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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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IT, realty stocks in demand
Fri, 11 Oct 11:30 am

The Indian market continued to trade well above the dotted line during the past two hours. The BSE-Sensex is trading higher by about 215 points or 1.1%, while NSE-Nifty is up by about 60 points or 1.4%. Stocks from the information technology and realty spaces are leading the gains at the moment, while those from the consumer durables and metals spaces are amongst the top underperformers. BSE Mid Cap and BSE Mid Cap stocks are in favour as well with their respective indices trading higher by about 0.7% each.

As regards global markets, Asian indices are trading firm led by China, Hong Kong and Japan with gains of about 1.2% each. The rupee was trading at Rs 61.14 to the dollar at the time of writing.

Power stocks are trading mixed today. GVK Power and KSK Energy are leading the gainers; while Tata Power and Torrent Power are among the top losers. India's largest integrated power company Tata Power has faced opposition from the Punjab and Haryana state governments to any hike in power tariffs from the company's 4,000 MW imported coal-fired Mundra ultra mega power project (UMPP) in Gujarat. The states do not want any change in the power purchase agreement that has been signed by the company. The hike in tariffs was recommended by a panel headed by HDFC chairman Deepak Parekh; which suggested a hike in levellised tariff for the power supplied by the Coastal Gujarat Power Ltd, an arm of Tata Power. The Central Electricity Regulatory Commission (CERC) had, in April, allowed the Tata Power to pass on high costs of imported coal to end consumers. This decision by the CERC has been opposed by the state governments on the ground that it would be a burden on its state utilities. Tata Power is trading down by about 0.8% at the moment.

Auto stocks are currently trading firm with Ashok Leyland and Maruti Suzuki leading the pack of gainers. As per reports, Mahindra & Mahindra is looking to realign its two-wheeler business. The company is planning to make it a part of its automotive and farm equipment segment (AFS) by early next fiscal. As per the company, the two wheeler business would be able to take advantage of the AFS segment's existing infrastructure including R&D, manufacturing, distribution, marketing and human capital. M&M's management had earlier indicated its intention of being present across all segments of the auto space. Hence, this move appears to be part of its overall strategy of strengthening its presence in the two wheeler space.

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