The Indian equity markets have got a good bounce back and the BSE Sensex has entered the green terrain in the mid noon session. Apart from the heavyweights the broader markets too are showing good recovery. Though, the global cues still remain sluggish as most of the Asian markets are still trading in red however Chinese market has bounced back, while the European markets after a soft start are showing some sign of recovery. It is the gain in the capital goods and healthcare sector along with power that is helping the markets in this hour of trade. Auto stocks though are not flying high but have staged a smart bounce back and are in green after the government decided to extend the DEPB scheme for another 3 months.
The BSE Sensex was marginally up by 4.72 points or 0.03% at 18,273.26. The index touched a high and a low of 18,300.50 and 18,120.76 respectively.
The BSE midcap index was tad lower by 0.01%, while the smallcap index added 0.01%.
From the BSE sectoral space Capital Goods was up 0.41%, Healthcare up 0.34%, Power up 0.31%, TECk up by 0.19% and Bankex up by0.11% were the top gainers.
While, Metal down 0.71%, Oil & Gas down 0.58%, Realty down 0.56%, IT down 0.04% and PSU was down 0.01% were the major laggards in the BSE sectoral space.
The top gainers on the Sensex were Cipla up by 2.29%, NTPC up by 1.68%, Rcom up by 1.41%, Bharti Airtel 1.36% and HUL was up by 1.03%
On the flip side RIL down by 1.67%, Hindalco Inds down by 1.65%, DLF down by 1.02%, Tata Motors down by 0.82% and Maruti Suzuki down by 0.81% were the major losers on the index.
India's growth story remains unabated on the export front as for the month of May country's export grew by an impressive 56.9% to $25.9 billion Y-o-Y in on account of increasing demand from the western market. However, import also grew by 54.1% to $40.9 billion, widening the trade deficit to $15 billion. Commenting on the development, Commerce Secretary Rahul Khullar said,' this is the highest imports figure in the last four years".
During the period April-May 2011, exports grew by 45.3% to $49.8 billion while imports were up by 33.3% to $73.7 billion and trade deficit for the same period were $23.9 billion. The export sector outstanding performance for April-May 2011 was mainly because of strong performance of the following sector engineering, 115% ($14.7billion); Gems and Jewellery 23% ($5.7 billion), petroleum & oil products, 64% ($8.8 billion); cotton yarn & made-ups, 10.4% ($1.04 billion); electronics, 80% ($1.83 billion) and Marine products, 15.8% ($0.4 billion).
However, exports of iron ore, Fruits & vegetables and tobacco registered negative growth because of ban on exports on these sectors. Rise in imports was mainly driven by POL, 12.9% ($20.3 billion); pearls & precious stones, 24.6% ($5.2 billion); gold & silver, 222% ($13.5 billion); Iron & steel, -13% ($1.8 billion) and machinery, 46.7% ($5.9 billion).
"The big change between the last couple of months and now is that imports have suddenly surged,' Khullar said. This increase in import was on account of increase in price of crude oil and gold. He further said that said that the trade gap is much larger than it had been in the last 2-3 years and is a matter of concern.
The S&P CNX Nifty was marginally down by 1.25 points or 0.02% at 5,484.55. The index touched high and low of 5,493.95 and 5,436.95 respectively.
The top gainers on the Nifty were Cipla up by 2.23%, NTPC up by 1.82%, BPCL up by 1.76%, kotak Bank up by 1.41% and Bharti Airtel was up by 1.35%.
On the other hand, Hindalco Inds down by 1.84%, Reliance Inds down by 1.79%, Sesa Goa down by 1.48%, Dr. Reddy's down by 1.30% and DLF down by 2.75% were the major losers on the index.
On the Asian front, Shanghai Composite was down by 0.16%, Hang Seng declined by 0.11%, Jakarta Composite plunged by 1.09%, KLSE Composite lost 0.53%, Nikkei 225 was down by 0.70%, Strait Times slipped 0.36% and Taiwan Weighted plummeted 1.41%.
