Sensex, Nifty flat; realty gains as Mum Dvpt plan scrapped

Moneycontrol Bureau

1:50 pm Exclusive: The central government has floated a tender to invite bids for third-party verification of implementation of financial restructuring plans. As many as eight state discoms are part of this FRP plan.

The third party verification of financial restructuring plan (FRP) for the state discoms is part of the monitoring of FRP which was approved by the Cabinet in 2012. The crucial role of FRP Consultant will be to verify the achievements and compliance of all the conditions which were put up under the FRP plan which was approved by the Cabinet.

This will include record of AT&C losses reduction, which is aggregate technical and commercial losses of electricity. The consultant will also have to verify from commission orders the subsidy, average cost of supply and average revenue realised because the whole intention of FRP plan was to reduce the gap between average revenue realised by the state discoms along with average cost of supply.

1:30 pm Gold special: Gold prices fell marginally by 0.15 percent to Rs 26,797 per ten grams in futures trade as speculators trimmed their positions, taking weak cues from the global markets.

However, token buying by retailers in the spot markets on the auspicious occasion of "Akshaya Tritiya" day limited the losses. At the spot markets, gold traded lower at Rs 27,200 per ten grams in opening trade at Chennai.

Analysts said the fall in yellow metal prices at futures trade was mostly in tandem with a weak trend overseas but token buying by retailers at spot markets on account of Akshaya Tritiya, considered to be most auspicious day for buying gold and silver, restricted the fall.

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The market is still in the green as the Sensex is up 9.95 points at 27896.16 and the Nifty is up 6.95 points at 8455.05.  About 1370 shares have advanced, 1076 shares declined, and 165 shares are unchanged.

Realty stocks are higher with the index gaining over 1 percent after the controversial Mumbai Development Plan 2015-2034 is scrapped. The Maharashtra Government has directed BMC to submit reworked Mumbai Development Plan in two months. The reworked Mumbai Development Plan will be put up for public review. The draft development plan 2015-2034 of the BMC had several ommissions and flaws. In land use plan development plan, for instance, had not marked more then 40 percent of heritage structures. The development plan had shown roads through existing buildings and some places of worship.

Bharti Airtel, Axis Bank, ICICI Bank, Tata Steel and Coal India are top gainers in the Sensex. Among the losers are Sun Pharma, HUL, Maruti, Hindalco and Dr Reddy's Labs.