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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Banking stocks lead markets higher 
(Thu, 9 Sep 09:30 am) 
 
The Indian markets have started today’s session on a positive note. The benchmark indices opened above the breakeven mark and have stayed in the positive territory. Other key Asian markets are in the green with Japan (up 0.8%) leading the pack of gainers. The US markets ended higher by 0.5% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with banking majors attracting investors’ interest. The BSE-Sensex is trading higher by around 82 points, while the NSE-Nifty is up by about 20 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Small cap indices are trading higher by 0.9% and 0.8% respectively. The rupee is trading at 46.44 to the US dollar.

Power stocks have opened the day on a strong note. Gainers here include Tata Power and NTPC. As per a leading business daily, Tata Power is mulling acquisition opportunities abroad, including that of global power generation company InterGen. As per recent reports, the GMR group is planning to sell its 50% stake in InterGen. GMR Infrastructure paid US$ 1.1 bn in 2008 for the stake in InterGen, which operates 12 power plants in the UK, Netherlands, Mexico, Australia and the Philippines. Tata Power is also eyeing coal mines overseas for ensuring raw material supply. The company already has a 30% stake in two major Indonesian coal companies - PT Kaltim Prima Coal and PT Arutmin Indonesia. It may be noted that equity interest in coal companies provides a natural hedge against rising coal prices for the power business, which uses imported coal.

Steel stocks have opened the day on a positive note. Gainers here include NMDC and Tata Steel. As per a leading business daily, NMDC plans to initiate talks with Australia’s Riversdale Mining for picking up a 10% stake. The Australian company already has investors from India, China and Brazil. Tata Steel Global Minerals, an indirect subsidiary of Tata Steel, holds 24.2%. Coal resources identified by Riversdale in Mozambique totals 13 bn tonnes, located on the Benga and Zambeze projects. Riversdale also has thermal and coking coal resources. It may be noted that NMDC is actively pursuing coal assets, both coking and non-coking. NMDC is contemplating buying coking coal mines from Kolmar in Russia for around US$ 400 m.

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Aug 22, 2017 03:36 PM

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