Indian market fight back...

After witnessing two sessions of losses the BSE Sensex opened higher by almost 69 points on August 26. The emergence of fund buying in oil and gas, realty and metal stocks, coupled with firming trend overseas is driving the market northward for the moment.

The upside in the stock prices in day opening is driven by the covering-up of short positions on the last session of monthly expiry.

After losing 230 points in two previous sessions the 30-share index rose by 68.58 points to 18,248.22 points in the first five minutes of trading.

Following the trend the broad-based National Stock Exchange index Nifty gained 19.80 points to trade at 5,482.15 points.

Analysts said the overnight gains in US market and firming trend in Asian stocks fresh to the positive repose resulting in buying by funds and retail investors in select stocks.

Apart from positive market rally in early hours, Vedanta, who is fighting lost battle on Environmental front, is once again hitting the headlines. This time it is not Vedanta but the plan panel that is face saving mode. 

Planning Commission deputy chairman Montek Singh Ahluwalia is sure that the Vedanta episode will not hurt the FDI in mining. He said “I don't know much about Vedanta, but yesterday's development will not undermine India's image as investment friendly nation."

It was a big blow to Vedanta’s Orissa dream to tap aluminum when the government had rejected environment clearance to bauxite mining for the $1.7 billion aluminum project.

On recommendation of the Forest Advisory Committee (FAC) headed by N C Saxena the government took this decision to ban on the mining project in Orissa's Niyamgiri hills