Indian equity markets traded in the positive zone throughout the trading session today on the back of sustained buying activity across index heavyweights. After losing some momentum in the afternoon session, the markets moved sideways in the later hours. Nevertheless, the indices closed well above the dotted line. While the BSE-Sensex today closed higher by 142 points, the NSE-Nifty closed higher by 46 points. The BSE Mid Cap and the BSE Small Cap also did well and notched gains of 0.8% and 1% respectively. Gains were largely seen in Realty and FMCG stocks.
Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.08%, while the Shanghai Composite led the Hang Seng lower. They fell 2.20% and 0.49% respectively. European markets are higher today with shares in London leading the region. The rupee was trading at 64.00 against the US$ at the time of writing.
Power stocks outperformed today. Reliance Infra and Jaiprakash Power were among the leading gainers. According to a leading financial daily, NTPC, one of the largest power generators in the country, has reportedly signed a memorandum of understanding (MoU) with Jharkhand government for expansion of the Patratu thermal power station and increase power production. This development came nearly three months after the two sides signed a pact to form a JV. As per the earlier agreement signed on May 3, the capacity expansion would be completed in two phases (3x800 MW and 2x800MW) tentatively by 2024/25.
Banking sector was in favor today with IDBI Bank and Union Bank being the biggest winners. Shares of State Bank of India (SBI) ended the trading day on an optimistic note after it was reported that the company has decided to enter into wealth management business. The bank is also tapping talents through lateral placements. For wealth management business, the bank will take extra care on customer services, critical for retaining individuals with huge wealth but little time. Meanwhile, SBI posted a rise of 65.52% in its net profit at Rs 1.34 bn for the quarter ended March 31, 2015 as compared to Rs 812 m for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 13.08 bn for quarter under review as compared to Rs 11.72 bn for the quarter ended March 31, 2014.