Domestic markets have gone on to pare some part of their initial losses in the afternoon session of trade as buying in some beaten down blue-chip and metal stocks is assisting the indices to inch closer to the neutral line. The benchmarks are looking to consolidate their position after the strong short covering rally in the previous session as investors continue to trade with cautiousness ahead of the IIP data and the outcome of assembly polls scheduled to be announced later this week. Though equities and commodities recovered worldwide after a brief tumult, which was led by concerns of a slowdown in the US and China, bourses in India still look far from being stable as they lack conviction to sustain optimism for long unless FII flows turn positive. On the sectoral front, rate sensitive pockets have continued to bear the maximum brunt of profit booking as the automobile and banking sector indices shaved off 0.86% and 0.65% respectively. Moreover, mixed trends from the Asian counterparts coupled with somber opening of European peers too weighed down the local sentiment and have capped the upside chances for the local bourses.
Meanwhile, the broader markets are trading on an absolutely quiet note but have kept their heads above the water and not sinking into the red terrain. The midcap index has added 0.03% while the smallcap index is trading with 0.09% gains. The market breadth on the BSE was strongly in favor of declines in the ratio of 1133:1331 while 115 scrips remained unchanged.
The BSE Sensex declined 58.96 points or 0.32% at 18,459.85. The index touched a high and a low of 18,643.58 and 18,367.21 respectively.
The BSE Mid-cap index gained 0.03% and Small-cap index added 0.09%.
On the BSE sectoral front, FMCG up 0.42%, Metal up 0.30% and PSU up 0.03% were the only gainers.
On the flipside, Auto down 0.86%, Bankex down 0.65%, IT down 0.46%, CD down 0.30% and Realty down 0.27% were the only laggards in the space.
The top gainers on the Sensex were Bharti Airtel up 2.12%, Jindal Steel up 1.28%, Tata Power up 1.17%, M&M up 0.71% and Hindaclo up 0.64%.
On the flip side Tata Motors down 2%, JP Associates down 1.85%, Hero Honda down 1.74%, R Infra down 1.35% and ONGC down 1.32% were the major losers on the index.
Meanwhile, Indian Finance Minister Pranab Mukherjee, in a bilateral meeting with his Japanese counterpart, highlighted the significance of India's strategic partnership with Japan and affirmed to advance this partnership in all areas. Bilateral trade and strategic ties between the countries came up for discussion during the meeting between Pranab Mukherjee and Yoshihiko Noda the Finance Ministers of India and Japan respectively in Hanoi, Vietnam.
India and Japan signed a Comprehensive Economic Partnership Agreement (CEPA) on February 16, 2011, but the agreement is awaiting Japanese Parliament's ratification before being implemented. Mukherjee stated that, "after the CEPA comes into force, the bilateral trade is likely to increase substantially as has happened in the case of South Korea where after coming in to force of CEPA the bilateral trade during the first year increased by more than 40%."
The Indian finance minister underscored that the CEPA will prove as a win-win situation for both the nations as with the implementation of CEPA, there will be more investment flow from Japan to India and Japan will get access to huge Indian market for its products. CEPA will generate more business opportunities for Indian service and pharmaceutical sectors as on one hand Indian professionals will be able to provide their services there while on the other hand pharma companies will get treatment similar to Japanese companies in the matter of registration and release of generic medicine in the Japanese market.
Apart from extending its full support to Japan's Comprehensive Economic Partnership Agreement in East Asia (CEPEA) initiative, the Indian minister also said that in the wake of Chinese policy of raising the prices of rare earths and stopping supplies globally, collaboration in exploring rare earths reserves in India will be beneficial for both countries.
The Finance Minister also expressed deep concern and sympathy over the recent natural catastrophe and extended all possible assistance to Japan which has not only supported India in international forums but also is the largest provider of ODA (Official Development Assistance) to India. As on March 2011, 59 projects were under implementation with Japanese loan assistance, while the amount committed by Japan is approximately Rs 58,000 crore (3.3 Trillion Yen). Japan ranks 6th largest in foreign direct investment (FDI) inflow into India accounting for 3.62% of total FDI inflows into India.
The S&P CNX Nifty shed 20.25 points or 0.36% at 5,531.20. The index touched high and low of 5,586.05 and 5,502.40, respectively.
The top gainers on the Nifty were Bharti Airtel up 2.15%, Jindal Steel up 1.39%, Ranbaxy up 1.34%, Tata Power up 1.25% and Cairn up 1.25%.
On the other hand, JP Associates down 2.08%, R Capital down 2.05%, Tata Motors down 2%, Hero Honda down 1.73% and Kotak Bank down 1.67% were the major losers on the index.
