Indian Stock market closed lower on Friday with BSE Sensex losing 153 points to close at 19164. NSE Nifty closed at 5677 after witnessing a decline of 0.87 per cent. Indian currency closed at its lowest level against USD. USD-INR was at Rs 61.10 while EURO-INR was at Rs 81.11. The steps taken by RBI didn’t help the Indian currency.
Tata Power shares gained as much as 5.9 per cent to nearly Rs 98 apiece on Tuesday, after the electricity regulator permitted the company to charge “compensatory” tariffs for power produced from the Mundra power plant on account of the soaring cost of imported coal.
On Monday, the Central Electricity Regulatory Commission (CERC) ruled that Tata Power’s Coastal Gujarat Power Ltd can raise tariffs to meet the rising cost of imported coal.
Indian markets were trading flat on Friday afternoon after opening positive. The stock markets drifted in the afternoon as heavyweight stocks were trading lower. Among major losers were Tata Power, DLF, Reliance Infra, Power Grid, Hindalco, Larsen and SAIL.
Reliance, Cipla, Axis Bank, HDFC Bank, PNB, Bajaj Auto and SBI were marginally down. Standard Chartered has given a target of 6000 for NSE Nifty in next six-nine months' period.
The country’s leading oil and gas producer, Oil and Natural Gas Corporation (ONGC), claimed that in its net profits recorded for the first quarter, the company traced an increase of 12%, which definitely challenged the increased subsidy burden.
They further claimed that in the month of April, the net sales also recorded a great jump of 16,268.
In the mean time, on its 221st company meeting, the officials announced that till the quarter end during the month of June, the company recorded an amount of Rs 12,046 crore, as the financial funding lumbers.
On Wednesday the CPM has said that there is another scam of CAG draft report on Reliance Industries Ltd (RIL).
There has been fall in the shares of RIL; on the BSE it slipped by 1.18 per cent to touch a month's low of Rs 890.10. The stock on the NSE went down by 1.24 per cent to a low of Rs 889.35.
Indian Stock Markets opened marginally higher, but later found support on back on strong global cues. The benchmark indices closed on a strong note for the second day led by telecom, capital goods, auto and bank stocks. The Sensex closed 194 points or 1.74% higher at 11,329 and the Nifty rose 1.67% or 57 points to settle at 3,480. The broader indices - CNX Midcap was up 1.68% and BSE Smallcap Index closed 68 points or 1.71%.
On Thursday, the shares of Software firm Hexaware Technologies witnessed a huge jump and gets more than double its Wednesday's closing price, in short span on market rumours of a possible stake sale by the company.
Sources reveled that there was talk that a private equity investor in the company was exiting and in addition, a large Indian IT company was also eyeing Hexaware for an acquisition.
Karvy Stock Broking Limited has maintained ‘Buy’ rating on Oil and Natural Gas Corporation (ONGC) stock with an intraday target of Rs 920.
According to Karvy, day traders can purchase the stock between Rs 865-870 with a strict stop loss of Rs 850. If the stock market remains on positive track, the next target for the day will be above Rs 922.
As per views of stock market analysts, day traders can purchase Reliance Communications stock above Rs 572 to achieve an intraday target of Rs 580.
If the stock market remains positive, the next target for the day will be above Rs 582. The stop loss marked for the suggested stock is Rs 565.
Stock market analyst VK Sharma has maintained ‘Buy’ rating on Tata Chemicals stock to achieve an intrday target of Rs 415.
According to Mr. Sharma, day traders can purchase the stock around Rs 408.30 with a strict stop loss of Rs 400. If the stock market remains on positive track, the next target for the day will be above Rs 417.