The Indian equity markets have made a flat to cautious start as investors remained cautious on weak global cues as the US markets plunged overnight after S&P raised concern about country's debts and its chances of lowering the rating of US government debt, while all the Asian counterparts were trading in the negative terrain at this point of time, indicating somber investors' sentiments. Back home, on the sectoral front consumer durables witnessed the maximum gain in trade followed by banking and software while, fast moving consumer goods, auto and public sector undertaking stocks remained the top losers on the BSE sectoral space. However, the broader indices were outperforming benchmarks. Meanwhile, PSU oil marketing companies viz., Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation were trading higher in the trade as crude prices eased a bit. Benchmark crude for May delivery fell $1.64 or 1.5 percent to $108.02 a barrel. The market breadth on the BSE was evenly divided; there were 902 shares on the gaining side against 858 shares on the losing side while 69 shares remained unchanged.
The BSE Sensex opened at 19,091.78; flat compared to its previous closing of 19,091.17, and has touched a high and a low of 19,106.79 and 19,017.16, respectively.
The index is currently trading at 19,068.05, down by 23.12 points or 0.12%. There were 14 stocks advancing against 16 declines on the index.
The overall market breadth has approximately equally divided with 49.32% stocks advancing against 46.91% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices gained 0.15% and 0.27%, respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.66%, Bankex up by 0.49%, IT up by 0.33%, Metal up by 0.25% and TECk was up by 0.22%. While FMCG down by 0.59%, Auto down by 0.52%, PSU down by 0.44%, Power down by 0.43% and HC down by 0.42% were the top losers on the index.
The top gainers on the Sensex were HDFC Bank up by 1.39%, TCS up by 0.81%, RCom up by 0.76%, Sterlite Industries up by 0.68% and ICICI Bank was up by 0.66%.
On the flip side, Hero Honda down by 1.75%, Tata Power down by 1.29%, ONGC down by 1.22%, BHEL down by 1.21% and ITC down by 0.97% were the top losers on the index.
Meanwhile, India has asked the World Bank to take steps for increasing the lending limits as developing countries are facing constraints in utilizing the resources of the multilateral funding agency. The country wants the World Bank to retain its core focus on needs of poor people and developing countries.
India's Secretary Economic Affairs R. Gopalan, said at the Bank's Development Committee meeting that while development challenges remain in large pockets, some countries are facing prospects of reduced Bank flows due to investment limits. He further added that "Several measures are required to sustain Bank investment flows. We feel that, apart from short and medium term measures, efforts should also aim at increasing 'additional investment flows' through the Bank in developing countries".
As the world is moving from one crisis to the other - first fuel, then food, then financial and economic, and now the return of fuel and food crises; there is a need to improve the financial capacity of the Bank further. While these crises demand global efforts to diminish the unfavorable effects, the World Bank Group needs to have sufficient financial resources not only to tackle crises, but also to support long-term growth. Also, the Bank needs to scale up its agricultural activities.
Gopalan also said that the Bank should partner with think tanks, research institutions, other multilateral institutions with greater experience in the area and institutions within countries themselves which have done major work in the field to pool available knowledge and to design effective strategies. He also called for proper oversight of Trust Funds which have emerged as an important source of finance and policy advice to the developing countries and also within the Bank.
The S&P CNX Nifty opened at 5,716.00; about 13 points lower compared to its previous closing of 5,729.10, and has touched a high and a low of 5,734.60 and 5,708.95 respectively.
The index is currently trading at 5,730.35, lower by 1.25 points or 0.0.02%. There were 26 stocks advancing against 24 declines on the index.
The top gainers of the Nifty were Cairn up by 2.07%, HCL Tech up by 1.87%, HDFC Bank up by 1.49%, Axis Bank up by 1.22% and TCS up by 1.13%.
Hero Honda down by 1.62%, Kotak Bank down by 1.58%, Tata Power down by 1.28%, ITC down by 1.18% and ONGC was down by 1.15%, were the major losers on the index.
