After opening firm, the Indian Markets have continued to edge upwards. Sectoral indices are trading on a mixed note with stocks from the pharma and mining sectors leading the gains.
The BSE-Sensex is trading up 331 points (up 1.3%) and the NSE-Nifty is trading up 106 points (up 1.4%). The S&P BSE Midcap index is trading up by 1.8% while the S&P BSE Smallcap index is trading up by nearly 2%. The rupee is trading at 66.03 to the US dollar.
Stocks in the mining space are trading mixed with Vedanta Ltd and MMTC Ltd leading the gains. As per a financial daily, Coal India is expecting to save more than Rs 10 bn by implementing a new tendering process for its procurements starting this year. The company has shifted the procurement process to a reverse auction method on an electronic platform. Here the ceiling price is fixed by Coal India and its eight subsidiaries and sellers compete to win a contract by reducing prices. Going by this, the company has already saved close to Rs 6 bn in purchasing explosives for a two-year contract period. Stock of Coal India is currently trading down by 0.4%.
Energy stocks are trading on a firm note with BPCL and Chennai Petroleum. Oil and Natural Gas Corporation (ONGC) has submitted a draft field development plan (FDP) to oil regulator DGH (Directorate General of Hydrocarbons). The same is submitted for beginning of oil and gas production from HG-basin D5 block by 2018-19. Further, the company earlier this month has got approved the submissions of oil and gas discoveries made in the eastern offshore block KG-D5. From these discoveries, it expects to produce 77,000 barrel per day of oil and 14 million standard cubic meters per day of gas 2018-19. Scrip of ONGC is trading up by 1.7% on the BSE.