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Indian markets surge
Mon, 14 Sep 01:30 pm

The Indian equity markets continued to rally in the green during the post noon trading session. Gains were led by stocks from steel, power and banking segments.

The BSE-Sensex is trading up 180 points (0.7%) and the NSE-Nifty is trading up by 56 points (0.7%). The BSE Mid Cap index and the BSE Small Cap index are trading higher by 1.2% and 0.8% respectively. Gold prices, per 10 grams, are trading at Rs 26,039 levels. Silver price, per kilogram, is trading at Rs 34,884 levels. Crude oil is trading at Rs 2,955 per barrel. At the time of writing, the rupee stood at 66.33 to the US dollar.

Most of the stocks in the automobile space are trading on a positive note with Force Motors and Maharashtra Scooters witnessing maximum buying interest. As per a leading financial daily, TVS Motor Company has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investing Rs 3.5 bn in its existing two and three-wheeler plants in Hosur during the next three years. The investment is said to be mainly for the development of new products and for capacity expansion. TVS Motor Company is the third largest two-wheeler manufacturer in India and one among the top ten in the world. Presently the scrip of the company is trading marginally down.

Stocks in the power sector are trading firm with Reliance Power and Adani Power leading the gains. As per an article in Economic Times, the NDA government is considering a plan to freeze the non-performing debt of state distribution companies in order to reboot the country's power sector and deliver on its promise of electricity to all. This will give the companies a fresh lease of life. Further the move will also help banks, which have lent Rs 530 bn to state government-run distribution companies (discoms). According to the officials, in order to repay the past dues, part of the higher transfers to the states mandate by the 14th Finance Commission could be used.

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