All the Asian markets were trading in the red; Shanghai Composite was down 57.51 points or 1.88% to 2,999.82, Hang Seng was down 305.51 points or 1.28% to 23,524.80, Jakarta Composite was down 18.02 points or 0.48% to 3,709.05, KLSE Composite was down 7.15 points or 0.47% to 1,520.77, Nikkei 225 was down 136.65 points or 1.43% to 9,420.00, Straits Times was down 26.56 points or 0.84% to 3,117.82, Seoul Composite was down 11.88 points or 0.56% to 2,125.84 and Taiwan Weighted was down by 107.45 points or 1.23% to 8,607.03.
The BSE Sensex opened at 19,091.78; flat compared to its previous closing of 19,091.17, and has touched a high and a low of 19,106.79 and 19,017.16, respectively.
The index is currently trading at 19,068.05, down by 23.12 points or 0.12%. There were 14 stocks advancing against 16 declines on the index.
The overall market breadth has approximately equally divided with 49.32% stocks advancing against 46.91% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices gained 0.15% and 0.27%, respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.66%, Bankex up by 0.49%, IT up by 0.33%, Metal up by 0.25% and TECk was up by 0.22%. While FMCG down by 0.59%, Auto down by 0.52%, PSU down by 0.44%, Power down by 0.43% and HC down by 0.42% were the top losers on the index.
The top gainers on the Sensex were HDFC Bank up by 1.39%, TCS up by 0.81%, RCom up by 0.76%, Sterlite Industries up by 0.68% and ICICI Bank was up by 0.66%.
On the flip side, Hero Honda down by 1.75%, Tata Power down by 1.29%, ONGC down by 1.22%, BHEL down by 1.21% and ITC down by 0.97% were the top losers on the index.
Meanwhile, India has asked the World Bank to take steps for increasing the lending limits as developing countries are facing constraints in utilizing the resources of the multilateral funding agency. The country wants the World Bank to retain its core focus on needs of poor people and developing countries.
India's Secretary Economic Affairs R. Gopalan, said at the Bank's Development Committee meeting that while development challenges remain in large pockets, some countries are facing prospects of reduced Bank flows due to investment limits. He further added that "Several measures are required to sustain Bank investment flows. We feel that, apart from short and medium term measures, efforts should also aim at increasing 'additional investment flows' through the Bank in developing countries".
As the world is moving from one crisis to the other - first fuel, then food, then financial and economic, and now the return of fuel and food crises; there is a need to improve the financial capacity of the Bank further. While these crises demand global efforts to diminish the unfavorable effects, the World Bank Group needs to have sufficient financial resources not only to tackle crises, but also to support long-term growth. Also, the Bank needs to scale up its agricultural activities.
Gopalan also said that the Bank should partner with think tanks, research institutions, other multilateral institutions with greater experience in the area and institutions within countries themselves which have done major work in the field to pool available knowledge and to design effective strategies. He also called for proper oversight of Trust Funds which have emerged as an important source of finance and policy advice to the developing countries and also within the Bank.
The S&P CNX Nifty opened at 5,716.00; about 13 points lower compared to its previous closing of 5,729.10, and has touched a high and a low of 5,734.60 and 5,708.95 respectively.
The index is currently trading at 5,730.35, lower by 1.25 points or 0.0.02%. There were 26 stocks advancing against 24 declines on the index.
The top gainers of the Nifty were Cairn up by 2.07%, HCL Tech up by 1.87%, HDFC Bank up by 1.49%, Axis Bank up by 1.22% and TCS up by 1.13%.
Hero Honda down by 1.62%, Kotak Bank down by 1.58%, Tata Power down by 1.28%, ITC down by 1.18% and ONGC was down by 1.15%, were the major losers on the index.
All the Asian markets were trading in the red; Shanghai Composite was down 57.51 points or 1.88% to 2,999.82, Hang Seng was down 305.51 points or 1.28% to 23,524.80, Jakarta Composite was down 18.02 points or 0.48% to 3,709.05, KLSE Composite was down 7.15 points or 0.47% to 1,520.77, Nikkei 225 was down 136.65 points or 1.43% to 9,420.00, Straits Times was down 26.56 points or 0.84% to 3,117.82, Seoul Composite was down 11.88 points or 0.56% to 2,125.84 and Taiwan Weighted was down by 107.45 points or 1.23% to 8,607.03.
No comments:
Post a Comment