Power stocks gain

Key benchmark indices regained positive terrain after swinging between gains and losses in mid-afternoon trade as firmness in European stocks supported gains on the domestic bourses. At 14:20 IST, the barometer index, the S&P BSE Sensex, rose 65.88 points or 0.21% at 31,225.69. The Nifty 50 index gained 12.90 points or 0.13% at 9,748.65. Bargain hunting emerged after indices witnessed last seven days of losses.

Market witnessed volatility in early trade and hovered in a range around the flat line. Stocks regained positive terrain in morning trade and extended gains in mid-morning trade. Indices hovered in positive terrain in early afternoon trade. Indices regained positive terrain once again after swinging between gains and losses in mid-afternoon trade.

The S&P BSE Mid-Cap index rose 0.94%. The S&P BSE Small-Cap index gained 0.79%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market was positive. On the BSE, 1,426 shares rose and 967 shares fell. A total of 170 shares were unchanged.

Shares of most power generation and power distribution companies gained on renewed buying after recent losses. JSW Energy (up 1.96%), Torrent Power (up 0.45%), NHPC (up 0.27%), NTPC (up 0.03%), Adani Power (up 1.55%), Reliance Infrastructure (up 0.57%) and Reliance Power (up 0.49%) gained. Tata Power Company dropped 0.26%.

Power Grid Corporation of India (down 0.72%) declined. The company said it began commercial operations of Pole II of the Champa-Kurukshetra HVDC Terminal in Chhattisgarh from 16 September, 2017. With this, all assets under the WR-NR HVDC Interconnector for IPP projects in Chhattisgarh have been commissioned. The announcement was made after market hours yesterday, 27 September 2017.

Shares of psu coal mining major Coal India gained 2.15%.

Capital goods stocks were mixed. Bharat Heavy Electricals (Bhel) (up 1%), Bharat Electronics (up 2.12%), and Thermax (up 2.15%) gained. Siemens (down 1.88%), Havells India (down 0.39%), ABB India (down 2.08%), and L&T (down 0.15%) declined.

Overseas, European stocks edged higher and Asian stocks were mixed after US equities rebounded from losses on news of long-awaited tax reform plan. Japan's lower house was dissolved today, 28 September 2017, ahead of an expected snap 22 October 2017 election being called by Prime Minister Shinzo Abe, as he seeks to confirm his mandate in the face a rising challenge from a popular new conservative party.

US stocks rose yesterday, 27 September 2017, with the Dow Jones Industrials Average ending a four-day losing streak as President Donald Trump and congressional Republicans touted a sweeping tax overhaul. Republican leaders unveiled a plan to overhaul the US tax code that looks to sharply reduce tax rates on businesses and many individuals.

Among economic data in US, orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise. The National Association of Realtors' pending home sales index fell 2.6% to 106.3 in August, the group said. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.

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