Bourses remain on positive trajectory in noon deals

Indian equity benchmarks remained on positive trajectory in early afternoon session, aided by gains in frontline blue chip stocks such as Adani Ports & SEZ, ICICI Bank and Tata Motors - DVR among others. Sentiments were positive with the private report stating that India’s growth rate is expected to accelerate over the coming year and are likely to improve further to 7.6% by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetization. Some support also came with the reports that the Rajya Sabha gave green signal to the Insolvency and Bankruptcy Code (IBC) (Amendment) Bill 2017, which will replace an ordinance promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC. However, up move was restricted as investors remained cautious ahead of key corporate results starting next week. Barring Auto, all other BSE sectoral indices were trading in the positive zone. In scrip specific development, Mahindra & Mahindra was up by over half a percent with arm selling a total of 143,685 vehicles in 2017 - 106,677 units in domestic sales and 37,008 units in exports.

On the global front, Asian markets were trading mostly in green, following yet another record close on Wall Street, but the dollar faced further selling pressure. Back home, the BSE Sensex is currently trading at 33907.32, up by 95.06 points or 0.28% after trading in a range of 33866.50 and 33998.37. There were 19 stocks advancing against 11 stocks declining on the index, while 1 stock remained unchanged.

The broader indices were trading in green; the BSE Mid cap index was up by 0.76%, while Small cap index was up by 1.13%.

The top gaining sectoral indices on the BSE were Metal up by 1.47%, Basic Materials up by 1.44%, Consumer Durables up by 1.42%, Realty up by 1.24% and Telecom up by 0.97%, while Auto down by 0.03% was the lone losing index on BSE.

The top gainers on the Sensex were Adani Ports & SEZ up by 2.99%, ICICI Bank up by 1.84%, Tata Motors - DVR up by 1.34%, Bharti Airtel up by 1.19% and Yes Bank up by 1.12%. On the flip side, Dr. Reddy’s Lab down by 2.69%, ONGC down by 1.73%, Tata Motors down by 0.89%, Maruti Suzuki down by 0.74% and Infosys down by 0.64% were the top losers.

Meanwhile, India’s renewable energy installed capacity has surpassed 62 gigawatt (GW) mark as on November 30, 2017. The country's renewable energy capacity stood at 62.05 GW, which comprises 32.75 GW of wind energy, 16.61 GW of solar power, 8.29 GW of bio-power and 4.40 GW of small hydro power (up to 25 MW). The government has already up-scaled the target of renewable energy capacity to 175 GW by the year 2022 which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power.

Power and New & Renewable Energy Minister RK Singh has said that the power generated from these sources is fed into the grid and then utilised by distribution companies to provide the same to consumers. He also said that tidal energy cannot be presently harnessed on commercial basis due to high capital cost ranging from Rs 30 crore to 60 crore per megawatt (MW). He indicated that solar, wind and thermal power cost around Rs 6 crore per MW for creating new capacities as per industry information. He also pointed out that there is an estimated potential of about 8000 MW of tidal energy with 7000 MW in the Gulf of Kambhat, 1200 MW in the Gulf of Kutch in Gujarat, and about 100 MW in the Gangetic delta in Sunderbans in West Bengal.

The minister further highlighted that the peak power supply deficit in April-November 2017 was 2 percent in the country as 160.75 billion units (BU) was supplied against the peak demand of 164.06 BU. Similarly, he informed that energy deficit was recorded at 0.7 percent in April-November this fiscal as 809.49 BU was supplied against the demand of 815.34 BU. According to the Central Electricity Authority (CEA) 2017 Load Generation Balance Report, India would become power surplus nation. It said that all India power supply position indicates that the India is expecting a power surplus of 8.8 percent and peak surplus of 6.8 percent in the country during 2017-18.

The CNX Nifty is currently trading at 10480.65, up by 38.45 points or 0.37% after trading in a range of 10460.55 and 10503.60. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Adani Ports & Special up by 2.94%, Hindalco up by 2.08%, Tech Mahindra up by 2.04%, HPCL up by 1.73% and ICICI Bank up by 1.70%. On the flip side, Dr. Reddy’s Lab down by 2.72%, ONGC down by 1.60%, Tata Motors down by 1.00%, Maruti Suzuki down by 0.98% and Bajaj Auto down by 0.75% were the top losers.

Asian markets were trading mostly in green; KOSPI Index was up by 6.7 points or 0.27% to 2,486.35, FTSE Bursa Malaysia KLCI rose 12.65 points or 0.71% to 1,795.35, Hang Seng added 13.97 points or 0.05% to 30,529.28, Shanghai Composite increased 24.08 points or 0.72% to 3,372.40 and Taiwan Weighted was up by 90.84 points or 0.85% to 10,801.57.

On the flip side, Jakarta Composite was down by 84.21 points or 1.33% to 6,255.02.