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Indian Stock Market News October 1, 2020

Sensex Opens Over 450 Points Higher; Banking and Finance Stocks Lead

In Asia, markets in China, Hong Kong, South Korea and Taiwan are closed for a holiday today.

In US markets, the Dow Jones rose 1.2%, the S&P 500 gained 0.8% and the Nasdaq Composite added 0.7% on the hope for a breakthrough in stimulus negotiations.

Back home, Indian share markets have opened the day on a positive note.

The BSE Sensex is trading up by 451 points.

The NSE Nifty is trading higher by 122 points.

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ONGC is among the top loser today. Meanwhile, IndusInd Bank and Bajaj Auto are among the top gainers today.

The BSE Mid Cap index has opened up by 0.9%.

The BSE Small Cap index is trading higher by 1%.

Sectoral indices are trading on a positive note with stocks in the banking sector and finance sector witnessing maximum buying interest.

The rupee is trading at 73.54 against the US$.

Gold prices are trading down by 0.1% at Rs 50,404 per 10 grams.

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In news from the power sector, state-run NTPC is targeting a revenue of Rs 980 billion for financial year 2020-21.

India' largest power generation utility said on Wednesday that it will aim for Rs 980 billion from operations and 340 BU of electricity generation as part of its 'Memorandum of Understanding' (MoU) with ministry of power.

NTPC also said that it will aim to achieve capex of Rs 210 billion and coal production of 15 million metric tonnes (MMT) for the current fiscal as per the MoU.

This comes in the backdrop of the state-run conventional power generation firm rewriting its playbook, given that India's energy landscape is rapidly evolving. A case in point being NTPC not setting up new greenfield coal-fueled power projects as part of its pivot towards green energy.

With an installed capacity of 62.91 gigawatts (GW), the NTPC group has 70 power stations across the country.

India's electricity demand that had dipped on account of the coronavirus pandemic, is nearly comparable to the last year's levels.

Also, the government has projected around 6% compound annual growth rate of electricity demand, and is working on reforms such as implementing the direct benefit transfer scheme in the electricity sector for better targeting of subsidies, promoting retail competition and instilling financial discipline at state-owned electricity discoms.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

This is abysmally low by global standards. This shows that there is big upside in the market share of power exchanges in India.

As per Tanushree Banerjee, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Last month, Tanushree recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the banking sector, Punjab National Bank (PNB) is among the top buzzing stocks today.

State-run PNB on Wednesday reported a borrowal fraud of Rs 12 billion in the non-performing assets (NPA) account of Sintex Industries.

The bank has already made provisions amounting to Rs 2.2 billion, as per prescribed prudential norms, the lender said.

Under RBI norms, banks will have to make up to 100% provision on a fraud hit account. This provision can be made over a period of few quarters.

PNB share price has opened the day down by 1.6%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns,

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Indian Share Market Update: Top Gainers and Losers

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