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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets will remain closed on 26th June, 2017 on account of Ramzan EID.

Indian Markets Gain Momentum
Mon, 28 Dec 01:30 pm

After opening firm, the Indian indices continued to trade positively during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the auto, banking and pharma sectors leading the gains. Metal stocks are however trading in the red.

The BSE Sensex is trading up 152 points (up 0.6%) and the NSE Nifty is trading up 47 points (up 0.6%). The BSE Mid Cap index is trading up 0.3% while the BSE Small Cap index is trading up by 0.5%. Gold prices, per 10 grams, are trading at Rs 25,160 levels. Silver price, per kilogram is trading at Rs 33,915 levels. Crude oil is trading at 2,505 per barrel. The rupee is trading at 66.12 to the US$.

Most of the mining stocks are trading on a positive note with Ashapura Minechem and Gujarat NRE Coke leading the gains. As per an article in Economic Times, power generation utilities owed about Rs 82.8 billion to state-owned Coal India Limited (CIL) as on November 30.

Amongst them, state-run power producer NTPC and Damodar Valley Corporation (DVC) owe around Rs 5 billion and Rs 15 billion to Coal India respectively. Moreover, power companies in states like West Bengal, Rajasthan and Madhya Pradesh also owe dues to CIL.

It is well known that, state electricity distribution companies (discoms) owe significant dues to power generation firms. This in turn has made it difficult for power generation companies to clear their dues. Many initiatives have been taken by the government turnaround the loss making discoms. The latest move is the Ujwal Discom Assurance Yojana (UDAY). Under the scheme the government has allowed state governments, which own the discoms, to take over 75% of the debts as of September 30, 2015 over two years - 50% in 2015-16 and 25% in 2016-17. One of our articles gives an in-depth explanation of this scheme and the hurdles that remain ahead of its implementation. You can read it here.

Stocks in the energy space are trading mixed with Oil India and Indraprashta Gas witnessing maximum buying interest. As per a leading financial daily, Oil and Natural Gas Corporation's (ONGC) overseas arm - ONGC Videsh (OVL) and Rosneft have signed an agreement of confirmation on successful completion of the first stage pre-completion actions in relation to the creation of a joint venture 'Vankorneft'. The document was signed in continuation of the agreement of sale and purchase of a 15% share in Vankorneft and the shareholders agreement in regard of the enterprise management.

It is understood that OVL will pay US$1.26 billion for the 15% stake in Vankorneft, the subsidiary of Rosneft. The initial recoverable reserves of the Vankor field by January 1st 2015 are estimated at 476 million tonne (MT) of oil and condensate and 173 billion cubic meters of gas. The acreage of the field is 447 square km.

Furthermore, Rosneft and ONGC Videsh have signed a memorandum of understanding (MoU) for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation. The agreement confirms the intention of parties to continue co-operation in the named areas. It also expands the area of the potential partnership to include Russian onshore hydrocarbon development projects.

ONGC is the biggest public sector commercial organization in India with current market capitalization of about US$31 billion. It produces about 70% of India's crude oil and natural gas. Presently its stock is trading up by 1.7%.

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Jun 23, 2017 (Close)

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