Mid, smallcaps buck the trend

Wed, 16 Sep Closing

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After starting the day on a positive note, Indian stocks gained momentum post noon as buying activity intensified till the end amid a firm trend overseas. The BSE-Sensex ended the day higher by about 258 points, while the NSE-Nifty ended higher by about 70 points. Stocks from the banking and power spaces were amongst the top performers today, while those from the consumer durables and oil & gas sectors were amongst the top underperformers. Mid and smallcaps however seemed to be out of favor with the BSE Mid Cap and BSE Small Cap indices ending the day lower by about 0.2% and 0.5% respectively.

Asian markets finished broadly higher today with shares in China leading gains in the region. The Shanghai Composite was up 4.89% while Hong Kong's Hang Seng was up 2.38%. Japan's Nikkei 225 was up 0.81%. European markets are higher today with shares in France leading the region. The rupee was trading weak at 66.44 in the afternoon trade.

Engineering sector ended the trading day on a mixed note with Manugraph India and Welspun Corporation leading the pack of losers. According to a leading financial daily, ABB India ltd has bagged orders worth around Rs 1.2 bn ($18 million) to provide plant electrification, automation and substation solutions for solar power plants being built as part of India's strong push for solar energy and renewables. These projects will connect more than 850 megawatts (MW) of solar energy to the grid and will be among the biggest solar projects worldwide. The most significant of these projects, placed by the Adani Group, is the 648 MW solar plant in Kamuthi, Tamil Nadu. The company will provide a turnkey solution encompassing the design, supply, installation and commissioning of the power plant electrification and automation systems, the pooling stations and multiple substations. This includes two 230 kilovolt (kV) and three 110 kV substations to connect the electricity generated to the local grid.

According to a leading financial daily, Indian Oil Corporation (IOC) is planning to invest about Rs 1,750 bn by 2022 In a bid to expand its various businesses. The investments will help the company to expand capacity from 65 million tonnes to 100 million tonnes. From the total, the company would be investing Rs 150 bn in pipeline projects, while Rs 350 bn would be required for product marketing. The petrochemical and oil exploration business will require another Rs 650 bn, while the gas business will require an infusion of Rs 70 bn. Along with refinery expansions the quality of fuel would also be upgraded, and by 2022, the company wants to produce fuels, which are compliant with BS-6 norms.