Indian stock markets consolidated their gains led by heavy buying activity across market segments during the previous two hours of trading. Currently, the market is trading at the day's high level.Stocks across sectors are trading on a firm note. Heavy buying is witnessed in the realty stocks, with the realty index trading up by over 4% today.
The BSE-Sensex is trading up by 450 points and the NSE-Nifty is trading up by 128 points. The BSE Mid Cap index is trading up 1.7% and the BSE Small Cap index is trading up 2.6% today. The rupee is trading at 61.05 to the US dollar.
Almost all power stocks are trading on a firm note today led by heavy buying in Indiabulls Power and Jaiprakash Power. As per a leading business daily, the state run power major NTPC is scouting for overseas coal assets for ensuring steady supply of imported coal. The company which generates over 43,000 MW of power from 38 power stations imports coal to meet its fuel requirement for generating power. It is believed that the company has invited proposals for seeking strategic stake from coal miners that are interested to offload their stake. Against this NTPC will provide long term commitment for coal off-take. The last date for submitting proposal bid is expected to be 1st October. The company might receive some attractive offers as the move comes at a time when imported coal prices are at an all time low levels. In FY14 the company consumed 148 m tonnes of domestic coal, while 10.8 m tonnes of imported coal. It is expected to use 17 m tonnes of imported coal in FY15. As such, tenders for 13 m tonnes imported coal has already been invited so for in the current fiscal. The stock of NTPC is trading higher by 2% today.
Most of the food & tobacco stocks are trading in the green led by Sterling Biotech and Golden Tobacco. As per a leading financial daily, Tata Global Beverages Ltd (TGBL) has relaunched Kanan Devan brand of tea in Kerala. With this launch, the company aims to raise its tea market share in Kerala from 25% to 30% over the next two years. Currently Tata Global Beverages has a national market share of 22% and is targeting to raise it to 25% in the next two years. As per the company, the tea brand enjoys resonance in the Kerala tea market due to its unique taste attributed to the location of Kanan hills in Munnar. TGBL stock is currently trading up by 1.5%.