR Markit Manufacturing PMI (Aug), EUR Markit Manufacturing PMI (Aug),USD Initial Jobless Claims (Aug 26),USD Unit Labor Costs (Q2),USD Nonfarm Productivity (Q2),CAD RBC Manufacturing PMI (Aug),USD Markit Manufacturing PMI (Aug),USD ISM Manufacturing PMI (Aug),USD ISM Prices Paid (Aug),USD Construction Spending (MoM) (Jul),USD EIA Natural Gas Storage change (Aug 26),   USD Total Vehicle Sales (Aug).

Results: Apollo Hospitals Enterprise Ltd, Mahanagar Gas Ltd,Essel Propack,Kalindee Rail, Ballarpur Industries Ltd, Advik Industries,Allied Digital Services,Bimetal Bearings, F Mec International Financial Services and Navkar Corporation

Trends in FII flows:  The domestic institutional investors (DIIs) were net buyers of Rs.8.47 bn in the cash segment on Wednesday, while FIIs were net buyers of Rs.8.54 bn, as per the provisional figures released by the NSE.

Nifty ends above 8750 mark

Closing Bell:

Finally, the BSE Sensex ended with a gain of 109 points at 28,452. The BSE Sensex opened at 28,372 touched an intra-day high of 28,532 and low of 28,363.

The NSE Nifty closed with a gain of 42 points at 8,786. The NSE Nifty opened at 8,754 hitting a high of 8,819 and low of 8,754.

Live Market:

The Indian equity market are trading higher on positive Asian cues.   The NSE Nifty50 index touched the 8,800 mark for the first time since April 15, 2015.

The stock market has extended gains for a third day led by gains in bank and pharma companies. The Sensex hit highest level in more than thirteen months. The Nifty hit highest level in more than sixteen months.

At 12:13 PM, the S&P BSE Sensex is trading at 28,405 up 62 points, while NSE Nifty is trading at 8,777 up 33 points.

The BSE Mid-cap Index is trading up 0.57% at 13,243 whereas BSE Small-cap Index is trading up 0.29% at 12,663.

Tata Motors, Hero MotoCorp, Dr.Reddy'sLupin, L&T and Bajaj Auto are among the gainers, whereas ONGC, NTPC, TCS, Tata Steel, Coal India and RIL are losing sheen on BSE.

Some buying activity is seen in auto, industrial, banking, consumer durables, capital goods, telecom and pharma sectors, while IT, utilities, power, metal and energy sector are showing weakness on BSE.

The INDIA VIX is up 1.55% at 13.2225. Out of 1,857 stocks traded on the NSE, 695 declined, 846 advanced and 316 remained unchanged today.

A total of 65 stocks registered a fresh 52-week high in trades today, while 15 stocks touched a new 52-week low on the NSE.
The rupee opened marginally lower by 5 paise at 67.08/$ against US Dollar Wednesday as against the previous close of 67.02/$.

Sensex, Nifty rally; Auto, Industrial gain

The Indian equity market are trading higher on positive Asian cues.   The NSE Nifty50 index touched the 8,800 mark for the first time since April 15, 2015.

The stock market has extended gains for a third day led by gains in bank and pharma companies. The Sensex hit highest level in more than thirteen months. The Nifty hit highest level in more than sixteen months.

At 12:13 PM, the S&P BSE Sensex is trading at 28,405 up 62 points, while NSE Nifty is trading at 8,777 up 33 points.

The BSE Mid-cap Index is trading up 0.57% at 13,243 whereas BSE Small-cap Index is trading up 0.29% at 12,663.

Tata Motors, Hero MotoCorp, Dr.Reddy'sLupin, L&T and Bajaj Auto are among the gainers, whereas ONGC, NTPC, TCS, Tata Steel, Coal India and RIL are losing sheen on BSE.

Some buying activity is seen in auto, industrial, banking, consumer durables, capital goods, telecom and pharma sectors, while IT, utilities, power, metal and energy sector are showing weakness on BSE.

