Sensex trading at all time high!

Thu, 30 Oct 01:30 pm

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The Indian stock markets continued to trade firm during the post-noon trading session led by continuous buying in index heavyweights stocks. Among the sectoral indices, barring power, all are trading in the green today. Gainers are being led by stocks from realty and IT sectors.

The BSE-Sensex is trading up 209 points and the NSE-Nifty is trading up by 58 points. The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.4% today. The rupee is trading at 61.46 to the US dollar.

Most power stocks are trading on a weak note today. Satluj Jal and JSW Energy are among few power stocks trading firm today, whereas Torrent Power and KSK Energy are leading the pack of losers. As per a leading business daily, state-run power major NTPC is planning to add a total of 4,500 MW capacity in southern India. The projects is among a couple of ongoing projects in the region which are under various stages of implementation. It includes a 500 MW plant at the Vallur thermal power project in Tamil Nadu, which will commercially become operational in December. The company has set up deadline for its three super thermal power projects. The first unit of 800 MW is planned to be operational in May 2016. Whereas, the other two projects will be commissioned in an interval of six months after commissioning of the first unit. The company has already sourced supply of 13 m tonnes a year coal for the first phase. The first stage entailed an investment of Rs 152 bn, of which NTPC had spent Rs 59 bn till 2QFY14. Apart from this, NTPC has also envisaged new projects to generate about 10,050 MW including 1,000 MW solar PV based projects in Andhra Pradesh. NTPC is trading higher by 0.4% on the NSE today.

Most of the energy stocks are trading in the green led by Petronet LNG and Reliance Industries. Cairn India and Gujarat State Petronet are among the few stocks trading in the red. As per a leading financial daily, Bharat Petroleum Corporation Ltd (BPCL) wants to double its refining margins post the expansion and upgradation of its Kochi refinery by 2016. The company is targeting to expand the capacity of the Kochi refinery from 1.9 lakh barrels per day (bpd) to 3.1 lakh bpd by May 2016. After the expansion, the company expects to reduce its fuel intake from private refiners such as Reliance Induatries and Essar Oil. BPCL would be refining only high sulphur crude at Kochi refinery for which the plant has been set up. Reportedly, crudes with higher sulphur content are cheaper and refineries with speciality processing units can lower feed costs and expand margins. Besides bettering margins post upgradation and expansion, the refinery will also be equipped to produce Euro IV compliant gasoline and diesel in line with the government's plans to implement mandatory usage of Euro IV by August 2017 and Euro V in some cities by 2020. BPCL stock is currently trading down marginally.