India Stock Market: Renewed Buying Bolsters MarketsEquity masterupdated Nov 20, 2009TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.Buying activity intensified across index heavyweights during the previous two hours of trade pushing the indices above the dotted line. While buying is being seen across the board, select engineering, power and software stocks are bearing the brunt of profit booking.The BSE-Sensex [[^BSESN]] and NSE-Nifty [[^NSEI]] are trading in the positive, up by around 142 points and 38 points respectively. The BSE-Midcap and BSE-Smallcap indices are trading almost flat currently. The Rupee is trading at 46.54 to the Dollar.Power stocks are trading mixed. While Tata Power and NTPC are trading firm, Reliance Power is in the red. As per a leading business daily, power major NTPC is looking for long-term supply of coal from overseas markets to meet the requirements of its local plants. It must be noted that NTPC had been importing coal every year through the tender route and now wants to change over to long term contracts with international suppliers. This would enable NTPC to procure more quantity of coal at a discounted price. Also, these contracts will be for a period of two to three years. For FY10, the company plans to import 12.5 m tonnes of coal. In our opinion this move makes sense given that the company has been facing constraints in procuring coal from domestic sources.Pharma stocks are witnessing a mixed trend currently. While Dr.Reddy's and Cipla are leading the pack of gainers, Lupin is in the red. Dr.Reddy's is trading 2% higher currently and has tripled since the rally began in March. The company did well during the September quarter wherein its sales grew by 14% YoY and net profits nearly tripled. The key contributors to growth have been the US, India and Russia and these will continue to enhance the company's performance in the future as well. Having said that, Betapharm in the German market has been under a lot of pressure due to changes in the regulatory landscape in that country and performance of this market in the near term looks uncertain. Dr.Reddy's custom manufacturing business which grew at a subdued pace during the first half is poised to do much better in the second half of this fiscal. Not just that, in the US generics market, Dr.Reddy's also stands to benefit from some product launches that have limited competition.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.