The INDIA VIX is up 1.55% at 13.2225. Out of 1,857 stocks traded on the NSE, 695 declined, 846 advanced and 316 remained unchanged today.

A total of 65 stocks registered a fresh 52-week high in trades today, while 15 stocks touched a new 52-week low on the NSE.
The rupee opened marginally lower by 5 paise at 67.08/$ against US Dollar Wednesday as against the previous close of 67.02/$.

RBL Bank made a stellar debut in markets with the stock surging nearly 36% to Rs.305.50 against its issue price of Rs.225.

Kotak Mahindra Bank gained 2% to Rs.800. The bank said the Reserve Bank had granted approval to Canada Pension Plan Investment Board to buy stake in excess of 5% and up to 5% in the bank.

UltraTech Cement soared 4%. The Reserve Bank of India has notified that Foreign Institutional Investors/Registered Foreign Portfolios Investors can now invest up to 30% of the paid up capital of Ultra Tech Cement Limited under the Portfolio Investment Scheme (PIS).

Tata Motors jumped 3% to Rs.544.10. The company is planning to reduce the number of platforms used in manufacturing passenger vehicles and increase platform sharing to drive down costs, as per media reports.

Hindustan Copper climbed 2.8% to Rs.67.10 after the company has executed a Joint Venture Agreement with Chhattisgarh Mineral Development Corporation Ltd, for exploration, mining and beneficiation of copper and its associated minerals in the state of Chhattisgarh.

Cox & Kings Ltd is currently trading at Rs. 187.9, down by Rs. 5.4 or 2.79% from its previous closing of Rs. 193.3 on the BSE. The tour and travel company posted 24% dip in consolidated net profit to Rs.108.07 crore for the first quarter ended June 30, 2016-17 as compared to Rs.141.60 crore for the corresponding period of the previous fiscal.

Mahanagar Telephone Nigam Ltd soared 4.4% to Rs. The company will launch Wi-Fi Hotspot in Delhi, Mumbai in partnership with Private firm, as per media reports.

Housing Development Finance Corporation Ltd is currently trading at Rs. 1403, up by Rs. 10.7 or 0.77% from its previous closing of Rs. 1392.3 on the BSE. Housing Development Finance Corporation Ltd has informed BSE that pursuant to the approval of the Board of Directors of the Corporation at its meetings held previously, the Corporation is contemplating, subject to market conditions, undertaking an issuance of Rupee Denominated Bonds to overseas investors.

IDBI Bank Ltd is currently trading at Rs. 73.25, up by Rs. 0.85 or 1.17% from its previous closing of Rs. 72.4 on the BSE. The bank has raised capital of Rs.1,500 crore through Basel III compliant Additional Tier-1 (AT1) bonds. The issue opened and closed on August 30, 2016. This is the first AT1 bond issuance by the Bank during FY 2016-17.

Bharat Petroleum Corporation Ltd is currently trading at Rs. 601.3, down by Rs. 6.05 or 1% from its previous closing of Rs. 607.35 on the BSE. The oil company will announce its Q1 numbers today.
 
Asian markets opened mixed. Nikkei 225 gained 0.78%, while Hang Seng and Shanghai Composite are trading in red.

Wall Street closed lower. The Dow Jones industrial average fell 0.26% to 18,454.3, the S&P 500 lost 0.2% to 2,176.12 and the Nasdaq Composite dropped 0.18% to 5,222.99. US consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market. Payrolls data on Friday could strengthen the case for higher US interest rates, as has been hinted over the past week by Federal Reserve officials.

Arun Jaitley said that Indo-US trade will get a boost due to business to business, business to Government and Government to Government interaction between the two countries. The Finance Minister said that foreign investment is important for India in order to have larger investment in infrastructure sector.

On the economy front, investors are also cautious ahead of the GDP data for the June quarter and fiscal deficit data for July on 31 August.

