Sensex Up Over 250 Points; SBI, Tata Motors Among Top Gainers

Indian equity benchmarks rose after inflation cooled down to 17-month low led by gains in Reliance Industries, HDFC Bank, State Bank of India and ITC amid positive Asian cues. The S&P BSE Sensex advanced 0.6 percent or 206 points to 35,985 and the NSE Nifty 50 Index climbed 0.7 percent or 73 points to 10,810.

All sector gauges barring the S&P BSE Healthcare Index were trading higher led by the S&P BSE FMCG and S&P BSE Realty Indices’ 0.9 percent gain.

Mid- and small-cap shares were outperforming their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices rose 1 percent each.

BEST Keen To Extend PPA With Tata Power For Next 5 Years: Praveer Sinha

High power committee has come out with good solution for Mundra Power Project as it has recommend amending the Power Purchase Agreement (PPA), Praveer Sinha, Managing Director & CEO of Tata Power told BloombergQuint in an interview.

Key highlight of the conversation:

Hopeful that CERC will soon look into amended PPAs once states submit draft.
There is no single solution for various stressed power projects in India
Every power unit may have its own problem to resolve.
Mundra Project is one of the low-cost power producing unit in the country.
Government needs to take into account merits of the case which could vary for different power projects.
Have been able to reduce transmission losses in Rajasthan.
Have received $155 million so far for stake sale in one of the Indonesian coal mines.
Expect to receive $100 million dues from sale of Indonesian coal mine stake this year.
Opportunities in India have improved than in overseas markets for the power generation business.
Focus of Tata Power has shifted for expansion in domestic market.

Rate Sensitives Extend Rally After Inflation Cools To 17-Month Low
The shares of rate sensitive banking and real estate shares extended gains after inflation cooled down to lowest level in 17 months in November.

Nifty Bank Index up 1 percent
Nifty PSU Bank rose 2.76 percent
Nifty Realty Index climbed 1.71 percent

Rupee Opens Higher Against $ : Indian rupee opened higher at 71.70 per dollar against yesterday’s close of 72.02. The local unit rose as much as 0.48 percent or 34 paise to 71.67 against the greenback.

Bandhan Bank Rises Most In A Month After RBI Allows It To Open New Branches
Shares of the Kolkata-based private lender rose as much as 7.85 percent, the most since Nov. 2, to Rs 509.

The Reserve Bank of India has allowed the lender to open 40 new branches. The bank was earlier debarred from opening new branches by the central bank. An email statement from the company stated that it has opened five branches and will open additional 35 branches by end of this month.

The stock has advanced 26 percent in the past 12 months compared to 7.7 percent in the S&P BSE Sensex Index.

ICICI Bank, Jyothy Labs
ICICI Bank has 17 lakh shares change hands in a block. Stock up 0.7 percent at Rs 352.35.
Jyothy Labs has 28.7 lakh shares change hands in a block deal. Stock down 2.65 percent at Rs 189.