Market cools off slightly; Sensex up over 100 pts; BHEL falls 2%

Moneycontrol Bureau11:50 am Outlook on new listing: Chennai-based microfinance institution (MFI) Equitas Holdings today had a stellar listing on the bourses, with shares rising over 30 percent.

But Digant Haria, AVP - Equity Research, Antique Stock Broking, believes the easy money has been made in the stock following the gains and that going forward, only long-term investors should get into it.

"The company will make for a fine small finance bank. It has exposure to secured lending, has technology [but it may be in the price]," he said.

11:30 am Interview: Orders for power generation equipments have seen a sudden surge due to a strong performance in the power distribution and transmission segment, including NTPC , says Jitendra Mamtora, Chairman of Transformers and Rectifiers (India).

Roll out of tenders by Power Grid, NTPC and various utilities have also gone up, adds Mamtora.

Mamtora says that 70 percent of the company's capacity is booked for FY17.

The orderbook for the company in third quarter was Rs 250 crore and on April 1, the orderbook jumped to Rs 1,000 crore, which is only 70 percent of the total capacity of the company.Don't miss: New listing: Equitas Holdings debuts at Rs 146, up 33% from issue price

After an initial gush, the market has cooled off a bit. The Sensex is up 106.72 points or 0.4 percent at 25950.90, and the Nifty is up 20.95 points or 0.2 percent at 7935.70. About 1066 shares have advanced, 992 shares declined, and 114 shares are unchanged.

ICICI Bank, SBI, Axis Bank, Tata Motors and ONGC are top gainers while Wipro, BHEL, ITC, Hero MotoCorp and Bharti Airtel are losers in the Sensex.

Oil prices today built on recent gains after data showed US production fell to 18-month lows and Iraq pushed for a fresh meeting of crude majors on limiting output.

Upbeat economic readings from China, the world's biggest energy user, expectations the Federal Reserve will not hike interest rates before June, and a series of easing measures by central banks have fuelled optimism in world markets recently. Prices surged four percent to near five-month highs Wednesday after the US energy department revealed the dip production last week to levels not seen since October 2014.