Updated: Wed, 06 Feb 2013 19:00:00 GMT

Indian share markets off day's highs

Indian share markets weaken. BSE Sensex is up 24 points. Metal, consumer durable and oil & gas stocks are trading in green.

Indian equity markets pared gains but traded in a narrow range above the dotted line in the post noon trading session. Majority of the sectoral indices are trading positive with metal, consumer durables and oil & gas stocks being the biggest gainers. Capital goods, banking and FMCG stocks are among a handful of stocks trading in the red.

BSE-Sensex is up 24 points and NSE-Nifty is trading up by 12 points. While BSE Mid Cap is marginally up, BSE Small Cap index is up by 0.4%. The rupee is trading at 53.0 to the US dollar.

Majority of the engineering stocks are trading in the green with Opto Circuits and KSB Pumps leading the gains. As per a leading financial daily, BHEL has won a contract valued at Rs 28.5 bn for setting up a 1,980 MW thermal power project for Nabinagar Power Generation Company in Bihar. The contract is for the supply of steam generator package for three coal-fired thermal units of 660 MW each. Nabinagar Power Generation Company is a joint venture of NTPC and Bihar State Electricity Board for the project. BHEL stock is marginally up.

Most of the power stocks are trading in the green with Indiabulls Power and KSK Energy being among the top gainers. As per the financial daily NTPC is trading weak, after the Empowered Group of Ministers (EGoM), headed by Mr Chidambaram proposed to offload 9.5%, that is approximately 782 m of its equity stake in NTPC. The government is looking to divest its stake on Thursday (7th Feb 2013) through the OFS (Offer For Sale) route at the floor price of Rs 145 per share. It currently holds 84.5% stake in the country's biggest power generation company. This divestment is expected to fetch about Rs 120 bn. So far, the government has raised over Rs 100 bn through PSU stake sale in the current fiscal. The stock of NTPC is trading down by 1.3%.

By Equitymaster – India's leading 'independent' equity research initiative. Trusted by over a million members all over the world, Equitymaster, with its well-researched, unbiased and honest opinions is the preferred destination for investors interested in long term investments.

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