The Indian equity markets have made a decent start in early trade on the back of bargain hunting was witnessed in some of the key heavyweights after the previous session's sharp fall. But, afterwards, benchmarks pared its initial gains and are trading on a flat note as some of the Asian markets too pared their initial profits. The US markets extended their fall overnight as the concerns of European debt crisis seemed grave and becoming contagion while, most of the Asian counterparts were trading in the positive terrain at this point of time. Back home, NSE's Nifty was hovering near its crucial 5,400 mark while, BSE's Sensex was trading just above its crucial 18,000 mark. On the sectoral front, capital goods witnessed the maximum gain in trade followed by consumer durables and technology while, realty, metal and fast moving consumer goods remained the major losers on the BSE sectoral space. The broader indices were trading cautious. The market breadth on the BSE was positive; there were 824 shares on the gaining side against 786 shares on the losing side while 62 shares remained unchanged. Trade may remain volatile this week, being the expiry week for the May F&O series.
The BSE Sensex opened at 18,016.43; about 23 points higher compared to its previous closing of 17,993.33 and has touched a high and a low of 18,109.05 and 17,109.05, respectively.
The index is currently trading at 18,013.23, up by 19.90 points or 0.11%. There were 16 stocks advancing against 14 declines on the index.
The overall market breadth has made a positive start with 49.28% stocks advancing against 47.01% declines. The broader indices were trading cautious; the BSE Mid cap index was down by 0.19% while Small cap index was up by 0.02%.
The top gaining sectoral indices on the BSE were, CG up by 0.95%, CD up by 0.68%, TECk up by 0.30%, IT up by 0.16% and Oil and Gas up by 0.15%. While, Realty down 1.72%, Metal down 0.92%, FMCG down 0.41%, PSU down 0.39% and Auto down by 0.17% remained the major losers on the index.
The top gainers on the Sensex were L&T up by 1.67%, RIL up by 0.59%, HDFC up by 0.53%, Bharti Airtel up by 0.48% and Bajaj Auto up by 0.35%.
DLF down by 2.71%, Hindalco down by 2.23%, Reliance Infra down by 1.95%, RCom down by 1.53% and Sterlite Industries down by 1.38%, were the top losers on the index.
Meanwhile, the Indian government is expected to give final touch to the plan of raising a gigantic Rs 40,000 crore through disinvestment during the present fiscal year. It will include sale of equity in blue chip companies like SAIL, ONGC and HCL. As per the disinvestment policy of government, the government has to retain majority shareholding of at least 51 % and management control of the PSUs.
The Department of Disinvestment of Disinvestment additional secretary Siddharth Pradhan said, 'Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAIL, ONGC and HCL. We are in talks with various ministries and working on a roadmap that should be finalized by June-end". Exuding assurance that the DoD would be able to attain the Rs 40,000 crore goal for the current fiscal, he said by way of share sales of the identified four PSUs through follow-on offers, a little over Rs 15,000 crore was expected to be garnered.
Indian government has already raised Rs 1,162 crore by disinvesting 5% stake in Power Finance Corporation (PFC) in May 2011. The SAIL's public offer is expected to hit the market by next month and ONGC in July and share sale programme of Hindustan Copper (HCL) is yet to take concrete shape. According to Pradhan, the DoD was in touch with Steel, Mines, Heavy Industries and Petroleum & amp; Natural Gas Ministries for identifying the companies for disinvestment. The government has by now identified RINL, MMTC and NBCC for stake sale and would be essential to add more companies to the list to achieve Rs 40,000 crore target during 2011-12.
Earlier government had proposed a disinvestment goal of Rs 95,000 crore from sale of shares in the public sector companies over the next 3 financial years, including Rs 40,000 crore in the present fiscal year. According to the data, at present the total revenue stands at Rs 99,738.92 crore from the government's different disinvestment programmes, ever since they begun in the financial year 1991-92.
The S&P CNX Nifty opened at 5,385.10; about 1 points lower compared to its previous closing of 5,386.55, and has touched a high and a low of 5,541.75 and 5,384.85 respectively.
The index is currently trading at 5,393.60, up by 7.05 points or 0.13%. There were 27 stocks advancing against 23 declines on the index.
The top gainers of the Nifty were L&T up by 1.74%, Ranbaxy up by 1.17%, HDFC up by 0.92%, Grasim up by 0.81% and Power Grid up by 0.80%.
The top losers of the index were DLF down by 2.24%, Hindalco down by 2.20%, HCL Tech down by 2.17%, Reliance Infra down by 1.70% and Sesa Goa was down by 1.46%.
Asian markets were trading mostly in the green; Hang Seng was up 15.42 points or 0.07% to 22,726.44, Jakarta Composite was up 1.14 points or 0.03% to 3,779.60, Nikkei 225 was up 24.96 points or 0.26% to 9,485.59, Straits Times was up 1.94 points or 0.06% to 3,112.42, Seoul Composite was up 6.30 points or 0.31% to 2,062.01.
On the flip side, Shanghai Composite was down 18.78 points or 0.68% to 2,755.79, KLSE Composite was down 1.07 points or 0.07% to 1,527.91 and Taiwan Weighted was down by 7.05 points or 0.08% to 8,740.46.
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