Sensex, Nifty choppy; power stocks on buyers' radar

14:22

Moneycontrol Bureau
Live Market Commentary
02:25pm Essar Oil in focus

Lalit Kumar Gupta, chief executive officer, Essar Oil says the company's promoters are converting the Foreign Currency Convertible Bond (FCCB) in order to boost the company's networth.

Speaking to CNBC-TV18, Gupta says the FCCBs will be converted at an average price of Rs 130 and Rs 153 in two different tranches.

Additionally, Gupta says that the company has high interest costs of Rs 3000 crore per annum, but it is likely to be reduced substantially by USD 150-200 million (Rs 15-20 crore).

02:15pm Equity benchmarks are lacklustre in afternoon trade as traders are cautious ahead of state elections results due on Sunday. Power stocks are on buyers' radar with the Tata Power rising 4.3 percent and NTPC gaining 3 percent.

The Sensex rose 6.72 points to 20,964.53, and the Nifty advanced 9 points to 6,250.10. Advancing shares outnumbered declining ones by a ratio of 1233 to 1103 on the BSE.

Raamdeo Agrawal, joint MD, Motilal Oswal Financial Services believes that the market has not run ahead of itself and sees a turnaround in sentiment post outcome of state assembly elections.

In an interview to CNBC-TV 18 he said that the oil policy has been the biggest problem of last decade and he is hopeful of seeing some reforms in oil and gas sector post elections. If the government announces any kind of reforms for this sector, then ONGC would benefit from it, he added.

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