The inter-ministerial body Foreign Investment Promotion Board has approved six foreign investment proposals worth Rs 105 crore. The FIPB meeting chaired by Economic Affairs Secretary Shaktikanta Das approved proposal of Ceva Sante Animale of Rs.88 crore.

Nifty reclaims 8800, Sensex up 100 pts; RBL Bank shares soar 25%

Oil prices extended losses in Asia on the back of a strong dollar while reported comments by Iran's oil minister that his country planned to boost output ramped up oversupply worries. 

The comments by Bijan Zangeneh, carried by Iran's official news agency on Tuesday, added to a feeling that an informal OPEC meeting with Russia in September may not result in a deal that would boost prices.

 Zangeneh said Iran needed to raise its output to regain the market share lost while it was under international sanctions, which were lifted only in January. 

Iran has struggled to raise production above four million barrels per day since the the sanctions were removed, according to the report, which said it is currently producing 3.8 million. 

Kotak Mahindra Bank shares surged to record high of Rs 807, up 2.7 percent intraday after the Canada Pension Plan is allowed to increase stake in the country's third largest private sector lender (by market capitalisation). 

"The Reserve Bank of India on Tuesday said it has granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring shares in excess of 5 percent and below 10 percent of the paid up capital of Kotak Mahindra Bank. 

The country's gross domestic product (GDP) growth is expected to see a slowdown in the first (April-June) quarter of fiscal year 2017, as the impact of a high base and higher deflator plays out. 

Compared with that, GDP in last (January-March) quarter of fiscal 2016 showed GDP had come in at 7.9 percent. 

For the first quarter, gross value added (GVA), too, is seen slowing from 7.4 percent to 7.3 percent. The data is expected today. 

Equity benchmarks extended rally for the fourth consecutive session with the Nifty reclaiming 8800 level for the first time since April 15, 2015. 

The 30-share BSE Sensex was up 102.10 points at 28445.11 and the 50-share NSE Nifty rose 44.65 points to 8789. About 1204 shares advanced against 566 declining shares on the BSE. 

Shares of RBL Bank debuted on the exchanges at Rs 274.20 per share, up 22 percent from its issue price of Rs 225. It surged to Rs 282.40 in early trade. The first private lender IPO in a decade was opened for subscription between August 19-23.

Opening Bell - Sensex, Nifty flat in early trade

At 9:15 AM, the S&P BSE Sensex is trading at 28,377 up 33 points, while NSE Nifty is trading at 8,754 up 10 points.

The rupee opened marginally lower by 5 paise at 67.08/$ against US Dollar Wednesday as against the previous close of 67.02/$.

Asian markets opened mixed. Nikkei 225 gained 0.78%, while Hang Seng and Shanghai Composite are trading in red.

The Nifty ended with a decisive break above 8700 on Tuesday. Sentiments got a boost with the latest statement from the RBI, sharing optimism over the growth prospect in this fiscal. Also, firm opening of European markets further strengthened the rally.

Wall Street closed lower. The Dow Jones industrial average fell 0.26% to 18,454.3, the S&P 500 lost 0.2% to 2,176.12 and the Nasdaq Composite dropped 0.18% to 5,222.99. US consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market. Payrolls data on Friday could strengthen the case for higher US interest rates, as has been hinted over the past week by Federal Reserve officials.

Arun Jaitley said that Indo-US trade will get a boost due to business to business, business to Government and Government to Government interaction between the two countries. The Finance Minister said that foreign investment is important for India in order to have larger investment in infrastructure sector.

On the economy front, investors are also cautious ahead of the GDP data for the June quarter and fiscal deficit data for July on 31 August.

The inter-ministerial body Foreign Investment Promotion Board has approved six foreign investment proposals worth Rs 105 crore. The FIPB meeting chaired by Economic Affairs Secretary Shaktikanta Das approved proposal of Ceva Sante Animale of Rs.88 crore.

RBL Bank will make its stock market debut today.The company's IPO was oversubscribed a staggering 69.62 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 85.08 times, non institutional investors chunk 198.06 times and retail investors portion 5.70 times, as per data available with the NSE.