After opening in the green, the Indian indices have given up early gains and are trading below the dotted line. Realty stocks are leading the gainers, while IT and telecom stocks are trading in the red. Mid and small cap stocks are witnessing buying interest.
Power stocks are trading mixed today with Tata Power and Reliance Infra leading the gainers. As per a leading business daily, power generation grew 10.2% YoY during the month of November. This growth was propelled by an increase in thermal power generation which saw a rise of 13.6% YoY during the month. For the financial year to date, power supply has grown by 10.7% YoY, which is in fact the fastest pace in the past five years. Moreover, till October this financial year, energy demand grew 8.6% YoY which bodes well from the point of view of industrial activity in the country.
Mining stocks are trading mixed today. The stock of Coal India is up almost 2% this morning. As per a leading business daily, the company is seeking the return of 2 of the coal blocks in Odisha that were cancelled by the Supreme Court's September ruling quashing the allocation of 214 blocks. These are blocks in the Ib Valley and Talcher and which were owned earlier by Coal India in a JV with private companies. The company has placed a request with the government to re-allot to it these blocks because a big part of the investment has already been done in these two blocks.