Benchmarks add gains Infra, Power lead
Benchmarks add gains Infra, Power lead
Indian equity markets added gains and continued trading in green in the late afternoon session on account of buying in frontline blue chip counters. The sentiments were on positive note from the early trade after the International Monetary Fund (IMF) in its annual assessment report for the country raised its growth forecast for the current fiscal to 7.2%. Investors have however adopted cautious approach ahead of the release of February CPI and January IIP data, which is scheduled to be released later in the day. Traders were seen piling positions in Infra, Power and Auto stocks. In scrip specific development, Jindal Stainless was trading firm after India’s trade ministry recommended anti-dumping duty on hot rolled flat products of stainless steel imports. ITC was trading in green as the company effected 10 to 25 percent price hikes across cigarettes of various lengths.
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On the global front, the Asian
markets were trading mostly in green while the European markets were trading
mostly on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading
above the psychological 8,750 and 28,800 levels respectively. The market
breadth on BSE was positive in the ratio of 1567:1160 while 117 scrips remained
unchanged. The BSE Sensex is currently trading at 28874.90, up by 215.73 points
or 0.75% after trading in a range of 28772.71 and 28912.96. There were 21
stocks advancing against 9 stocks declining on the index. The broader indices
were trading in green; the BSE Mid cap index was up by 0.97%, while Small cap
index up by 1.00%. The gaining sectoral indices on the BSE were INFRA up by
1.75%, Power up by 1.69%, Auto up by 1.32%, FMCG up by 1.25%, Consumer Durables
up by 1.16% The top gainers on the Sensex were NTPC up by 3.67%, Hindalco up by
3.26%, Tata Motors up by 2.71%, Tata Steel up by 2.42% and ITC up by 2.29%.
On the flip side, Dr. Reddy’s Lab
down by 1.12%, Hindustan Unilever down by 0.97%, Coal India down by 0.95%,
Bajaj Auto down by 0.86% and Wipro down by 0.63% were the top losers. Meanwhile,
the government has initiated the evaluation process for 43 mines to be
allocated to state run companies and CPSUs. In total 29 applicants, including
SAIL, NTPC, Neyveli Lignite, Singareni Collieries, Goa Industrial Corporation
and electricity undertakings of states like Uttar Pradesh, Chhattisgarh, Bihar,
Andhra Pradesh, Jharkhand, Haryana Gujarat, Maharashtra, Rajasthan and Punjab
among others are in the race to grab these mines. Of the 43 mines, 42 are
reserved for power sector and one is for steel sector. The government has
reconstituted the high level inter-ministerial panel with slight modifications
to ensure smooth auction and allotment of 204 cancelled coal blocks. Further,
government is meeting up chief secretaries of concerned states in order to
facilitate smooth transfer of rights and title etc in these coal mines to
successful allottees.
Mines under production fall under
schedule II category, while those ready-to-produce fall under schedule III
category. Notably, Coal Secretary Anil Swarup had earlier this month received
107 applications from various applicants for 43 coal blocks. Among all, Palma
Gare Palma Sector II mine in Chhattisgarh has secured nine applications, which
is the highest for single block and the companies which applied for this block
included the likes of NTPC, Singareni Collieries Company, Andhra Pradesh Power
Generation Corporation and Gujarat State Electricity Corporation.
The government had earlier invited applications for 36 coal blocks for allotment but later decided to add more mines, in all allotting 43 mines to PSUs. The CNX Nifty is currently trading at 8765.70, up by 65.75 points or 0.76% after trading in a range of 8732.90 and 8773.60. There were 34 stocks advancing against 16 stocks declining on the index.
The top gainers on Nifty were NTPC up
by 4.16%, Cairn India up by 4.11%, Hindalco up by 3.64%, Tata Motors up by
2.67% and Tata Steel up by 2.64%. On the flip side, Tech Mahindra down by
1.86%, Dr. Reddy’s Lab down by 1.21%, Hindustan Unilever down by 1.02%, Bajaj
Auto down by 0.92% and Coal India down by 0.84% were the top losers. The Asian
markets were trading mostly in green; Jakarta Composite increased 9.28 points
or 0.17% to 5,428.85, FTSE Bursa Malaysia KLCI increased 10.18 points or 0.57%
to 1,788.34, Shanghai Composite increased 58.42 points or 1.78% to 3,349.32,
Taiwan Weighted increased 72.82 points or 0.76% to 9,596.00, Hang Seng
increased 79.99 points or 0.34% to 23,797.96 and Nikkei 225 increased 267.59
points or 1.43% to 18,991.11.
On the other hand, Straits Times decreased 13.98
points or 0.41% to 3,364.61 and KOSPI Index decreased 10.24 points or 0.52% to
1,970.59. The European markets were trading mostly in green; UK’s FTSE 100
increased 44.97 points or 0.67% to 6,766.48, Germany’s DAX increased 0.25
points or 0% to 11,806.24 while France’s CAC decreased 2.89 points or 0.06% to
4,994.86.
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