The European markets after making a soft start have bounced back, currently trading in mixed, the France's CAC 40 was up by 0.13%, Germany's DAX gained 0.12%, while London's FTSE plummeted by 1.40%.
The BSE Sensex was marginally up by 4.72 points or 0.03% at 18,273.26. The index touched a high and a low of 18,300.50 and 18,120.76 respectively.
The BSE midcap index was tad lower by 0.01%, while the smallcap index added 0.01%.
From the BSE sectoral space Capital Goods was up 0.41%, Healthcare up 0.34%, Power up 0.31%, TECk up by 0.19% and Bankex up by0.11% were the top gainers.
While, Metal down 0.71%, Oil & Gas down 0.58%, Realty down 0.56%, IT down 0.04% and PSU was down 0.01% were the major laggards in the BSE sectoral space.
The top gainers on the Sensex were Cipla up by 2.29%, NTPC up by 1.68%, Rcom up by 1.41%, Bharti Airtel 1.36% and HUL was up by 1.03%
On the flip side RIL down by 1.67%, Hindalco Inds down by 1.65%, DLF down by 1.02%, Tata Motors down by 0.82% and Maruti Suzuki down by 0.81% were the major losers on the index.
India's growth story remains unabated on the export front as for the month of May country's export grew by an impressive 56.9% to $25.9 billion Y-o-Y in on account of increasing demand from the western market. However, import also grew by 54.1% to $40.9 billion, widening the trade deficit to $15 billion. Commenting on the development, Commerce Secretary Rahul Khullar said,' this is the highest imports figure in the last four years".
During the period April-May 2011, exports grew by 45.3% to $49.8 billion while imports were up by 33.3% to $73.7 billion and trade deficit for the same period were $23.9 billion. The export sector outstanding performance for April-May 2011 was mainly because of strong performance of the following sector engineering, 115% ($14.7billion); Gems and Jewellery 23% ($5.7 billion), petroleum & oil products, 64% ($8.8 billion); cotton yarn & made-ups, 10.4% ($1.04 billion); electronics, 80% ($1.83 billion) and Marine products, 15.8% ($0.4 billion).
However, exports of iron ore, Fruits & vegetables and tobacco registered negative growth because of ban on exports on these sectors. Rise in imports was mainly driven by POL, 12.9% ($20.3 billion); pearls & precious stones, 24.6% ($5.2 billion); gold & silver, 222% ($13.5 billion); Iron & steel, -13% ($1.8 billion) and machinery, 46.7% ($5.9 billion).
"The big change between the last couple of months and now is that imports have suddenly surged,' Khullar said. This increase in import was on account of increase in price of crude oil and gold. He further said that said that the trade gap is much larger than it had been in the last 2-3 years and is a matter of concern.
The S&P CNX Nifty was marginally down by 1.25 points or 0.02% at 5,484.55. The index touched high and low of 5,493.95 and 5,436.95 respectively.
The top gainers on the Nifty were Cipla up by 2.23%, NTPC up by 1.82%, BPCL up by 1.76%, kotak Bank up by 1.41% and Bharti Airtel was up by 1.35%.
On the other hand, Hindalco Inds down by 1.84%, Reliance Inds down by 1.79%, Sesa Goa down by 1.48%, Dr. Reddy's down by 1.30% and DLF down by 2.75% were the major losers on the index.
On the Asian front, Shanghai Composite was down by 0.16%, Hang Seng declined by 0.11%, Jakarta Composite plunged by 1.09%, KLSE Composite lost 0.53%, Nikkei 225 was down by 0.70%, Strait Times slipped 0.36% and Taiwan Weighted plummeted 1.41%.
The European markets after making a soft start have bounced back, currently trading in mixed, the France's CAC 40 was up by 0.13%, Germany's DAX gained 0.12%, while London's FTSE plummeted by 1.40%.
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