Indian equity markets continued to trade weak over the last two hours of trade. FMCG and IT stocks witnessed maximum buying interest, while capital goods and metal stocks witnessed maximum selling pressure.
Engineering stocks are trading weak led by BH.EARTH MOVERS (BEML) and Punj Lloyd. According to a leading financial daily, ABB Limited has launched 1100 Kilovolt (KV) ultra high-voltage direct current (UHVDC) converter transformer. The new 1,100 kV converter transformer technology will make it possible to transmit more than 10,000 MW of power across distances as long as 3,000 km. The company had earlier commissioned the Xiangjiaba-Shanghai link which was the world's first commercial 800 kV UHVDC connection with a capacity of 6,400 MW and to cover a distance of just over 2,000 km, making it the longest of its kind in operation. This new 1,100 kV transformer technology will make it possible to transmit even more electricity efficiently and reliably, at higher voltage levels, across greater distances with minimum losses.
Energy stocks are trading in the red led by Petronet LNG and Cairn India. According to a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) is planning to release gas from tomorrow from its Tripura unit. ONGC's Tripura unit would release gas to the ONGC-Tripura Power Corporation (OTPC) for the first phase of the 726.6 MW gas-based power project at Palatana in Gomati district. OTPC is a 726.6 MW gas-based power project at Palatana would cater to the needs of power deficit areas of north-eastern states of the country. Around 2.6 million standard cubic metre of gas per day (mmscmd) would be required when it would start generation in full scale and it would take a few months more to make it fully operational.