Power stocks gain

Volatility continued in mid-morning trade as key benchmark indices continued to alternately swing between gains and losses. At 11:20 IST, the barometer index, the S&P BSE Sensex was up 12.51 points or 0.05% at 24,906.32. The Sensex dropped 60.27 points at the day's low of 24,833.54 hit in mid-morning trade. At the day's low, the barometer index hit its lowest level in more than 15 months. The Nifty hit its lowest level in almost 14 months when it dropped 19.30 points at the day's low of 7,539.50 in mid-morning trade. The 50-unit CNX Nifty was currently up 8.90 points or 0.12% at 7,567.70.

The Sensex was currently hovering below the psychological 25,000 level after having regained that mark in early trade. The index had settled below that mark yesterday, 7 September 2015.

The broad market depicted weakness with over two losers for every gainer with 1,509 shares falling and 628 shares gaining on BSE. A total of 86 shares were unchanged. The BSE Mid-Cap index was down 0.96%. The BSE Small-Cap index was down 1.33%. Both these indices underperformed the Sensex.

In overseas markets, most Asian stocks declined. Chinese stocks dropped in volatile trade despite Beijing today, 8 September 2015 introduced fresh measures - including tax cuts and a proposed "circuit breaker" system - to discourage speculation and stem further slides in share prices.

Jubilant Life Sciences (down 6.12%), Sunrise Asian (down 5%), PMC Fincorp (down 4.88%), Amtek Auto (down 4.12%) and Rajesh Exports (down 4.06%) were the top losers from the BSE A group of shares.

In sector trends, capital goods majors gained. Bharat Heavy Electricals (Bhel) (up 0.65%), Crompton Greaves (up 0.97%), L&T (up 1.06%), Thermax (up 0.19%), and Siemens (up 2.38%) gained.

Shares of power generation and power distribution companies gained. Torrent Power (up 1.19%), NHPC (up 1.56%), NTPC (up 2.53%), Tata Power Company (up 3.11%), Adani Power (up 1.45%), Power Grid Corporation of India (up 1.89%), and Reliance Power (up 1.56%) gained. Reliance Infrastructure declined 0.95%.

Indian Hume Pipe Company rose 1.38% after the company said it has entered into an agreement with Mumbai-based builder Dosti Realty for development of nearly 3.47 acre land parcel in Mumbai's Wadala locality. The total land parcel includes 2.08 acre freehold land, while 1.39 acre is under Slum Rehabilitation Scheme. The announcement was made after market hours yesterday, 7 September 2015. Both the land parcels will be developed by Dosti Realty, the developers at their costs, expenses and risk, Indian Hume Pipe Company said in a filing. The freehold land parcel will be developed as phase I, while slum rehabilitation will be developed as phase II. The agreement is now concluded following the Indian Hume Pipe Company's board of directors' decision in November 2014 to develop the land parcels.

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