You are here: Home » Markets » News » Market Update
Business Standard

Freight rates hiked for coal, cement, iron & steel; Nifty below 8,700

The 30-share Sensex was down 256 points at 28,752 and the 50-share Nifty was down 73 points at 8,694

SI Reporter  |  Mumbai 

Benchmark indices have extended losses as traders remain unimpressed by Railways Minister Suresh Prabhu's plans of reviving Indian Railways after he kept the heavily subsidised fares unchanged and raised freight rates for transportation of coal, cement and iron and steel

Read our full coverage on Union Budget

Read our full coverage on Union Budget


At 01:40PM, the 30-share was down 256 points at 28,752 and the 50-share was down 73 points at 8,694.

Click here to track rail stocks
 
In the broader market, both the Midcap index and Smallcap indices, down 0.3% and 0.2% each have performed worse than the front-liners. Market breadth in ended negative with 1,452 declines against 1,031 advances.   
 
Presenting Railways Budget in the Parliament today, Railways Minister Suresh Prabhu flagged lack of adequate investments in railways leading to hiccups in capacity augmentation. He emphasised the need of collaborating with foreign partners to gain access to cutting-edge technology and finance necessary to revitalize the Indian Railways. The Minister also talked about the potential of public-private partnership to improve financial efficiency and performance of Indian railways.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 516.06 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 19.70 crore yesterday, as per provisional data.

Buzzing Stocks
 
All the 12 sectoral indices of are in red. Healthcare index, down 0.8% is the top loser followed by FMCG and Consumer Durables indices losing around 0.7% each.
 
has gained nearly 2% and is up 0.3%. However, on the losing side SBI, Axis Bank and Bank have lost between 0.4% and 0.6% each.
 
Among index heavyweights, and ITC have shed over 1% while among pharma stocks Sun Pharma is down 2% and Dr Reddys Lab and Cipla have lost around 0.3% each.

First Published: Thu, February 26 2015. 13:40 IST
RECOMMENDED FOR YOU