Markets turn positive; Power stocks in focus

Benchmark indices turned green as gains in L&T, ITC, and Axis Bank pared a sharp decline of 10% in NTPC.

Benchmark indices turned green late on Monday morning as gains in L&T, ITC, and Axis Bank were pared by a sharp decline of 10% in NTPC.

At 11:30 hours, the 30-share Sensex was up 20 points at 20,720, while the Nifty-50 had increased by 2 points at 6,157.

Broader markets outpeformed the benchmark, with the BSE Mid-cap and Small-cap increasing by 0.35% each, compared to Sensex's small gain of 0.1%.

At 62.11, the rupee slightly appreciated by 0.01  points compared to Tuesday's close of 62.12 versus the dollar.

Breadth of the market was positive, with 1096 advances, 917 declines, and 119 scrips remaining unchanged.

Sectors and Stocks

Amongst the various sectors, the S&P BSE Capital Goods index was leading the list of gainers, increasing by 1.9%. Healthcare, Auto, and Realty also gained modestly by 0.2-1.0% each.

Power index declined by 1.35% as NTPC crashed by more than 10% to Rs. 119. Tata Power, on the other hand, made significant gains of 5% to Rs. 82.80. Consumer Durables, IT, and Metals also showed declines of 0.2-0.8% each.

While L&T, Axis Bank, and BHEL increased by more than 2% each, TCS was down by 1.4%. Tata Steel, HDFC, and HDFC Bank also declined by 0.5-1% each.

Amongst other shares, DCM Shriram has surged almost 6% to Rs 71.75 after its board approved a buyback of equity shares at a maximum price of Rs 90 per share from the open market. The buyback price is at a premium of 32% over Friday’s closing price of Rs 68 on the NSE.

Credit Analysis and Research (CARE) has plunged nearly 6% to Rs 805 after the IDBI rejected the bids received from the potential investors as they were not found 'acceptable'. It had reached an intra-day low of Rs. 762 earlier.

CEAT Ltd has declined by nearly 4.6% to Rs 266 levels on the NSE, after a major fire broke out at its tyre manufacturing unit in Nahur, near the north-eastern suburb of Bhandup in Mumbai on Sunday. However, the exact details of damage are unknown.

Shares of Gujarat Pipavav were up over 1% at Rs 71.30 after the company said it has received approval from the Ministry of Environment & Forests (MoEF) for its expansion plan.