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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets move into green 
(Wed, 14 Sep 01:30 pm) 
 
The Indian stock market gained in the last couple of hours due to buying interests in heavyweights and are now trading firm. Except for capital goods and realty, all other sectoral indices are trading firm. Stocks from the software, metal, auto and banking space are leading the pack of gainers.

The BSE-Sensex is trading up by 200 points while NSE-Nifty is trading 61 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 0.1% and 0.2% respectively. The rupee is trading at 47.73 to the US dollar.

Finance stocks have been trading mixed with Reliance Capital, Infrastructure Development Finance Company (IDFC) and Cholamandalam Investment and Finance Company leading the pack of gainers. However, Motilal Oswal, Prime Securities and SREI Infrastructure Finance are trading in the red. As per a leading financial daily, Power Finance Corporation (PFC) is expected to raise Rs 1.5 bn via taxable bonds by entering the bond market today. The company will privately place the bonds and may retain oversubscription. The coupon has been fixed at 9.43% and 9.44% a year for two-year bonds and 10-year bonds respectively. These will be paid annually. The longer-term bonds will come with a call and put option at the seventh year. The company will be raising money to increase its long term resource and does not intend to use it for any specific project. The rating agencies like ICRA and CRISIL have assigned highest ratings to the bonds. The stock of PFC is trading firm.

Energy stocks have been trading mixed as well with Essar Oil, Mangalore Refinery and Petrochemicals (MRPL), and Gas Authority of India Limited (GAIL) leading the pack of gainers. However, Gujarat State Petronet, Indraprastha Gas and Petronet LNG are trading weak. As per a leading financial daily, an empowered group of ministers (EGoM) chaired by finance minister Pranab Mukherjee will examine the proposal to limit the number of subsidised LPG cylinders to 4-6 per households a year . The aim is to prevent the diversion of domestic fuel for commercial use and abuse of the subsidy. As of now, the state run oil marketing companies sell domestic cooking fuel at Rs 399 per 14.2 kg cylinder in Delhi. This is below the market price by Rs 270. The under recoveries so incurred are shared by upstream companies like Oil and Natural Gas Corporation Ltd. (ONGC) and the Government. The heavy subsidy makes it lucrative to divert the use of domestic LPG cylinder for commercial use. The capping of number of subsidized LPG cylinders will fall under first phase of fuel pricing reforms. In the second phase, subsidy will be offered only to the eligible class of consumers as identified by the respective state governments.

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Jul 21, 2017 (Close)

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