Sensex 29182.95 -498.82 -1.68%
Nifty 8808.9 -143.45 -1.6%
Adverse weather conditions in Gujarat with fog and prospects of rains in some areas kept sentiments up for Jeera as that created apprehensions of damage to the crops whose sowing has already been delayed earlier. Weather remains critical for the crop growth stage. Delayed sowing and prospects of delayed arrivals have been there. Weather in growing areas in Gujarat and Rajasthan remained critical for the crop growth in coming weeks. Any adverse weather conditions there could have bullish impact on the prices.
Lower stock levels could support the rates further though demand in the mandis has remained weak. Higher acreage expected in Gujarat and Rajasthan due to good moisture content in the soil. Demand from US and European countries likely to shift more towards India in coming weeks due to low stocks in the International markets. Export demand from South East Asian countries there. Latest reports from Spice Board of India indicates the exports of Spices for the period April Oct have risen by 6% from 299 250 MT in 2009 to 317 800 MT in 2010. Jeera exports fell by 36% from 31 300 MT to 20 000 MT during the same period.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.