Power sector utilities NTPC and Power Grid Corporation of India Ltd. (PGCIL) gained more than 3 percent on the Bombay Stock Exchange (BSE) on Thursday morning, driving the rally on Sensex and Nifty. PGCIL was up 4.48 percent to Rs 198, while NTPC shares were trading 3.25 percent higher at Rs 170 apiece.
A few days ago, PGCIL had awarded a $640 million contract to ABB for 1,830-km (1,137-mile) power link in India to connect thermal and wind power plants with the country's growing urban areas. The system will have the capacity to supply electricity to about 80 million people after completion in 2019, according to ABB.
Read: India's consumer inflation for December estimated at 3.6%, says DBS Bank
The BSE Sensex was trading at 27,248, up 108 points, or 0.40 percent, while the NSE Nifty was up 25 points at 8,405.
The day would be action-packed for markets for two reasons — the government will be releasing December 2016 provisional data for consumer (retail) inflation after trading hours and IT software services company Tata Consultancy Services (TCS) will be declaring its December quarter results. TCS shares were trading flat at Rs 2,317 apiece.
Power generation details for December 2016
The Central Electricity Authority (CEA) said that conventional power generation for December 2016 rose 6.18 percent YoY spanning thermal, hydro and nuclear energy. In case of thermal, the increase was 7.04 percent. The overall power generation for the April-December 2016 period was up 5.1 percent when compared to power generated during the corresponding period last financial year, according to the CEA.
Rupee gains
The Indian rupee opened 17 paise higher at 68.15 to the US dollar on Thursday.
Benchmark bond yield
On Wednesday, the yield on government debt due in September 2026 lost marginally to close at 6.39 percent.
Earlier, in its pre-opening note, Geojit BNP Paribas Financial Services had said that Indian stock markets would open on a higher note tracking their Asian counterparts. "On Thursday, Asian markets opened on a mixed note. Japan's Nikkei is down by around 0.9% and Shanghai down 0.08%. Indian markets are expected to open on a positive note tracking SGX Nifty, which is indicating up 0.33%, will watch India's IIP and CPI data today."
