The domestic markets have lost ground after a positive start, though the movement still remains rangebound but the benchmarks have marginally slipped into red. Rate sensitive realty continues to drag the markets however the oil & gas and IT sectors are putting efforts to keep the market traction intact. Some of the heavyweights like SBI and HDFC are still not getting any respite while the RIL and M&M have bounced back. The street eyes are on the numbers of construction and engineering major L&T's to take further direction. Meanwhile, there is lots of happening from the primary markets, Securities and Exchange Board of India has allowed retail investors to place bids at a discounted price, instead of paying the full amount, the regulator said merchant bankers will have to disclose the discounted price for retail investors in rupee terms and not in percentage in the offer document and application forms. They will also have to clearly disclose under what circumstances application for shares would be liable for rejection in case of errors.While in other development it has withheld the listing of sponge iron maker Vaswani Industries' public offer on receiving complaints regarding irregularities in subscriptions.
The BSE Sensex is currently trading at 18,080.27, down by 5.93 points or 0.03%. The index has touched a high and low of 18,198.45 and 18,057.82 respectively. There were 13 stocks advancing against 17 declines on the index.
The broader indices too were trading in the red; the BSE Mid cap and Small cap indices were down by 0.50% and 0.20% respectively.
The top gaining sectoral indices on the BSE were Oil & Gas up by 0.73%, IT up by 0.31%, FMCG up by 0.23%, TECk up by 0.21% and PSU was up by 0.18%. While, Realty down by 1.54%, CG down by 0.95%, Power down by 0.71%, HC down by 0.48% and Metal down by 0.22% were the top losers on the index.
The top gainers on the Sensex were M&M up by 1.32%, RIL up by 0.95%, TCS up by 0.92%, ITC up by 0.82% and Bajaj Auto was up by 0.76%.
Top losers on the index were, Tata power down by 2.02%, DLF down by 2%, hero Honda down by 1.66%, Reliance Infra down by 1.52%, L&T down by 1.29%.
The Ministry of Power has proposed to Prime Minister Manmohan Singh that Coal India (CIL) should be directed to stop the premium sale of thermal coal through e-auction route and switch the supply to power plans facing fuel shortage in spite of coal linkage. The producer can be allowed to make a comprehensive hike in its notified coal prices so that it is able to make up for the lost revenue. Prime Minister is holding a meeting on May 19, 2011 with all stakeholders to review progress in power and coal mining projects and it is expected that Ministry of Power will discuss this issue with the Prime Minister.
The Ministry of Power's suggestion is backed by the lobby of private power developers, having the view that it will be difficult to raise coal production immediately to meet current requirements. Hence, CIL should stop spot sales of thermal coal, so that they can get extra coal for their thermal plants. The power ministry feels that Coal India should respect commitment to supply quantities agreed under letters of assurance for new units commissioned during 2009-12 before resorting to e-auction of thermal coal. CIL has been selling a part of its annual coal production through the e-auction route to maximize its revenue. In the financial year 2010-11, the company sold nearly 40 million tonnes of thermal coal with average price realization about 80% higher compared to the notified price.
The S&P is currently trading at 5,418.00, down by 2.60 points or 0.05%. The index has touched a high and low of 5,452.60 and 5,411.25 respectively. There were 22 stocks advancing against 28 declines on the index.
The top gainers of the Nifty were GAIL up by 2.89%, IDFC up by 1.40%, M&M up by 1.21%, Sterlite Industries up by 1.02% and Reliance Industries was up by 0.91%.
DLF down by 2.19%, tata Power down by 2.07%, Hero Honda down by 1.89%, Grasim Inds down by 1.84% and Reliance Infra down by 1.67%, were the major losers on the index.
The Asian equity indices have turned mixed with few more indices have marginally entered into the red; Shanghai Composite was down 0.03%, Nikkei 225 lost 0.39% and Taiwan Weighted was lower by 0.12%,while Seoul Composite lost 1.07%
On the other hand, Hang Seng gained 0.77%, Jakarta Composite added 0.52%, KLSE Composite was up by 0.23% and Straits Times inched up by 0.94%.
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