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Sensex closes lower
Mon, 14 Jul Closing

Led by overseas institutional selling, the Indian markets closed today on a weak note. Lack of clarity on GAAR, hike in core WPI and fall in rupee on account of dollar demand from oil marketing companies, all of which took a toll on the broader indices. Stocks from sectors such as consumer durables and IT have witnessed maximum selling pressure. Both the BSE Mid Cap and the BSE Small Cap indices lost steam and were down by 0.02% and 0.47% respectively. The BSE Sensex closed lower by 17 points. The NSE-Nifty too was seen down by 6 points.

On the global front, most of the Asian indices have closed the day on a firm note. So also, the European indices have been witnessing optimistic performance. The rupee was trading at Rs 60.14 to the dollar at the time of writing.

Power sector stocks today have closed the day on a mixed note. While stocks like Tata Power and PTC India Ltd have lead the pack of gainers, stocks of GVK Power & Infra and Neyveli Lignite have lead the pack of losers.

According to a leading daily, Central Electricity Regulatory Commission (CERC) has rejected NTPC's plea for change in 2014-19 tariff reforms. The company had contested CERC tariff regulations for 2014-2019.

NTPC had made a presentation pertaining to the ramifications of these tariff regulations that would get implemented in the aforesaid period. But CERC is bound by duty to put out these regulations. On account of deviations from the methodologies and changes made to calorific value, NTPC was likely to forgo profits of Rs 12 bn to 13 bn marring its profitability. While the case is still stuck at High Court Level, NTPC will have no option but to adhere to the norms. While the stock has already taken a beating, it was down today by 0.7%.

According to a leading daily, the Wholesale Price Index (WPI) data for the month of June has come in lower than expected at 5.43% as against 6.01% in May. This data also happens to be at a four-month low on the back of lower food inflation. However, the core inflation for the month of June is seen higher at 3.9% as against 3.8% month-on-month basis. Therefore, a rate cut from the Reserve Bank of India may not be likely. Additionally, the nation is also facing a drought-like situation thanks to the deficient monsoons. In its maiden Union Budget 2014-15, Finance Ministry Arun Jaitley had allocated additional funds to battle out inflationary pressures. Therefore, it remains to be seen how the government fights its way out.

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