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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets continue in green 
(Fri, 6 May 01:30 pm) 
 
The benchmark indices in the Indian stock market continued in the green in the two hours of trade. Stocks from Banking, Auto and Software space are trading firm, while those from FMCG and Metal space are trading weak.

The BSE-Sensex is up 171 points while NSE-Nifty is trading 53 points above yesterday's closing. BSE Midcap and BSE Small cap indices are also up by 0.1% and 0.2% respectively. The rupee is trading at 44.81 to the US dollar.

Power stocks are trading mixed with Reliance Infrastructure and Reliance Power leading the pack of losers. However, the stock of Power Grid Corporation and Torrent Power are trading firm. As per a leading financial daily, companies in thermal power generation space are facing a strange problem. Despite existing massive energy shortage, they are not finding buyers for their outputs. The reason for this is lower off take from state power utilities because of a cash crunch. Rather they are resorting to load shedding. As per the Planning Commission, current accumulated losses of these utilities are Rs 700 bn and expected to touch Rs 1500 bn by 2014-15.

State power utilities buy the entire output of thermal power generators such as NTPC, Adani Power and Monnet Ispat. Now, these companies are facing a dilemma. They are not able to decide whether they should cut down their electricity generation targets in light of actions taken by the state utilities or considering power shortage problem they should continue with scaling up their coal production. Coal is used as raw material for thermal power generation.

Aluminium stocks are trading in the red while steel stocks are trading mixed with Nalco, Hindalco, Sterlite Industries, Sesa Goa and Hindustan Zinc leading the pack of losers. However, JSW Steel and Jindal Saw Ltd are trading in the green. As per a leading financial daily, base metal prices have crashed in the international market. Copper price fell in Shanghai market. On the back of concerns over economic growth, there is a broader commodities sell off. Prices in London market also crashed to a five-month low in the previous trading session.

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May 26, 2017 10:53 AM

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