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Indian stock markets extend gains
Fri, 30 Dec 01:30 pm

Indian stock markets continued to trade higher in the last two trading hours. All the sectoral indices are trading in the positive with public sector and banking stocks leading the pack of gainers.

The BSE-Sensex is trading up 117 points and NSE-Nifty is trading up 36 points. BSE Mid Cap and BSE Small Cap indices are up by 0.46% and 0.38% respectively. The rupee is trading at 53.27 to the US dollar.

Most of the public sector banking stocks are trading in the green. Canara Bank (up 3.5%) and Union Bank (up 1.7%) are the major gainers. As per a leading financial daily, Union Bank of India reduced its benchmark lending rate by 10 basis points to 10.65%. According to the bank, the decision to reduce base rate was taken by its asset liability committee in its quarterly review of interest rates. The rate cut though marginal is a significant development after the Reserve Bank of India (RBI), in its mid-quarter policy review on December 16, paused the monetary tightening spree of 13 rate hikes since March 2010. This can be a precursor to a softening interest rate regime in the future.

Majority of the power stocks are trading positive. GVK Power & Infra and CESC Ltd. are the major gainers. As per a leading financial daily, National Thermal Power Corporation (NTPC) has outlined a capex plan of Rs 183.5 bn to develop two electricity generation projects in Karnataka and Madhya Pradesh. The proposal includes a 2,400 MW capacity plant at Kudgi, Karnataka at an estimated cost of Rs 151.7 bn and a 500 MW expansion project at Vindhyachal, Madhya Pradesh at a cost of Rs 31.8 bn. The projects are yet to receive environmental clearances. NTPC is targeting to achieve 128,000 MW by 2032 with 28% capacity from non-fossil sources. The company's share in the country's generation was 27.4% in 2010-11 forming 17.75% of the national capacity. The stock is up 0.6%.

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