Domestic stocks markets have carried forward their consolidation phase in the afternoon session of trade as investors continue to tread cautiously, lacking conviction to pile up long positions amid scarce upside triggers. The indices are largely demonstrating a sideways kind of movement and are trading in a very tight range shrugging the optimistic sentiments prevailing in most Asian markets since the start of session. While the optimistic leads from European counterparts which opened in the green zone too failed to underpin the local sentiments. Moreover the bounce bank in international crude oil prices also dented investor's morale to a certain extent. Selling in oil and gas majors like ONGC and RIL, capital goods bellwether L&T and banking heavyweights ICICI Bank and HDFC Bank is restricting the benchmarks from climbing to higher levels. While the gains in interest rate sensitive realty stocks like DLF and auto heavyweights like Hero Honda, Tata Motors is keeping the frontline indices afloat above the neutral line. Buying interests were also evident in some metal stocks like Sterlite, Hindalco, Jindal Steel and Tata Steel while information technology stocks like Infosys, Wipro and TCS too remained amid the thick of things in the afternoon session.
Meanwhile, the broader markets are trading on an optimistic note outperforming their larger peers by quite a margin. The midcap index advanced 0.44% and the smallcap index climbed 0.51% points. The market breadth on the BSE was in favor of advances in the ratio of 1444:1053 while 127 scrips remained unchanged.
The BSE Sensex advanced 23.36 points or 0.13% at 18,536.13. The index touched a high and a low of 18,580.30 and 18,454.93 respectively.
The BSE Mid-cap index gained 0.44% and Small-cap index climbed 0.51%.
On the BSE sectoral front, Realty up 1.28%, IT up 1.03%, Metal up 0.85%, Teck up 0.77% and Auto up 0.57% were the major gainers.
On the flipside, Oil and Gas down 0.22%, CG down 0.10% and Bankex down 0.02% were the only laggards in the space.
The top gainers on the Sensex were Hero Honda up 3.97%, DLF up 2.14%, Sterlite up 1.18%, Infosys up 1.12% and SBI up 1.02%.
On the flip side NTPC down 1.53%, Maruti Suzuki down 1.35%, Tata Power down 1.07%, ONGC down 0.87% and ICICI Bank down 0.69% were the major losers on the index.
Meanwhile, India and New Zealand have concluded successfully the two day talks on the roadmap to propel forward trade and economic relationship between the two nations and accelerate the process of Free Trade agreement (FTA) negotiations. Citing the below potential economic linkages between the two countries, Indian Minister of Commerce and Industry, Anand Sharma and his New Zealand counterpart jointly underscored the need to ramp up the two-way trade between the nations to $3 billion annually by 2014 from the existing $1.2 billion a year, with combined efforts and reduced trade barriers.
Both ministers have committed to an eight to ten months timetable for establishing the Comprehensive Economic Co-operation Agreement (CECA) in trade, investment and services which will be "much more than just a Free Trade Agreement." The Indian commerce minister, who is leading a FICCI business delegation in New Zealand, emphasized upon the trade complementarities in the agricultural sector and stressed upon deepening the relationship between the two countries in the services trade, bilateral investment, innovation and technology transfer. He invited co-operation in the fields of pharmaceuticals, engineering goods, textiles, spice trade and film making.
Sharma indicated that India's service sector constituted a major portion of GDP as well as exports and consequently India hoped that New Zealand would provide a growing market for India's IT enabled service sector. He mentioned that productivity in agriculture in India is still low and accordingly India was looking for technical solutions to enhance its productivity. Sharma noted that India welcomed investment in a broad range of sectors, including agri-processing, food processing, post-harvest technology transfer in refrigeration, cold chains, storage and logistics for minimizing post production losses. He specifically stressed that the Indian pharmaceutical industry has established itself in world markets for its high quality, at the same time ensuring availability of generics in a manner that makes health care more affordable for vulnerable sections of the world population.
India is experiencing a rapid economic growth of around 8% - 9% of each year, while New Zealand struggles to grow by as much as 2% annually. New Zealand's Trade Minister Tim Groser highlighted their nation's interests in enhancing the export of agricultural products, including dairy, horticulture and wine and industrial goods, over and above the traditional export of coking coal and wood from New Zealand to India. New Zealand also wants India to lower tariff barriers that add costs to export items like wool for carpet-making.
The S&P CNX Nifty gained 9.15 points or 0.17% at 5,550.40. The index touched high and low of 5,561.90 and 5,525.00, respectively.
The top gainers on the Nifty were Hero Honda up 4.62%, Ranbaxy up 4.35%, DLF up 2.14%, BPCL up 1.23% and Sterlite up 1.20%.On the other hand, Maruti down 1.74%, NTPC down 1.66%, Ambuja Cement down 1.46%, IDFC down 1.41% and Tata Power down 1.09% were the major losers on the index.
On the Asian front Jakarta Composite climbed 0.85%, KLSE Composite surged 0.92%, Nikkei 225 advanced 0.46%, Straits Times rose 0.52% and Seoul Composite jumped 1.28%.
On the flipside, Shanghai Composite fell 0.23%, Hang Seng down 0.27% and Taiwan Weighted slipped 0.03%.
The European markets have opened a positive note as the France's CAC 40 added 0.89%, Germany's DAX added 0.50% and London's FTSE 100 added 0.45%.
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