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Friday, July 11, 2014

FIIs' and DIIs' Trading Activity 
Today, customary selling after Infosys Ltd's Quarterly Results is going on. Also, some people are booking profits before the weekend. Nifty is now at 7514 and Sensex at 25232. The markets are expected to recover, by the end of the day, as Mr.Arun Jaitley's budget--2014-15 was more or less satisfactory, with no big bang reforms. 

However, that does not mean that the NDA government would not continue with policy reforms--the announcements can come up at any time. Some sectors like Ferro-alloys, Steel, Shipping, Mining, etc, could shine in the coming days. 

Also, the Finance Minister announced to increase export duty on bauxite from 10% to 20%, which is ill conceived and will damage the domestic mining sector. According to RK Sharma, Secretary General, Federation of Indian Mineral Industries, or FIMI: “At present, most of the bauxite that is exported from India comes from Gujarat and Maharashtra. These are not required in India as these are refractory grade bauxite and are not used by the aluminium makers in the country,” he says. “Now, these bauxite reserves will lie around unused". The government should immediately roll back this decision, so that domestic interests are protected. 
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