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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Mid and Small Caps buck the trend 
(Mon, 5 Dec 11:30 am) 
 
Indian stock markets indices are trading weak over the last two hours of trade. Power and Realty stocks witnessed maximum buying interest while Metal and IT stocks witnessed maximum selling pressure.

The BSE-Sensex is down by 101 points, while the NSE-Nifty is down 40 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.19% and 0.27% respectively. The rupee is trading at 51.42 to the US dollar.

Real Estate stocks are trading in the green led by Parsvnath Developers and Housing Dev. Infra (HDIL). According to a leading financial daily, the country's largest real estate company DLF Limited, has signed an agreement to divest all its stake in Galaxy Mercantile Limited, a joint venture company between DLF Home Developers Limited and Infrastructure Development Finance Company Ltd (IDFC). DLF Home Developers is a wholly owned subsidiary of DLF and had 71% equity stake in Galaxy. IDFC will buy the entire stake of DLF over the next 12 to 18 months for Rs 4.5 bn. The company has already received Rs 2 bn as the first tranche. This is in line with DLF's strategy to offload non-core assets and cut debt.

Power stocks are trading strong led by Adani Power and GVK Power. According to a leading financial daily, National Thermal Power Corporation (NTPC) has warned that power supply to two distribution companies in Delhi, BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), would be stopped next week if they do not clear dues of over Rs 1.95 bn. The state run firm, which supplies 2070 Mega Watt (MW) electricity to the BSES companies, has served notices urging them to renew the Letter of Credit (LC) or supply could be suspended. As per power purchase agreements, maintenance of LC for an adequate amount is a pre-requisite for availing electricity from NTPC. Otherwise, NTPC shall serve a notice of 90 days on BRPL/BYPL to remedy the default during which period power supply shall remain suspended. BRPL and BYPL account for over 70% of the electricity supply in Delhi.

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Jun 23, 2017 (Close)

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