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Indian equity markets open flat
Fri, 14 Dec 09:30 am

Asian stock markets have opened the day on a mixed note. On one hand markets in China (up 2.9%) and Hong Kong (up 0.6%) are trading in the green. On the other hand markets in Taiwan (down 0.8%) and Indonesia (down 0.7%) are witnessing losses. The Indian equity markets have opened the day on a flat note. Stocks in the realty and capital goods sectors have opened the day on a positive note while those in the consumer durables and FMCG sectors are witnessing losses.

The Sensex today is down by around 2 points (0.01%), while the NSE-Nifty India is down by around 1 point (0.0%). However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.2% respectively. The rupee is trading at Rs 54.55 to the US dollar.

Energy stocks have opened the day on a high note with Bharat Petroleum Corporation Ltd and Cairn India leading the gains. However Oil and Natural Gas Corporation is witnessing selling pressure. As per Economic Times, Reliance Industries Ltd decided to shut its seventh well in the KG-D6 gas block. The reason for shutting the well is the high water and sand ingress in the well. The company is awaiting regulatory approval to carry out the work to rectify this problem. Shutting the well would lead to a drastic fall in the output from the block. RIL has so far drilled 22 wells in the block of which only 18 have been put on production. The company has already shut down six wells since 2010 and now the seventh one has been shut down as well. RIL has proposed that it would do the maintenance work to revive these wells. But it is still waiting for regulatory approval from the Oil Ministry and Directorate General of Hydrocarbons (DGH) for this.

Most power stocks are trading in the red currently with the key losers being Power Trading Corporation of India Ltd, National Thermal Power Corporation and Tata Power. As per a leading business daily, Tata Power is looking to bag more hydro power projects in Bhutan. At present, Tata Power has a joint venture with Druk Power, an entity of the Royal Government of Bhutan, under which it is implementing a 126 MW from Dagachhu Hydro Project. This project is at an advanced stage of implementation. Accordingly, the company had sought approval from the Government since prior approval is needed before inking deals in Bhutan. It must be noted that Tata Power is the largest private player in the Indian power sector with a generation capacity of around 5,000 MW, which is around 20% of the total power generation capacity of the private sector in India. The company has outlined a planned capex of Rs 104 bn over the next 2 years which will take place in a debt to equity ratio of 70:30.

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Mar 16, 2018 (Close)