On the Asian front Shanghai Composite added 0.13%, Hang Seng added 0.61%, KLSE Composite added 0.26%, Straits Times sank 1.26% and Taiwan Weighted wilted 0.65%.
On the flipside, Jakarta Composite declined 0.14%, Nikkei 225 down 0.66% and Seoul Composite receded 0.39%.
The European markets have opened a negative note as the France's CAC 40 fell 0.36%, Germany's DAX rose 0.50% and London's FTSE 100 added 0.29%.
Meanwhile, the broader markets are trading on an absolutely quiet note but have kept their heads above the water and not sinking into the red terrain. The midcap index has added 0.03% while the smallcap index is trading with 0.09% gains. The market breadth on the BSE was strongly in favor of declines in the ratio of 1133:1331 while 115 scrips remained unchanged.
The BSE Sensex declined 58.96 points or 0.32% at 18,459.85. The index touched a high and a low of 18,643.58 and 18,367.21 respectively.
The BSE Mid-cap index gained 0.03% and Small-cap index added 0.09%.
On the BSE sectoral front, FMCG up 0.42%, Metal up 0.30% and PSU up 0.03% were the only gainers.
On the flipside, Auto down 0.86%, Bankex down 0.65%, IT down 0.46%, CD down 0.30% and Realty down 0.27% were the only laggards in the space.
The top gainers on the Sensex were Bharti Airtel up 2.12%, Jindal Steel up 1.28%, Tata Power up 1.17%, M&M up 0.71% and Hindaclo up 0.64%.
On the flip side Tata Motors down 2%, JP Associates down 1.85%, Hero Honda down 1.74%, R Infra down 1.35% and ONGC down 1.32% were the major losers on the index.
Meanwhile, Indian Finance Minister Pranab Mukherjee, in a bilateral meeting with his Japanese counterpart, highlighted the significance of India's strategic partnership with Japan and affirmed to advance this partnership in all areas. Bilateral trade and strategic ties between the countries came up for discussion during the meeting between Pranab Mukherjee and Yoshihiko Noda the Finance Ministers of India and Japan respectively in Hanoi, Vietnam.
India and Japan signed a Comprehensive Economic Partnership Agreement (CEPA) on February 16, 2011, but the agreement is awaiting Japanese Parliament's ratification before being implemented. Mukherjee stated that, "after the CEPA comes into force, the bilateral trade is likely to increase substantially as has happened in the case of South Korea where after coming in to force of CEPA the bilateral trade during the first year increased by more than 40%."
The Indian finance minister underscored that the CEPA will prove as a win-win situation for both the nations as with the implementation of CEPA, there will be more investment flow from Japan to India and Japan will get access to huge Indian market for its products. CEPA will generate more business opportunities for Indian service and pharmaceutical sectors as on one hand Indian professionals will be able to provide their services there while on the other hand pharma companies will get treatment similar to Japanese companies in the matter of registration and release of generic medicine in the Japanese market.
Apart from extending its full support to Japan's Comprehensive Economic Partnership Agreement in East Asia (CEPEA) initiative, the Indian minister also said that in the wake of Chinese policy of raising the prices of rare earths and stopping supplies globally, collaboration in exploring rare earths reserves in India will be beneficial for both countries.
The Finance Minister also expressed deep concern and sympathy over the recent natural catastrophe and extended all possible assistance to Japan which has not only supported India in international forums but also is the largest provider of ODA (Official Development Assistance) to India. As on March 2011, 59 projects were under implementation with Japanese loan assistance, while the amount committed by Japan is approximately Rs 58,000 crore (3.3 Trillion Yen). Japan ranks 6th largest in foreign direct investment (FDI) inflow into India accounting for 3.62% of total FDI inflows into India.
The S&P CNX Nifty shed 20.25 points or 0.36% at 5,531.20. The index touched high and low of 5,586.05 and 5,502.40, respectively.
The top gainers on the Nifty were Bharti Airtel up 2.15%, Jindal Steel up 1.39%, Ranbaxy up 1.34%, Tata Power up 1.25% and Cairn up 1.25%.
On the other hand, JP Associates down 2.08%, R Capital down 2.05%, Tata Motors down 2%, Hero Honda down 1.73% and Kotak Bank down 1.67% were the major losers on the index.
On the Asian front Shanghai Composite added 0.13%, Hang Seng added 0.61%, KLSE Composite added 0.26%, Straits Times sank 1.26% and Taiwan Weighted wilted 0.65%.
On the flipside, Jakarta Composite declined 0.14%, Nikkei 225 down 0.66% and Seoul Composite receded 0.39%.
The European markets have opened a negative note as the France's CAC 40 fell 0.36%, Germany's DAX rose 0.50% and London's FTSE 100 added 0.29%.
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