The major Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (up 0.2%) and Singapore (up 0.4%) leading the gains. However, the stock markets in China (down 1.0%) and Hong Kong (down 0.3%) are trading in the negative zone. The Indian share market indices have opened the day in the green. The sectoral indices have opened mixed with stocks in the FMCG and software space leading the losses. However, realty and capital goods stocks are trading firm.
The Sensex today is up around 13 points (0.1%), while the NSE-Nifty is up by around 1 point. Mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices down by around 0.5% each. The rupee is trading at Rs 54.27 to the US dollar.
Energy stocks have opened the day on a mixed note with Cairn India Ltd and Oil India Ltd leading the gains. However, Hindustan Petroleum Corporation Ltd (HPCL) and Gas Authority of India Ltd (GAIL) have opened in the red. As per a leading financial daily, state owned Oil & Natural Gas Corporation Ltd (ONGC) will revive plans to set up a liquefied natural gas (LNG) import terminal near its Mangalore refinery in Karnataka. It has been six years since the project was shelved. The oil minister Mr. M Veerappa Moily has announced that in next 10 to 15 days, ONGC and Bharat Petroleum Corporation Ltd (BPCL) will sign an MoU (Memorandum of Understanding) for putting up a 5 million tonne (MT) capacity LNG terminal at Mangalore. ONGC has already initiated talks with Mitsui Group of Japan regarding the project. The gas imported at the Mangalore terminal will be pumped into the Dabhol-Bangalore pipeline (which is to be extended to Mangalore by next year) for consumption by industries in Karnataka and neighboring Tamil Nadu.
Power stocks have opened the day mainly in green with Suzlon Energy and Torrent Power leading the gains. As per a leading financial daily, India's leading private power producers along with top bankers will meet power minister Mr. Jyotiraditya Scindia today. The 22 member advisory panel was set up earlier this month with the intention to bring reforms in the power sector. The issues likely to figure in the discussion include streamlining of fuel availability for a cumulative 90,000 Megawatt (Mw) power capacity. The power producers are also likely to suggest that the National Tariff Policy has outlived its utility and needs a drastic overhaul to take into account use of imported coal and gas on retail tariffs. Besides, the need of proposed coal price pooling mechanism to ensure 28,000 MW of existing and 38,000 MW of upcoming coal-based capacity is able to operate at optimal levels will be discussed.