The key domestic benchmark were trading in a positive terrain in the morning trading session tracking firm cues from fellow global peers, on sustained buying by foreign portfolio investors after US Fed Chair Janet Yellen dropped a strong hint of a rate hike this month.
Traders also got some support with the news that foreign investments in the services sector increased 77.6 percent to USD 7.55 billion in the first nine months of the current fiscal, helped by government steps to improve ease of doing business.
Investors also reacted to the developments of GST as Centre and states moved a step closer towards implementing the goods and services tax (GST) from 1 July. The GST council approved two crucial supporting legislations of central GST law (CGST) and the integrated GST (IGST) law, for this ambitious tax reform.
At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 29016.76 up by 184.31 points or by 0.64 per cent, while the NSE Nifty was at 8949.95 points, trading higher by 52.4 points or by 0.59 per cent.
The BSE Sensex touched an intraday high of 29050.34 and an intraday low of 28856.12 while the NSE Nifty touched an intraday high of 8960.25 and an intraday low of 8914
The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 1294.35,+2.85 per cent), NTPC Ltd. (Rs. 158.30,+1.60 per cent), Power Grid Corporation of India Ltd. (Rs. 193.80,+1.52 per cent), State Bank of India (Rs. 269.00,+1.45 per cent), Asian Paints Ltd. (Rs. 1028.95,+1.42 per cent), among others.
Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 679.40,-0.93 per cent), Tata Consultancy Services Ltd. (Rs. 2474.00,-0.74 per cent), Infosys Ltd. (Rs. 1024.20,-0.67 per cent), Hindustan Unilever Ltd. (Rs. 874.00,-0.36 per cent), Wipro Ltd. (Rs. 491.55,-0.17 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2376 shares traded, 1429 shares advanced, 807 shares declined while 139 were unchanged.
On the global front, Asian stocks were trading higher today on sustained buying by foreign portfolio investors, while the US markets closed higher in the previous trading session following a highly anticipated speech from Federal Reserve Chair Janet Yellen, which reinforced expectations that the Fed will raise interest rates at its next meeting later this month.
Tag: NTPC Ltd
State-owned NTPC has decided to shut down old polluting power plants of capacity totalling roughly 11 GW and replace those with new ones which are highly efficient, Power Minister Piyush Goyal told the Rajya Sabha .
Replying to questions, the Minister said there is no proposal to discontinue thermal power plants and the older plants should be gradually phased out, and new ones should be set up.
“NTPC has already decided to close down roughly 11,000 MW of old thermal plants which are polluting and causing distress in the local areas also and not good for the country.
“We are planning to replace these with new power plants which are highly efficient…Super critical technology power plants,” Goyal said.
He also said there was international ban on thermal plants.
“We are still dependent on thermal power and will continue to depend for some more years to come until new technologies come in,” the Minister said.
Regarding hydro power projects, Goyal said there were issues like land acquisition, forest and environment clearances, local agitations and dispute between states on water sharing.
Citing an example of Lakhwar multi-purpose project, he said it is a matter of “grave concern” that despite all approvals, states concerned are yet to agree on sharing the benefits.
He said Supreme Court has stopped 24 projects in Uttarakhand from development in Ganga-Bhagirathi basin.
“In such a situation, new investment in the sector is very difficult to attract till all the old issues are resolved as investors are also wary” about their investments, the Minister said and added “We are very keen that hydro projects should be promoted”.
He also said that a generating company intending to set up hydro generating station is required to obtain concurrence of Central Electricity Authority (CEA) for schemes involving capital expenditure of Rs 1,000 crore and above.
No detailed project report (DPR) of hydro electric project to be set up in Uttarakhand has been received from the state government and private sector during the last on year for approval of CEA, Goyal said.
However, project proposals have been received in Ministry of New and Renewable Energy (MNRE) from Uttarakhand in 2016-17, he said, adding these include Bijapur Canal MHP (100 kw), Bahadarabad MHP (400 kw) and Purukul SHP (1000 kw).
The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking firm cues from fellow Asian peers after US market ended higher in overnight trade, extending post-election rally to the New Year.
Concerns over falling rupee, rising crude prices, and weak Q3 earnings may hit market sentiments.
Traders may also react to fresh hurdle in the implementation of the goods and services tax (GST) amid turf between the Centre and states over double control and compensation, which indicates that the April 1 deadline is likely to be missed.
At 10:10 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26696.97 up by 53.73 points or by 0.2 per cent, while the NSE Nifty was at 8214.7 points, trading higher by 22.45 points or by 0.27 per cent.
The BSE Sensex touched an intraday high of 26722.67 and an intraday low of 26632.95 while the NSE Nifty touched an intraday high of 8217.85 and an intraday low of 8190.85
The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 491.00,+2.03 per cent), NTPC Ltd. (Rs. 167.45,+1.15 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 194.90,+1.09 per cent), Bajaj Auto Ltd. (Rs. 2647.35,+1.04 per cent), Coal India Ltd. (Rs. 308.40,+1.02 per cent), among others.
