Sensex Trades on a Volatile Note; IndusInd Bank & ONGC Top Losers

Tue, 29 Sep 12:30 pm

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Share markets in India are presently trading on a volatile note.

After a positive opening, benchmark indices slipped into the red as investors awaited fresh cues from the US Presidential debate and economic calendar this week.

The BSE Sensex is trading up by 28 points, up 0.1%, at 38,100 levels.

Meanwhile, the NSE Nifty is trading up by 9 points.

TCS is among the top gainers today. IndusInd Bank and ONGC are among the top losers today.

The BSE Mid Cap index is trading down by 0.1%.

The BSE Small Cap index is trading down by 0.2%.

On the sectoral front, stocks in the telecom sector and banking sector are witnessing selling pressure.

Energy stocks, on the other hand are trading in green.

US stock futures are trading marginally higher today. Nasdaq Futures are trading up by 38 points (up 0.3%), while Dow Futures are trading up by 88 points (up 0.3%).

The rupee is trading at 73.84 against the US$.

Gold prices are trading up by 0.1% at Rs 50,184 per 10 grams.

In news from the power sector, India's top power utility NTPC has sought bids for procuring biomass pellets to fuel its thermal power plants in an effort to cut down air pollution from burning of crop residue.

The state-owned power producer aims to use 5 million tonnes of pellets, made from crop waste, to fuel 17 of its power plants in the current year.

In January, the company had announced that it would procure and use six million tonne (MT) of biomass pellets to co-fire its power plants along with coal. A company official had informed that a tonne of pellets costs around Rs 7,000.

NTPC share price gained as much as 3% yesterday after CLSA maintained a buy call on the stock with a target of Rs 140 per share.

In other news, India's electricity demand in September increased about 3% year-on-year (YoY), signalling improved economic activity albeit on a low base.

Demand in August was 2% lower than that a year ago.

Power demand on several days of September was higher than that a year ago, data available with grid operator Power System Operation Corporation (Posoco) showed.

Demand in industrial states such as Gujarat and Maharashtra improved over last year's but was lower than in September 2018.

Note that India had registered a slump in power consumption for five months from August 2019 till January this year.

India's power demand grew at the slowest pace of 1.1% in 2019. In December 2019, the country's power demand fell 0.5% from the year-ago period, representing the fifth straight month of decline, compared with a 4.3% fall in November 2019.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

This is abysmally low by global standards. This shows that there is big upside in the market share of power exchanges in India.

As per Tanushree Banerjee, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Last month, Tanushree recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the defense sector, shares of defence-related companies are in focus today with state-owned companies Bharat Dynamics and Hindustan Aeronautics (HAL) rising as much as 4% on the BSE.

Defence Minister Rajnath Singh on Monday unveiled the new Defence Acquisition Procedure of 2020 (DAP 2020), which will govern the procurement of defence equipment from the capital budget. It will supersede the Defence Procurement Procedure of 2016 from October 1.

Earlier this month, the government permitted foreign direct investment (FDI) of up to 74% under automatic route in the defence sector with a view to attracting overseas investors.

In August, the Ministry of Defence (MoD) had announced an import embargo list of 101 defence items to be progressively implemented between 2020 and 2024 to boost indigenization of defence production providing a big push to "Atmanirbhar Bharat" and "Make in India" initiatives.

Speaking of the defence sector, if you're wondering which defence stocks will benefit from the border tensions with China, Tanushree is the one you should listen to. She tracks this space closely. Back in June, she recorded a video about India's best defence stocks.

Tune in to the video here:

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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