Sensex & Nifty Hold Gains Ahead of US Presidential Elections

Mon, 7 Nov 01:30 pm

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The Indian share markets remained firmly entrenched in positive territory during the noon trading session amid strong global indices ahead of tomorrow's presidential elections in the US. All sectoral indices are trading in the green with metal & healthcare stocks witnessing majority of the buying activity.

The BSE Sensex is trading higher by 286 points (up 1%) while the NSE Nifty is trading higher by 89 points (up 1%). The BSE Mid Cap index is trading up by 1.4% while BSE Small Cap index is trading up by 1.7%. Gold prices, per 10 grams, are trading at Rs 30,255 levels. Silver price, per kilogram is trading at Rs 43,035 levels. Crude oil is trading at Rs 2,986 per barrel. The rupee is trading at 66.73 to the US$.

Auto stocks are trading on a mixed note with Escorts Ltd and Hero Moto Corp leading the gains. As per an article in The Economic Times, Maruti Suzuki is working to develop low-cost hybrid compact cars. In order to maintain their stronghold in the Indian market, the company wants to exploit the space for small cars with green technology.

Maruti Suzuki currently offers only mild hybrid technology in Ertiga MPV and premium sedan Ciaz. The company has set a target of selling 20 lakh units annually by 2020. It is expected to produce 16 lakh units this fiscal.

Meanwhile, Maruti Suzuki is also expected to bring in new models like Ignis, and variants of Vitara Brezza and Baleno. And in the pipeline is also the new Dzire compact sedan, the reports noted.

In another development, it was reported that Suzuki Motor Corp will invest US$970.9 million in a second vehicle production line at its new plant in Gujarat. The production may start functioning from early 2019.

The declared production line will help in doubling up manufacturing of cars from present demand and sell to almost 2 million cars per annum. As of now, the production unit in Gujarat will manufacture cars such as Baleno hatchback and series, with a motive to export in other countries from the same source, the company stated.

Considerably, the second production line is most likely to have more than 6 units henceforth having the ability to produce more or less 4,00,000 cars on daily basis from each plant. The proposed investment will help in increase in sales of Suzuki India, the reports noted.

Shares of Maruti Suzuki were up by 0.1% respectively while writing.

Moving on the news from stocks in power sector. According to a leading financial daily, National Thermal Power Corporation (NTPC) has signed memorandum of understanding (MoU) with the state government to set up a new Polytechnic at Darlipalli, Sundargarh. The MoU was signed between Department of Skill Development and Technical Education and NTPC.

Reportedly, NTPC will spend Rs 250 million for infrastructure development of the polytechnic. The skill development institute would offer diploma course in electrical engineering, mining engineering and instrumentation and controls engineering having an intake capacity of 60 seats each in respective streams.

In another development, it was reported that Finland is keen to showcase its expertise in an assortment of clean energy technologies to India's Energy Sector. Finnish companies are looking at India's renewable energy market to offer power from municipal waste. It is a technology in which the European country has outshined recently.

In this regard, Finnish companies, including Vantaa Energy and Ekokem will showcase their projects to Indian Power Minister Piyush Goyal and his team when he visits Finland in a few weeks, the reports noted.

According to the Finland, there is plenty of untapped potential in the Indian electricity sector. The relevance of micro grids and Low Voltage Direct Current (LVDC) for the country has been stated by government officials as well as from the representatives of the energy industry. Thereby, creating a promising business opportunity for Finnish companies.

Recently, Bhavita Nagrani, our Research analyst shared her views on how the rise of the renewables is changing the dynamics of the power industry. Click Here (Subscription Required) to know more.

Shares of NTPC were trading up by 1.2% at the time of writing.

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