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PSU, banking stocks in favour today
Wed, 27 May Closing

Indian markets opened weak today following international cues, but gained a positive momentum towards the end of the trading session. Indian markets closed with BSE Sensex gaining about 44 points while NSE-Nifty, BSE Mid Cap and BSE Small Cap indices all ending the day on a flat note. Among sectoral indices, PSU was the star performer followed by banking and consumer durables stocks. However, IT and auto stocks weighed on the market.

European shares ascended today after sharp declines in the previous session. Asian indices ended the day's trading session on a mixed note with shares in Hong Kong and Singapore off the most. The rupee wiped off its early losses and was trading a tad strong at 63.96 at the time of writing.

According to a leading financial daily, Power and Coal minister Piyush Goyal announced 22,566 mega watts (MW) of capacity were generated in power and coal sector in last one year. He stated that there has been highest ever increase in transmission line capacity of 22,100 circuit kilometers and highest ever increase in sub-station capacity of 66,554 MW. The power deficit in the country dipped to an all time low of 3.6%. Reportedly, he also emphasized on the future government plans which include raising renewable energy capacity by more than five times to 175,000 MW by 2022, five ultra-mega power plants totaling 20,000 MW. It is to be noted that state-owned Coal India Ltd produced a record 32 million tons of dry fuel and is looking at producing 100 million tons by 2020.

According to a leading financial daily, Tanzania's government has agreed a deal to buy back a 35% stake in a state-run telecoms company from the Tanzania Telecommunications Corp, a local subsidiary of Bharti Airtel for 14.6 bn shillings ($7.07 million). The Tanzanian government owns a 40% stake in Bharti Airtel's Tanzanian subsidiary and intends to regain 100% ownership in the subsidiary. Bharti Airtel Tanzania Ltd is the second-largest mobile phone operator in the country after Vodacom Tanzania. The Tanzanian government has been in talks with Bharti Airtel over the deal for the past five years but failed to reach agreement on the price until the recent breakthrough. The script of Bharti Airtel ended the day on an encouraging note (up 1.3%) on the BSE.

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