The Indian stock market gained on account of buying interest in heavyweights during the last two hours of trade. All sectoral indices are trading in the green. Stocks from the banking, metal, software, auto and power sectors are leading the pack of gainers.
is trading up by 196 points while NSE-Nifty
is trading 78 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 0.7% and 0.5% respectively. The rupee is trading at 51.30 to the US dollar.
Enery stocks have been trading mixed with Bharat Petroleum Corporation Ltd (BPCL), Hindustan Pteroleum Corporation Ltd (HPCL) and Indian Oil Corporation Ltd (IOCL) leading the pack of gainers. However, Castrol India and Oil and Natural Gas Corporation (ONGC) are trading weak. As per a leading financial daily, ONGC has announced two significant oil discoveries. The company has discovered oil fields in North Kadi area of Gujarat's Mehsana district, which is the company's major production centre. The exact size of the reserve is not yet known and awaits further tests. The other discovery has been made in Panna area, which is 40 km away from Mumbai offshore field. Besides, as per the minister of state for Petroleum, the company is developing marginal fields through 14 projects, three of which have been completed. The 14 projects are estimated to entail an investment of Rs 273 bn. The remaining 11 projects estimated at an investment of Rs 249 bn are under various stages of implementation. The company is also investing an additional Rs 76 bn for oil and gas production.
Most of the power stocks have been trading firm with Power Grid Corporation, National Thermal Power Corporation (NTPC) and Power Trading corporation PTC India Ltd leading the pack of gainers. However, Gujarat Industries Power is trading weak. As per a leading financial daily, India's largest power producer NTPC may make an investment in Coal India, in response to huge coal shortage faced by the power industry. The company plans to add 4300 mega watt (MW) capacity by March and aims to double the power generation over next six-seven years. The company expects at procuring 50-75 MT coal in the next five years. The capex for next five to seven years is estimated between Rs 260-300 bn. The management also denied the possibility of Government forcing buyback in its disinvestment drive.