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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indices continue in the red 
(Wed, 5 Jan 01:30 pm) 
 
Indian indices continued to trade weak during the previous two hours on the back of profit booking in heavyweights. Stocks from banking and realty space are trading weak while stocks from IT and FMCG space are trading firm.

The BSE-Sensex is down by 93 points while NSE-Nifty is trading 39 points below the dotted line. BSE Midcap is trading down 0.55% while BSE Small cap index is trading lower by 0.25%. The rupee is trading at 45.16 to the US dollar.

Auto stocks are trading weak. The stock of two-wheeler major Bajaj Auto has been under pressure over the last few days. The stock has fallen by as much as 10% over the past three trading sessions. A key reason for the same seems to be the monthly sales volumes not meeting the market expectations. The company's total vehicle sales declined 7.7% on a month on month basis to about 276,000 units in December 2010. Motorcycle sales, however, declined by a slightly sharper rate of 8.3% during the month. On year on year basis, the company’s total vehicle sales rose by about 10% YoY as compared December 2009 volumes. As per the company's management, reasons for the lower volumes sales include a three day plant shut down and a slight decline in market share to its rival two-wheeler maker Hero Honda.

In addition, the company's management also stated that Bajaj Auto is in the process of expanding its reach as it has selected about 130 dealers that will be operational from April onwards. This is a positive development for the company considering it will up iots distribution network by as much as 26%. The company currently has about 500 dealers. It will also bring it closer to its rival companies - Hero Honda and TVS - which have a distribution network of about 750 and 700 respectively.

Power stocks are trading mixed with Tata Power and Neyveli Lignite leading the gains while Coal India and Guj Ind Power are trading weak. State-owned NTPC is in talks for setting up renewable projects in Maldives. The company's chairman said that the focus was on reduction of the carbon footprint. It plans to have around 70% of power generation from renewable sources by 2032. It plans to generate 35,840MW through non-fossil fuel sources by 2032 when it plans to have a generation capacity 128,000MW Being the largest power producer, NTPC is the biggest consumer of coal but it will need to balance between growth and environmental concerns.

NTPC plans to set up a 1,000MW renewable power generation capacity by 2017 through solar, wind, geo-thermal and small hydro-power plants. However, NTPC's overseas plans are yet to bear fruit.

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Apr 26, 2017 01:27 PM

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