Sentiment got a boost after Prime Minister Narendra Modi on Thursday kicked-off the auction process of coal blocks for commercial mining with an aim to achieve self-sufficiency in meeting energy needs and boost industrial development. The process is open for domestic as well as global firms under the 100% FDI (foreign direct investment) route.
Finance Minister Nirmala Sitharaman will address press conference at 4 pm today.
The broader market was trading firm. The S&P BSE Mid-Cap index gained 0.98% while the S&P BSE Small-Cap index rallied 1.50%.
Buyers outnumbered the sellers. On the BSE, shares 1,817 rose and 697 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.
Buzzing Index:
The Nifty Metal index surged 2.78% to 1,994.40 after PM Modi launched the auction process for 41 coal blocks for commercial mining. The move is aimed to open India's coal sector for private players.
Vedanta (up 4.65%), National Aluminium Company (up 2.89%), Hindustan Zinc (up 2.87%), Tata Steel (up 2.68%), Steel Authority of India (up 2.6%), Jindal Steel & Power (up 2.14%), Hindalco Industries (up 1.72%) and JSW Steel (up 0.78%) were top gainers in metal segment.
India's monopoly coal miner Coal India jumped 5.87% on hopes that higher competition will increase the efficiency of the state-run coal major.
Stocks in Spotlight:
Manappuram Finance rose 3.05% to Rs 146.95 after the company said its board approved raising upto Rs 350 crore through private placement of non-convertible debentures (NCDs).
Shares of select public sector undertakings (PSUs) rose after the government withdrew telecom dues demand from the PSU firms. Gujarat Narmada Valley Fertilizers & Chemicals (up 3.27%), Power Grid Corporation of India (up 3.26%), Oil India (up 2.99%) and GAIL India (up 1.04%) edged higher.
The media reported that the government on Thursday informed the Supreme Court it is willing to withdraw 96% of the Rs 4 lakh crore dues pending against various PSUs in the adjusted gross revenue (AGR) matter. Solicitor General Tushar Mehta told a bench comprising Justices Arun Mishra, Abdul Nazeer and M R Shah that "We have taken a decision since they are not in the business of providing tele services to general public, we are withdrawing the dues from these PSU's 96% demand now stands withdrawn."
Last week the apex court had pulled up the Department of Telecommunication (DoT) for raising a demand of Rs 4 lakh crore from various PSUs in the garb of its last year judgement on adjusted gross revenue (AGR) matter and threatened to begin contempt proceedings against the officers concerned.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.819% compared with previous closing of 5.835% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 76.16 compared with its previous closing 76.1650.
In the commodities market, Brent crude for August 2020 settlement rose 13 cents to $40.84 a barrel. The contract fell 0.61% to settle at $ 40.71 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement rose 0.02% to Rs 47,346.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
