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Nifty races towards 8,800
Thu, 12 Mar 03:30 pm

Broader indices maintained their momentum in the second half of the trading session as investors awaited the CPI and industrial production figures. While BSE Sensex is trading in the green with gains of 1% or 270 points, NSE-Nifty has gained 80 points or 0.9%. BSE Mid Cap and BSE Small Cap gained over 1% each. Gains in the broader indices have been led by automobile, capital goods and healthcare sectors. Commodities have turned into green in the second half of trading session. While gold prices per 10 grams increased by Rs 64 or 0.3%, silver prices have increased by 1% or Rs 335. Gold is trading at Rs 25,700 levels while silver is trading at Rs 35,400 levels. The value of Indian rupee declined 0.3% or 0.17 and is trading at Rs 62.61 levels against the U.S. Dollar.

European markets are trading on a flattish note after gaining over 2% yesterday. Spanish CPI figures met investor expectations; however, they await the industrial production reading of the Eurozone. FTSE is trading with gains of 1% while DAX is trading with minor losses of 0.2%.

Shares of FMCG bellwether, ITC spiked 3% after the company decided to increase the price of cigarettes tentatively. The company have increase the prices of its cigarettes from 10% to 25% across all its cigarettes' products which when averaged, comes to around 15%. The hike in cigarette prices comes after excise duty was levied on tobacco products. This 15% hike was above the expected hike of 12% to 13%.

Shares of Crompton Greaves increased more than 2% after the company received an order from Saudi Arabia. The order is estimate to be of 3.4 million Euro in value and is given by Saudi Electricity Company (SEC). The SEC is the largest electrical company in the country serving nearly 5 million people. Crompton Greaves would be supplying ZIV three phase smart meters.

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