Nifty ends above 7700; metals, banks rally
The market snapped
two-day losing streak, rising 1.8 percent. The Sensex surged 438.12 points to
25338.58 and the Nifty rose 138.20 points to 7735.20, led by positive global
cues and banks rally. About 1866 shares advanced against 755 declining shares
on the BSE. ICICI Bank, Tata Motors, Lupin, SBI, Tata Steel and Hindalco
Industries surged 4-6 percent while M&M and HDFC lost 1 percent. Green nod
to CIL project: An environment ministry panel has recommended green clearance
with some riders to state-owned CIL 's coal mining project in Jharkhand.
Central Coalfields Ltd
(CCL), an arm of CIL, was seeking green clearance for expansion of Ashok open
cast project (OCP) in Chatra district of Jharkhand from 10 million tonnes per
annum to 14 MTPA. "The Committee (Expert Appraisal Committee), after
detailed deliberations...recommended for grant of environmental clearance to
the project with the specific conditions," an official source said. The
conditions according to EAC are that as against the proposal for 14 MTPA (million
tonnes per annum), the project proponent will not exceed 12 MTPA, and this
production permission is limited to the forthcoming year 2016-17 ..
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