Power stocks gain

Key benchmark indices hovered in a narrow range in positive zone in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex was up 28.99 points or 0.11% at 25,652.34. The 50-unit Nifty 50 index was currently up 13.15 points or 0.17% at 7,804.45. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,944 shares rose and 747 shares declined. A total of 104 shares were unchanged. The BSE Mid-Cap index was currently up 0.52%. The BSE Small-Cap index was currently up 0.72%. Both these indices outperformed the Sensex.

In overseas markets, Chinese stocks edged lower in choppy trade amid worries about how Chinese regulators would address the market volatility and potential selling by big shareholders. In mainland China, the Shanghai Composite index ended 0.26% lower. In Hong Kong, the Hang Seng index was currently off 0.53%. Concerns over the slowing Chinese economy and falling yuan triggered 7% decline in Chinese stocks yesterday, 4 January 2016, triggering a halt to trading and leading to a global selloff. US stocks closed sharply lower yesterday, 4 January 2016, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.

Closer home, shares of power generation and power distribution companies gained. Torrent Power (up 0.55%), NHPC (up 3.73%), NTPC (up 0.45%), Tata Power Company (up 2.78%), Adani Power (up 4.58%), Reliance Infrastructure (up 1.4%) and Reliance Power (up 3.16%) gained. Power Grid Corporation of India declined 1.03%.

Shares of Tata Steel witnessed a sudden surge in afternoon trade. The stock was currently up 6.81%. The stock was the biggest gainer from the Sensex pack.

Auto stocks were mixed. Tata Motors (up 0.19%), Ashok Leyland (up 1.36%), and Bajaj Auto (up 0.99%) gained. Maruti Suzuki India (down 0.29%), Eicher Motors (down 1.48%), Hero MotoCorp (down 0.28%), and TVS Motor Company (down 0.8%) declined.

Mahindra & Mahindra (M&M) rose 0.71%. The Supreme Court has reportedly upheld temporary ban on sale of large diesel vehicles in New Delhi. M&M along with Mercedes-Benz India and Toyota had reportedly moved Supreme Court to recall a part of the December 2015 order that banned registration of diesel vehicles with engine capacities over 2000cc in the national capital. It may be recalled that Supreme Court had imposed a ban on registration of new diesel sport utility vehicles (SUVs) and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016, to rein in the alarming pollution levels in the capital city.

Bharat Heavy Electricals (Bhel) rose 0.97% after the company during market hours today, 5 January 2016, announced that it has commissioned the first 600 megawatts (MW) coal based thermal power plant at Kakatiya Thermal Power Project at Chelpur in Warangal district of Telangana.

Speciality Restaurants fell 1.13% after the company said that it has closed Mainland China restaurant located at Hinjewadi, Pune with effect from yesterday, 4 January 2016. Accordingly, as of the date, the total number of restaurants and confectionaries of the company are 102 (including 23 franchise restaurants) and 19 respectively, Speciality Restaurants said. The announcement was made during market hours today, 5 January 2016.

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