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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets open flat 
(Mon, 10 Oct 09:30 am) 
 
Asian stock markets have opened the day on a mixed note. Stock markets in Hong Kong (down 1%), Malaysia (down 0.4%) and China (down 0.2%) are facing selling pressure. However, markets in Singapore (up 0.5%) and South Korea (up 0.5%) are trading firm. The Indian stock market have opened the day on a flat with a positive bias. Oil and gas and Information Technology stocks are leading the gains. However, banking and realty stocks are trading in the red.

The BSE-Sensex is trading higher by around 16 points (0.1%), the NSE-Nifty is up by around 3 points (0.1%). Mid and small cap stocks have opened on a positive note with BSE Mid Cap and BSE Small Cap indices up by 0.3% and 0.2% respectively. The rupee is trading at 49.08 to the US dollar.

Power stocks have opened the day on a mixed note with Torrent Power and National Thermal Power Corporation (NTPC) in the green. However, Reliance Power and Adani Power are facing selling pressure. Power Finance Corporation (PFC) is planning to raise nearly Rs 168 bn through issuance of various securities including tax free bonds. The state-run lender of the power sector has already started the process for the tax-saving infrastructure bonds and tax-free bonds. With these bonds the company plans to raise approximately Rs 119 bn. Apart from this the company has received regulatory approval for Rs 49 bn via Medium Term Note (MTN) programme. The MTN programme will help in tapping the international bond market. The company has started the process for the first tranche of Rs 2 bn. This tranche will offer 8.5% coupon rate for 10 years and 8.75% coupon rate for 15 years period.

Oil and gas stocks have opened the day on a firm note with Reliance Industries (RIL), Oil India and Essar Oil leading the gains. State-owned oil marketing company (OMC) Hindustan Petroleum Corporation (HPCL) is likely to acquire an oil and gas block in Africa. The company will do so through its subsidiary Prize Petroleum. HPCL is deliberating with a local player for a discovered asset so that it can have a ready cash flow in a year or two. This move is part of an overall effort by OMCs to capture a pie of the more lucrative oil and gas producing business. HPCL entered into the upstream business without knowing much about it and ended up creating a very high risk portfolio. Prize Petroleum, which was started as a joint venture in 1998 was not quite successful. As a result, the company has now overhauled its strategy for exploration and production (E&P) and is planning to go about it in a more systematic manner.

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Apr 21, 2017 (Close)

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