Domestic stocks edged higher in early trade as trading resumed after a long weekend. At 9:20 IST, the barometer index, the S&P BSE Sensex, gained 14.68 points or 0.04% at 33,954.98. The Nifty 50 index rose 1.50 points or 0.01% at 10,494.50.
The S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index gained 0.41%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,076 shares rose and 366 shares fell. A total of 72 shares were unchanged.
Overseas, Asian stocks were mixed in trading thinned by year-end holidays as several regional markets re-opened after the Christmas break. Hong Kong, Australia and New Zealand markets remain closed today, 26 December 2017. US markets remained shut yesterday, 25 December 2017 on account of Christmas.
Back home, ONGC (up 1.45%), TCS (up 1.16%) and Asian Paints (up 0.7%) edged higher from the Sensex pack.
Tata Power Company rose 0.91% after the company announced that its Russian subsidiary, Far Eastern Natural Resources LLC, has been awarded the mining license of a thermal coal mine in Kamchatka province in Far East Russia. The subsidiary participated in financial auction process at Petropavlovsk, Kamchatka, on 22 December 2017 and was awarded the license at approximately $4.7 million. The Kamchatka project site has been declared as a Special Economic Zone and will qualify for various concessions including protection against change of laws. The coal mine has high quality thermal coal reserves of over 380 million tonnes, which the company aims to deploy for its facilities in Mundra and Trombay; as also sell in Far East Asian markets. The announcement was made after market hours on Friday, 22 December 2017.
The venture has also received consents on transfer-pricing issues. The company intends to carry out detailed exploration to enable it to formulate a mining plan and work out capex outlook to implement the project in a phased manner to reach a stable throughput of 8 to 10 million tonnes per annum. The company proposes to work with associates, contractors, who are not under any sanctions. The mine project is located close to the coast. The infrastructure comprising haulage road and port facilities shall be developed by the Government through their State budget.
Bharat Heavy Electricals (Bhel) rose 1.63% after the company said it secured a landmark contract for 146 sets of Insulated Gate Bipolar Transistor (IGBT)-based 3 phase electrics for 25 kilovolt (KV) AC Mainline EMU (MEMU) trains. Valued at Rs 672 crore, the order has been placed on Bhel by Rail Coach Factory (RCF), Kapurthala. Bhel's scope of the work in the order envisages design, manufacture, supply, installation and commissioning of IGBT-based propulsion system and other equipment for MEMU trains of Indian Railways.
These system and equipment will be developed and produced by Bhel at its various manufacturing plants located at Bengaluru, Bhopal and Jhansi. The announcement was made on Monday, 25 December 2017, The stock market was closed on Monday, 25 December 2017, on account of Christmas holiday.
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