Meanwhile, Reliance Industries Ltd. (Rs. 1077.75,-1.18 per cent), ITC Ltd. (Rs. 241.45,-0.74 per cent), Cipla Ltd. (Rs. 572.55,-0.28 per cent), Bharti Airtel Ltd. (Rs. 303.00,-0.21 per cent), HDFC Bank Ltd. (Rs. 1187.90,-0.21 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2077 shares traded, 1496 shares advanced, 515 shares declined while 66 were unchanged.
On the global front, Asian stocks were trading higher today after data fueled confidence in the US economy, and as equity traders in Tokyo returned from holidays. The US markets closed higher in the previous trading session as US manufacturing posted the fourth straight month of faster expansion in December 2016 as new orders and output jumped, pointing to a growing economy.
The Indian benchmark indices ended higher for the second day on Wednesday, supported by strong rally across Mid and Small cap space, tracking firm cues from Asian peers amid optimism that the US economy is strong enough to withstand a rise in interest rates by the Fed before the end of the year, bolstering risk taking appetite. Further, sharp sell-off in the last few trading sessions offered investors a good bargain buying opportunity in stocks, at existing levels. The market also saw some movement as traders roll over their positions ahead of Thursday’s November derivative contract expiry.
The 30-share benchmark index closed trade at 26051.81, up by 91.03 points or by 0.35 per cent, and the NSE Nifty ended at 8033.3, up by 31 points or by 0.39 per cent.
In the day’s trade, the BSE Sensex touched intraday high of 26130.49 and intraday low of 25877.16, while the NSE Nifty touched intraday high of 8055.2 and intraday low of 7973.1.
Outperforming the benchmark indices, the broader market ended on robust note with the BSE MIDCAP closing at 12042.45, up by 144.93 points or by 1.22 per cent, while the BSE SMLCAP ended at 11805.55, up by 178.75 points or by 1.54 per cent.
The top gainers of the BSE Sensex pack were Lupin Ltd. (Rs. 1487.30,+5.22%), Asian Paints Ltd. (Rs. 942.50,+3.87%), Tata Steel Ltd. (Rs. 392.35,+3.80%), NTPC Ltd. (Rs. 158.25,+2.63%), Larsen & Toubro Ltd. (Rs. 1357.85,+2.16%), among others.
On the flip side, Mahindra & Mahindra Ltd. (Rs. 1193.25,-2.02%), Housing Development Finance Corporation Ltd. (Rs. 1225.95,-1.72%), Power Grid Corporation of India Ltd. (Rs. 181.85,-1.22%), Bharti Airtel Ltd. (Rs. 300.35,-1.22%), HDFC Bank Ltd. (Rs. 1184.90,-1.04%), were among top losers on BSE.
On the sectoral front, realty and metal stocks emerged as top gainers, adding as much as 3.41 per cent and 2.32 per cent respectively.
The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2909, shares advanced were 2009 while 721 shares declined and 179 were unchanged.
The key domestic benchmark indices continued their losing streak for the fourth straight session on Thursday, weighed down by losses in IT, Teck, consumer durables, healthcare and metal stocks, amid sustained foreign fund outflows coupled with weakening trend globally as investors remained in a risk-off mode.
The 30-share benchmark index closed trading at 26227.62, down by 71.07 points or by 0.27 per cent, and the NSE Nifty ended at 8079.95, down by 31.65 points or by 0.39 per cent.
The market expert opined that the government’s decision to demonetise currency notes affected spending in various sectors, impacting demand-led and consumption stocks in the market.
During the day’s trade, the BSE Sensex touched intraday high of 26449.87 and intraday low of 26155.4, while the NSE Nifty touched intraday high of 8151.25 and intraday low of 8060.3.
In line with benchmark indices, the broader market also ended in red with the BSE MIDCAP closing at 11999.25, down by 45.22 points or by 0.38 per cent, while the BSE SMLCAP ending at 11839.79, down by 68.32 points or by 0.57 per cent.
The top losers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 296.35,-4.26%), Bajaj Auto Ltd. (Rs. 2544.35,-2.55%), Tata Consultancy Services Ltd. (Rs. 2142.15,-2.20%), Coal India Ltd. (Rs. 306.10,-2.08%), Asian Paints Ltd. (Rs. 918.25,-1.72%), among others.
On the flip side, Tata Motors Ltd. (Rs. 472.60,+3.21%), Power Grid Corporation of India Ltd. (Rs. 192.95,+2.66%), GAIL (India) Ltd. (Rs. 435.00,+1.52%), Cipla Ltd. (Rs. 544.70,+1.12%), NTPC Ltd. (Rs. 151.50,+1.00%), were among top gainers on BSE.
On the sectoral front, Teck and IT stocks emerged as top losers, falling as much as 1.66 per cent and 1.38 per cent respectively.
The market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2929, shares advanced were 1029 while 1733 shares declined and 167 were unchanged.