• Indian stock market and companies daily report (September 23, 2015, Wednesday)

    Indian markets are expected to open in the red tracking the SGX Nifty and mixed Asian cues.

    US markets closed in the red led by ongoing uncertainty about the outlook for U.S. monetary policy. Weakness in the European markets also weighed on U.S. stocks, with the major averages in the region all pulling back sharply.

    European markets finished in the red as auto stocks came under severe pressure after Volkswagen admitted to manipulating emission tests norms for diesel cars in the United States. Drug companies were also down on the news that Hillary Clinton will unveil a plan to take on check pricing in the specialty drug market. Mining and resource companies were also weak, due to falling commodity prices.

    Indian markets tumbled in the second half led by negative cues from European markets and U.S. index futures. Increased volatility ahead of the expiry of September series F&O contracts also prompted investors to book some profits at higher levels.

    Markets Today

    The trend deciding level for the day is 25,854 / 7,874 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,137 - 26,622 / 7,960 - 8,108 levels. However, if NIFTY trades below 25,854 / 7,874 levels for the first half-an-hour of trade then it may correct towards 26,369 - 25,086 / 7,726 - 7,640 levels.

    UltraTech commissions 1.6 MTPA grinding unit in Haryana

    UltraTech Cement has commissioned its grinding unit with a capacity of 1.6 million tonnes per annum (MTPA) in Jhajjar, Haryana, aimed at increasing the firm's slice in the north region -- that accounts for a lion's share of India's cement market -particularly the National Capital Region (NCR) and Haryana. With commissioning of the firm's 13th unit, UltraTech's total cement capacity has reached 63.1 MTPA.

    North region accounts for 35% of the cement demand in the country and is expected to grow at around 8%. The commissioning of this plant will help Ultratech in capturing the growing demand for cement in the northern region with timely and effective supplies to customers. We retain our Buy rating on the stock.

    Global steel production fell by 3% in August 2015, lead by China

    Global steel production fell by 3% in August 2015, its biggest fall this year led by decline in China's steel production. India however reported a 2.8% growth in steel output during the month compared to same month last year. World steel production went down to 132MT last month, as China registered a 3.5% drop in steel output to 66.9MT. Despite the threat of imports, India produced 7.66MT in August 2015 compared to 7.45MT in August 2014, according to the World Steel Association (WSA). Crude steel capacity utilisation ratio for 65 countries in August 2015 was 68%. This was 3.6 percentage points lower than August 2014 and 0.4 percentage points lower than July 201 5.

    Economic and Political News

    - Centre may start auction of 80-90 identified mine blocks by November

    - Hotel occupancy in India surpassed 60% for the first time in four years

    - Engineering exports plunge on slowdown in China demand: EEPC

    Corporate News

    - MindTree to invest '1 25cr for Bhubaneswar campus expansion

    - Pidilite eyes '900cr from construction chemical division

    - Indraprastha Gas Ltd provided 100,000 new piped gas connections in FY15

    Contributed by Angel Broking
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