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Sensex flat in early trade, JP Power and Reliance Power gain over power plant deal

Monday, 28 July 2014 - 9:56am IST | Place: Mumbai | Agency: PTI

The benchmark BSE Sensex began by recovering over 55 points in early trade today on the back of fresh buying by funds and retail investors amid positive cues from other Asian markets. However, it lost its little gains and came down to being absolutely flatearly in the day. The 30 stocks index was at 26127.89, with hardly any changes from the previous closing. The Nifty stood at 7786 just 3 points below the previous closing.

All the sectors are in green except for auto, FMCG,oil and gas and metals. Jaiprakash power is up 5% and Reliance Power is up 2% after they signed an MoU by which R Power will buy the hydro power plants of JP Power. 

L&T is up 0.35 just before announcing its quarterly results today. 

According to CNBC-TV18 poll estimates, the net profit is expected to rise by 11.4% compared to the same quarter last year while net revenue could go up by 12.4%.

The biggest gainers are PNB, Cairn India, Axis Bank , Tata Motors and IDFC. The biggest losers of the early trade are Coal India, Ambuja Cements, HDFC, ACC and Kotak Mahindra Bank.

Brokers said fresh buying by funds and retail investors, though selective, tracking a firming trend on the other Asian bourses helped trading sentiment to improve. Stock of Larsen and Toubro rose 0.59 per cent to Rs 1,666.05 ahead of quarterly earnings. Among other Asian markets, Hong Kong's Hang Seng index rose by 1.04 per cent, while Japan's Nikkei moved up by 0.47 per cent in early trade.

 

With inputs from agencies




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