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Indian markets close strong
Fri, 15 May Closing

Indian markets see-sawed between moderate and robust gains but managed to stay above the dotted line for most part of today's trading session. BSE-Sensex gained about 118 points while NSE-Nifty gained about 39 points. BSE Mid Cap and BSE Small Cap were in demand in the afternoon trade and finished the day higher by 0.3% and 0.6% respectively. Among sectoral indices, Consumer Durables gained the most followed by IT and Auto sector. On the other hand, Realty and Metal stocks were least favored today.

With regards to International markets, European bond yields were down across the board and majority of the indices were in positive territory. Asian markets finished mixed, Hang Seng gained 1.96% and the Nikkei 225 rose 0.83%. The Shanghai Composite lost 1.59%.

The Indian Rupee was trading strong at Rs 63.57 against the US dollar at the time of writing.

According to a leading economic daily, State owned NTPC Ltd will call for bids from solar project developers for buying 15,000 megawatts (MW) on behalf of the ministry of new and renewable energy (MNRE) as part of governments green energy push. This is in addition to NTPC's plans to set up 10,000 MW of solar power capacity on its own. NTPC will run a reverse bidding process for procuring solar-powered electricity in dollar-denominated tariff to reduce risk. Reportedly, it will provide a purchase guarantee, making such projects bankable and help solar power eventually cost the same as that purchased from the grid. The company also plans to raise US$ 500 m each from its first global rupee and green bonds sale that is expected shortly.

Profit booking was witnessed across the mining sector with Vedanta Limited and MOIL Ltd bearing most of the brunt. According to a leading financial daily, Coal India subsidiary Mahanadi Coalfields plans to boost production from its Basundhara reserves in Orissa to 85 million tonnes (mt) from 10 mt. However, the bulk of this output will be supplied to proposed 1,600 MW plant being set up near the mine in Sundergarh District. The company is reportedly planning to set up two 800-mw super critical units and a joint venture with a company specializing in power generation. It plans to offer majority stake in the power plant to the joint venture partner, which would preferably be an entity that would want to buy power from the plant. Of the power produced, Coal India will require 700-800 mw to run its mining equipment.

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