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Global cues propel Indian markets
Tue, 27 Nov Closing

Indices in the Indian stock market showed no signs of slowing down during the closing hours and as a consequence, closed the day strongly in the positive. While BSE-Sensex edged higher by around 305 points, gains on the NSE-Nifty stood at around 90 points (up 1.6%). BSE Mid Cap and BSE Small Cap indices also attracted buyers today with both ending higher by around 1%. With the exception of NTPC and ONGC, all the other index heavyweights closed in the positive today.

While Asian indices closed mixed, Europe was seen trading mostly in the positive. The rupee was placed at Rs 55.5 to the dollar at the time of writing.

With the Greece problem getting resolved at least for now, risk taking seemed to have returned thus helping the Indian indices to post strong gains today. Almost all the BSE sectoral indices edged higher today with realty and consumer durables attracting the maximum interest.

National Thermal Power Corporation (NTPC), India's largest power generation company, closed lacklustre on the bourses today. As per reports, the company's request for withdrawal of de-allocation of three coal mines is under Government consideration. The request was put through the power ministry for de-allocation of Chattibariatu, Chattibariatu (South) and Kerandari coal blocks. These mines have an annual production capacity of 13 m tonnes. The company has submitted a revised schedule for exploitation of these mines. Earlier, the coal ministry had de-allocated the same as there was unacceptable delay on the part of the company in developing them. It should be noted that the company's power generation has slipped in recent times on account of lower availability of coal and gas needed to run its plants.

Indian Oil Corporation (IOC), India's largest oil firm and another PSU behemoth ended strongly today. This could be on account of news doing the rounds that the firm is planning to build a new 15 million tonne refinery in Gujarat. It is worth noting that the company already has a 13.7 m tonnes of refinery in the state but wants to invest more due to easy availability of land there. It has already appointed Engineers India to do a configuration and location study post which it will commission a detailed feasibility report. The company is also in the process of revamping its existing refineries at Panipat, Mathura besides Gujarat.

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