The two key benchmark indices viz. the S&P BSE Sensex and the Nifty 50 index provisionally closed the session with small gains. The Sensex rose 102 points or 0.38% at 27,242.41, as per the provisional closing data. The Nifty advanced 27 points or 0.32% at 8,407.65, as per the provisional closing data. The BSE Mid-Cap index provisionally rose 0.2%. The BSE Small-Cap index provisionally fell 0.15%. Both these indices underperformed the Sensex.
Both the Sensex and the Nifty had witnessed a higher opening triggered by positive global cues and later traded in a range-bound fashion in positive terrain throughout the trading session.
The Sensex rose 138.52 points or 0.51% at the day's high of 27,278.93 in early trade, its highest level since 11 November 2016. It rose 26.28 points or 0.09% at the day's low of 27,166.69 in morning trade. The Nifty rose 36.55 points or 0.43% at the day's high of 8,417.20 in early trade, its highest level since 11 November 2016. It rose 1.65 points or 0.01% at the day's low of 8,382.30 in morning trade.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,554 shares declined and 1,162 shares rose. A total of 176 shares were unchanged.
The total turnover on BSE amounted to Rs 2929.92 crore, lower than turnover of Rs 3662.68 crore registered during the previous trading session.
Shares of power generation and power distribution companies advanced on renewed buying. Power Grid Corporation of India (up 4.08%), Torrent Power (up 3.97%), Adani Power (up 3.84%), JSW Energy (up 1.86%), Reliance Power (up 1.8%), Reliance Infrastructure (up 0.59%) and Jaiprakash Power Ventures (up 0.48%) edged higher. CESC (down 0.41%) and GMR Infrastructure (down 0.31%) edged lower.
NHPC surged 9.12% after the company's board of directors approved payment of interim dividend of Rs 1.70 per share for the year ending 31 March 2017. The announcement was made during market hours today, 12 January 2017. The stock offered a dividend yield of 6.2% based on NHPC's closing price of Rs 27.40 on the BSE yesterday, 11 January 2017.
NTPC advanced 5.81% after the company signed a non-binding memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam. The announcement was made during market hours today, 12 January 2017.
In a separate announcement made after market hours yesterday, 11 January 2017, NTPC said that the company's board of directors has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore.
Tata Power Company rose 3.18% after the company said that its wholly owned subsidiary Tata Power Renewable Energy (TPREL) announced the commissioning of 36 megawatts (MW) wind capacity of a 100 MW wind farm (under construction) at Nimbagallu in Andhra Pradesh, and 49 MW solar plant at Kayathar, Tamil Nadu, under Welspun Renewable Energy (WREPL). With these, the operating renewable energy capacity of TPREL grows to 1,876 MW, comprising 841 MW wind, 915 MW solar, and 120 MW waste heat recovery capacity. In FY 2016, TPREL increased its operational capacity by 1,169 MW. The announcement was made during market hours today, 12 January 2017.
TPREL completed the acquisition of WREPL last year to become the largest renewable energy company in lndia. In 2016, TPREL has won 320 MW of solar bids, which are under development and will be commissioned in 2017. The company has also added 304 MW wind capacity in 2016, which are under development and construction in Gujarat, Andhra Pradesh, Madhya Pradesh and Karnataka.
Shares of state-run coal mining giant Coal India were down 1.06%.
Idea Cellular was down 3.28%. The company said it is proposing to issue unsecured redeemable non-convertible debentures (NCDs) amounting to Rs 500 crore on private placement basis. The deemed date of allotment of debentures is 17 January 2017 with a tenure of 5 years. The debentures offer interest at 7.77% per annum. The announcement was made during market hours today, 12 January 2017.
Finance Minister Arun Jaitley, in his address on the second day of vibrant Gujarat Global Investors Summit yesterday, 11 January 2017, on demonetization, said that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them.
Stressing the implementation of the Goods and Services Tax (GST), Jaitley said that most of the issues have been resolved, few critical issues are left which will be resolved in the next few weeks. He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.
On the macro front, the government is scheduled to release the index of industrial production (IIP) data for November 2016 and the monthly inflation data based on consumer price index (CPI) for December 2016 at 17:30 IST today, 12 January 2017.
Overseas, European stocks edged lower after US President-elect Donald Trump accused pharmaceuticals of "getting away with murder" and recommitted to a "border tax" in the US. Asian stocks witnessed a mixed trend. US stocks registered modest gains yesterday, 11 January 2017, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.
Trump held his first press conference since winning the presidency yesterday, 11 January 2017, touching on many of the issues that will dominate the opening weeks of his presidency. Looming over the proceedings was a newly-published, and entirely unverified, dossier claiming the Russian government had collected compromising information on him.
The President-elect said Obamacare would be repealed and replaced on the same day and a Supreme Court justice would be chosen within two weeks of his inauguration. He also reaffirmed commitments to build a wall on the border with Mexico and said he would bring in a border tax for companies that chose to move operations offshore.
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