Indian share markets slipped deeper in the red in the post-noon trading session. Barring IT and pharma, all the sectoral indices are trading negative. Realty, banking and capital goods stocks are the major losers.
BSE-Sensex is down 93 points and NSE-Nifty is trading down 30 points. While BSE Mid Cap is down 0.5%, BSE Small Cap index is trading up by 0.2%. The rupee is trading at 54.3 to the US dollar.
Power stocks are trading mixed with Jaiprakash Power and JSW Energy being the major gainers and Indiabulls Power and PTC India being the biggest losers. As per a leading financial daily, the government has shelved the coal price pooling for power projects after a consensus on the likely impact of tariff could not be reached. Reportedly, the Cabinet Committee of Economic Affairs (CCEA) has decided that the power plants with capacity of 60,000 MW and commissioned before 2009 will continue to receive coal from Coal India (CIL) as before. However, the plants commissioned after 2009 can source imported coal from CIL on a cost-plus basis or import on their own. This development is likely to adversely impact private power producers that are developing projects awarded on a tariff-based bidding. However in a recent move, the Central Electricity Regulatory Commission (CERC) has allowed two power producers Adani Power and Tata Power to hike tariffs for power generated on imported coal from their Mundra power plants. Tata Power stock is down 0.8% whereas Adani Power stock is marginally up.
Automobile stocks are trading mixed with Bajaj Auto and Escorts leading among the pack of gainers while Tata Motors and Eicher Motors are the top losers. As per a leading financial daily, Maruti Suzuki (MARUTI) will be soon introducing a new version WagonR Stingray in its small car segment. Reportedly, this car will be complementing the WagonR series, which is one of the successful cars of Maruti Suzuki. Few years back WagonR was the second-largest selling car in the domestic market, but it slipped to fourth position in FY13. The new Stingray variant is expected to retain the position. This version was launched in Japanese market last year with several improvements which would also be updated in the Indian variant. The launch is expected in next few months.