Tata Power shares gained as much as 5.9 per cent to nearly Rs 98 apiece on Tuesday, after the electricity regulator permitted the company to charge “compensatory” tariffs for power produced from the Mundra power plant on account of the soaring cost of imported coal.
On Monday, the Central Electricity Regulatory Commission (CERC) ruled that Tata Power’s Coastal Gujarat Power Ltd can raise tariffs to meet the rising cost of imported coal.
Indian Stock Market ended the day flat on Monday. The BSE Sensex closed 13 points higher at 19255 while NSE Nifty closed 8 points higher at 5855. Major gainers in today’s trade were Tata Motors, DLF and Wipro.
Among major losers were Jindal Steel, ONGC, Maruti Suzuki and UltraTechCement. Cement counters have been facing pressure as sales volumes were lower during the past three months. In north India, the issue with supply of other building material has resulted in lower sales of cement. This has resulted in price pressure on cement.
Indian Stocks were trading lower on Monday after a positive start for the trading session. BSE Sensex was down by 58 points at 19281 and NSE Nifty was trading at 5862, down by 18 points at 2.36 pm IST. European markets have opened marginally positive.
Among major gainers in today’s trading session were UltraTechCement, ACC, BHEL and Jaiprakash Associates. Among major losers were HDFC Bank, IDFC, HDFC and NTPC.
Indian markets were trading flat on Friday afternoon after opening positive. The stock markets drifted in the afternoon as heavyweight stocks were trading lower. Among major losers were Tata Power, DLF, Reliance Infra, Power Grid, Hindalco, Larsen and SAIL.
Reliance, Cipla, Axis Bank, HDFC Bank, PNB, Bajaj Auto and SBI were marginally down. Standard Chartered has given a target of 6000 for NSE Nifty in next six-nine months' period.
The traders in India had a robust day today as the trade market of the country rose over 1.5%. It has been reported that the BSE Sensex and NSE benchmark rose by 272.60 points and 88 points respectively.
It is believed that the Fed's decision to keep interest rates at a record near zero level to kick start the American economy surged the Indian market. Following the decision by Fed, the American market, Dow, rose to 429 points which was the tenth biggest points gain ever.
The only IDR listed on the Indian stock exchanges is the Standard Chartered IDR (Indian Depository receipts) which has seen heavy sell-off on Monday due to no arbitrage opportunity. Its shares closed at17.53% down at Rs 94.55.
Moving Averages crossover: On a weekly closing basis, the price of Powergrid has closed above its medium term average for the last two weeks. From a medium / long term perspective this is an early bullish signal.
Momentum gains upward bias: The medium / long term momentum (MACD) has started moving up. It has also moved above its trigger line which confirms a positive trend. The uptrend can be sustainable.
Equity indices: The Nifty closed negative for the week. From a short / medium term perspective it has closed below 5435 which is a signal of weakness. The medium term technicals retain bullish strength but the short term trend has gained a bias to weakness. We prefer a neutral stance with a bias to weakness. A close above 5450 is required to return to a positive bias. The trend in the Mid Cap index too showed weak tendencies. We prefer to watch the trend for a week, given the present conditions.
The benchmark Nifty closed on a flat note. Overall, it was a quiet session for markets due to Bharat Bandh declared by opposition parties on petrol price hike by UPA government. But after opening in a poor note Benchmarks moved in the positive territory in the BSE.
Market is likely to remain range bound with the progresses of the session due to lack of action in the global peers.
In the opening trade, the Indian markets opened flat with the benchmark indices going up, which is close to 0.1 per cent. The BSE Sensex was up by 19 points at 17,480 and the NSE Nifty gained 5 points and was trading at 5,242 at
9.21 am. Nifty support is visible at its 50 day moving average (DMA) at 5,141.
Oil stocks saw selling pressure among other sector’s indices. The oil and gas index fell down by 0.44 per cent. The FMCG and realty sectors were pressurized too. But gainers, healthcare stocks gained it raised half a per cent. Most other sectors opened with a positive note.