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Indian share markets surge
Tue, 4 Mar 01:30 pm

Backed by persistent, broad-based buying Indian share markets soared higher in the post-noon trading session. Barring pharma, all sectoral indices are trading in the green with metal, banking and capital goods stocks being the biggest gainers.

BSE-Sensex is up 240 points and NSE-Nifty is trading 71 points up. BSE Mid Cap is trading 1% up and BSE Small Cap index is trading up by 0.9%. The rupee is trading at 61.9 to the US dollar.

As per a leading financial daily, a survey conducted by Confederation of Indian Industry (CII) and ASCON points to deterioration in the growth performance of industries with an increase in the number of sectors hit by the economic slowdown. As per the survey out of 110 sectors, the number of sectors witnessing contraction has risen from 21 sectors (21%) in December 2012 quarter to 31 sectors (28%) in December 2013 quarter. A major chunk of 58 sectors (53%) mainly in the basic, intermediate and capital goods sectors are in the low growth phase. Even the quantum of high growth sectors has narrowed down from 19 sectors (19%) in December 2012 quarter to 12 sectors (11%) in December 2013 quarter.

Power stocks are trading mixed today. While Torrent Power and Satluj Jal are leading among the list of gainers, Adani Power is trading weak. As per a leading business daily, about 20 power generating companies have approached the regulatory body Central Electricity Regulatory Commission (CERC) seeking higher tariffs for electricity generated from wind, solar and coal plants. The move comes after the regulator increased the tariff for Tata Power and Adani Power for their ultra mega power projects (UMPP). The two companies had successfully argued that the coal linked to their plant was increased by foreign country's norm which made their plants unviable. Taking cues from them, power companies are exploring opportunity from consultants and regulatory experts to charge higher rate than that prescribed under the power purchase agreements. Solar power firms have raised concerns about poor generation from solar radiations, especially in the states of Rajasthan and Andhra Pradesh. Further the concerns were also reported by coal generating plants for increased coal prices.

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