A divergent trend was witnessed among the two key benchmark indices, with the barometer index, the S&P BSE Sensex, trading with minuscule losses and the Nifty 50 index trading with tiny gains. At 10:18 IST, the Sensex was down 4.26 points or 0.02% at 24,681.16. The Nifty was currently up 7.15 points or 0.09% at 7,553.60.
The Sensex hit its lowest level in more than three weeks when it lost 76.91 points or 0.31% at the day's low of 24,608.51 in early trade. The barometer index rose 9.68 points or 0.03% at the day's high of 24,695.10 in morning trade. The Nifty hit three-week low when it lost 19.75 points or 0.26% at the day's low of 7,526.70 in early trade. The index rose 9.90 points or 0.13% at the day's high of 7,556.35 in morning trade.
In overseas stock markets, Asian stocks edged lower after overnight decline on Wall Street. US stocks closed lower yesterday, 7 April 2016, with financials leading declines on profit-taking in an overall risk-off environment ahead of earnings season.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 970 shares rose and 642 shares fell. A total of 106 shares were unchanged. The BSE Mid-Cap index was currently up 0.38%. The BSE Small-Cap index was currently up 0.31%. Both these indices outperformed the Sensex.
Auto stocks were mostly higher. Tata Motors (up 0.57%), Mahindra & Mahindra (up 0.36%), TVS Motor Company (up 0.45%), Ashok Leyland (up 0.23%) and Eicher Motors (up 0.27%) edged higher. Hero MotoCorp (down 1.93%), Maruti Suzuki India (down 0.93%) and Bajaj Auto (down 0.41%) edged lower.
Cement stocks edged higher. UltraTech Cement (up 1.76%), ACC (up 0.94%) and Ambuja Cements (up 0.42%) edged higher. Shree Cement (down 0.09%) edged lower.
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Grasim Industries was up 0.4%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Index heavyweight and IT major Infosys was off 1.24% at Rs 1,167. The stock hit a high of Rs 1,178 and a low of Rs 1,162.05 so far during the day. The company will announce its Q4 March 2016 results on 15 April 2016.
Tata Power rose 1.4% at Rs 65. The company announced after trading hours yesterday, 7 April 2016, that the Appellate Tribunal for Electricity (APTEL) has decided against providing compensatory tariff to the company's 100% subsidiary Coastal Gujarat Power (CGPL). CGPL operates the 4,000 MW Ultra Mega Power Project (UMPP) at Mundra, Gujarat. APTEL, while pronouncing the order, also remarked that Central Electricity Regulatory Commission (CERC) has no power to grant compensatory tariffs. However, APTEL has thrown back the case to CERC. It has asked the commission to decide the tariff as per power purchase agreements (PPAs) and under 'force majeure' or 'change in law'. CERC has also been directed to conclude the exercise as expeditiously as possible and within a period of 3 months from 7 April 2016.
In an order dated February 2014, CERC decided a compensatory tariff to be paid by the states procuring power from Tata Power and Adani Power's power generation units at Mundra with effect from the commissioning date of the units. The compensatory tariff was over and above the tariff agreed in the power purchase agreement.
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