New York: 02:20 || London: 05:20 || Mumbai: 08:50 || Singapore: 11:20

Reports India

Indian stock market and companies daily report (August 26, 2014, Tuesday)

August 26, 2014, Tuesday, 05:02 GMT | 01:02 EST | 08:32 IST | 11:02 SGT
Contributed by Angel Broking

Indian markets expected to open on flat note tracking SGX Nifty and Asian markets.

US markets closed in a positive territory, aided by merger news of Burger King (BKW) and Tim Hortons (THI). S&P 500 rose above 2,000 for the first time on the hopes in Europe for stimulus from the ECB.

European markets closed on positive note, after European Central Bank President Mario Draghi indicated last week that it may roll out monetary stimulus measures to counter deflationary risks and boost demand in the ailing euro zone economy.

Back home Indian market had surged to record high, but Supreme Court ruling that all coal block allocations made since 1993 are illegal pulled key indices off record highs.

Markets Today

The trend deciding level for the day is 26,490 / 7,924 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,578 - 26,719 / 7,950 - 7,994 levels. However, if NIFTY trades below 26,490 / 7,924 levels for the first half-an-hour of trade then it may correct 26,349 - 26,261 / 7,880 - 7,854 levels.

Allocations of coal blocks since 1993, illegal: Supreme Court

Supreme Court declared that coal blocks that were allocated since 1993 as illegal, thereby affecting the projects built around the blocks. The coal blocks were allotted in Jharkhand, Chhattisgarh, Maharashtra, West Bengal, Odisha and Madhya Pradesh to private companies and parties between 2004 to March 2011.This ruling affected share prices of JSPL, Hindalco and Sesa Sterlite Ltd, that went down by more than 10%. In its verdict, the court said that no objective criteria were followed and guidelines were breached in these allocations. The apex court allowed the coal block allocations to ultra mega power projects to continue, but didn't allow them from using the coal for any purpose, other than captive consumption. The court will take a decision on re-allocation of mines on 1 September, 2014 and will reserve cancellation on a case-by-case basis

Economic and Political News

- PM meets Jaitley, Goyal; discusses bottlenecks in power sector

- Centre mulls to freeze jute bags capacity at 2.59 million bales

- Centre gives green nod to three projects on Delhi-Mumbai industrial corridor

Corporate News

- MCX-SX terminates FTIL's warrants

- Alstom bags euro 400 million contract from Power Grid Corp

- Apollo Hospitals: Margin concerns weigh on near-term prospects