However, investors have turned cautious over the likelihood of Britain leaving the European Union.
Court says no evidence of cartel in low bids for coal blocks.
The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
The Ministry of Finance may seek the Union Cabinet's approval for the proposed 10 per cent stake sale in state-owned Coal India Ltd by the end of this month, a senior Coal Ministry official said
The meeting was about capex, and as the country is on the growth path, the companies were advised to increase capex, NLC India Chairman and Managing Director S K Acharya said after the meeting.
The government is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, Satluj Jal Vidyut Nigam Ltd and Engineers India Ltd among others next fiscal to raise Rs 40,000 crore, as stated in the budget.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The divestment department has lined up a host of companies.
The proposed units comprise seven coking coal washeries and 13 non-coking coal washeries.
TCS emerges as biggest gainer with its m-cap advancing Rs 18,610.7 cr to Rs 4,97,168.53 cr
Bids for eight coal blocks were sent for re-examination.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
Ranchi Rays came back from a bitter loss in their previous game to clinch a remarkable 7-3 win over table toppers Dabang Mumbai in the Coal India Hockey India League in Ranchi on Thursday.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
The Sensex swung over 660 points both ways on alternate bouts of selling and buying before closing the day higher by 97.39 points, or 0.28 per cent.
Jaiswal's statement came after Coal India said its multi-billion dollars worth of projects could become unviable if prices were not hiked. The PSU is seeking a nominal increase in prices of its products which were marginally revised last in 2007.
In the long run, the decision could bring clearer rules to a sector that has failed to provide India with enough power because it has been so hamstrung by confusion and scandals over concessions allegedly handed to government cronies.
The NSE Nifty ended 89.40 points, or 0.83 per cent, lower at 10,710.45.
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
The Centre has identified 50 new public sector undertakings (PSUs) to be put on the capital markets for selling 10 per cent of government stakes to raise funds for development programmes.
'If Indians are as smart as their counterparts in university, and have equal opportunity, then what is the reason that we cannot produce inventions of quality that are recognised by the world?'
The company bought peace with the Union coal ministry by agreeing to almost halve its e-auction sales at 30 million tonnes this year, to make more coal available for the fuel-starved power sector.
The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95.
"We expect the government to exempt our employees from paying tax on housing perquisites. On an average, every year our non-executive workers pay about Rs 144 crore to the government on account of such tax. Exemption will motivate our employees, working and living in difficult conditions," said Coal India Ltd Chairman P S Bhattacharyya.
State-run coal behemoth has left behind the IT bellwether Infosys, power utility NTPC Ltd, the country's largest private lender ICICI Bank, FMCG major ITC and engineering giant L&T to enter into the club of top 10 most valued firms.
The government may bestow the coveted 'MahaNavaratna' tag on oil majors ONGC and IOC, telecom firm BSNL, power utility NTPC, steel-maker SAIL and Coal India to given them greater autonomy and powers to take decisions to invest up to Rs 5,000 crore (Rs 50 billion).
Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy's Labs and ICICI Bank, all up between 1%-3%
"We have recommended that at least 20 per cent of coal should be sold through e-auction," said Kirit Parikh, member (energy), Planning Commission. CIL currently puts for sale about 10 per cent of its annual production through online bidding. The National Coal Distribution Policy has already recommended increasing this quantum in a bid to ensure better price discovery of the fuel.
'Are all roads in India privatised? Are governments not playing a role in airports or ports? If they (private players) want to set up lines for a specific requirement, I see no reason to object. It will expand the opportunity and passengers will also benefit.'
About 48.5 million shares, or 20 per cent of the shares on offer, are reserved for retail investors
Under attack for several files pertaining to coal block allocations going missing, Coal Minister Sriprakash Jaiswal said that he had asked officials to locate the missing papers by Tuesday and hinted the Central Bureau of Investigation may be asked to look into the case after that.
The rupee fell to a two-year low of 64.84 against the US dollar.
Coal India Ltd, Steel Authority of India Ltd, Bharat Heavy Electrical Ltd and Oil and Natural Gas Corporation were among the 15 top PSUs, which went about head hunting at the IIM-L. CIL and SAIL recruited 12 students each. "Out of the total of 267 IIM-L students graduating this year, PSUs recruited 65 students," IIM-L Placements Chairman Sushil Kumar told the media in Lucknow.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
The NSE Nifty ended up 19.65 points, or 0.20 per cent, at 9,788.60 after shuttling between 9,854 and 9,775.35 during the day.
Coal accounts for more than 60 per cent of India's electricity capacity, and the government plans to nearly double annual coal output by 2020, opening a new mine nearly every month
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
The 50-share NSE Nifty, however, was little changed, ending 1.20 points down
Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
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