The Indian markets have added to their early gains and are currently trading strong. Most of the sectoral indices are trading positively with stocks from the banking and pharma sectors leading the gains.
The BSE-Sensex is trading up 451 points (up 1.7%) and the NSE-Nifty is trading up 134 points (up 1.7%). The BSE Mid Cap index is trading up by 1.7% while the BSE Small Cap index is trading up 1.5%. The rupee is trading at 65.98 to the US dollar.
Power stocks are trading on an encouraging note with Adani Power and Torrent Power Ltd witnessing maximum buying interest. As per a leading financial daily, 18 power plants have emerged as successful bidders in the reverse e-auction to receive Rs 17.8 bn subsidy for buying imported gas. The offered subsidy is a move that will help revive a cumulative generation capacity of 11,717.72 Mega Watts (MW). Under the plan, liquefied natural gas (LNG) will be imported and cash-strapped state power distribution companies will be financially supported to buy electricity from them. NTPC, Torrent Power, Gujarat Industries Power Co and CLP India Private Ltd were reported as the successful bidders under this auction.
Most of the software stocks are trading higher with Tech Mahindra and Wipro leading the gainers. Leading mid-tier software company Mindtree, has announced a strategic partnership with Dubai-based 'flydubai' to shape the full digital experience of travelers to Dubai. Mindtree will focus on transforming flydubai's information technology back end including electronic ticketing and real-time baggage tracking. Moreover, the agreement will also extend to other strategic business areas such as revenue management, target monitoring and improving operational efficiencies. The stock of Mindtree is presently trading up about 1.5%.