Domestic markets continue to show their sluggishness as there is not much cue to support the markets in early noon session, global cue were mainly weighing down the domestic markets. Traders were waiting for the weekly food inflation numbers to get some direction and the rate sensitives' were suffering the maximum selling, anticipating some strict RBI's action in view of inflation in its upcoming policy review. Auto sector stocks were down as sales numbers released by major companies for May showed fatigue creeping in as companies saw demand slowing down. Margins are already under pressure and it will not be possible for firms to absorb the higher manufacturing costs going further. Defensive sector FMCG was leading the small pack of gainers along with healthcare and consumer durables.
The BSE Sensex is currently trading at 18,494.94, down by 113.87 points or 0.61%. The index has touched a high and low of 18,510.84 and 18,390.57 respectively. There were 11 stocks advancing against 19 declines on the index.
The broader indices too were trading lower; the BSE Mid cap and Small cap indices were down by 0.54% and 0.47% respectively.
The gaining sectoral indices on the BSE were, FMCG up by 1.29%, CD up by 0.46% and HC was up by 0.42%.
While, Bankex down by 1.53%, Realty down by 1.49%, Metal down by 1.34% Auto down by 1.33%, and CG down by 0.80% were the top losers on the index.
The top gainers on the Sensex were HUL up by 3.24%, NTPC 1.46%, Cipla up by 1..33%, ITC up by 1.01%, and Bajaj Auto up by 0.71%.
On the flip side, ICICI Bank down by 2.82%, Tata Motors down by 2.74%, Mahindra & Mahindra down by 1.96%, Sterlite Inds down by 1.76% and Hindalco Inds down by 1.62% were the top losers on the index.
Meanwhile, the Department of Industry Policy and Promotion (DIPP) under the Ministry of Commerce, is expected to move a proposal asking cabinet approval for 51% Foreign Direct Investment (FDI) in multi-brand retail sector. To avoid any political resistance from opposition and left parties, the DIPP proposal has made state government the final authority to take any final decision whether they wish to have front-end retail store in their states.
Multinational retailers giants like Walmart, Carrefour and Tescoa are trying to enter in India's $400 billion retail sector which is traditionally dominated by small scale retailers or Kirana's. As per the DIPP official, a draft framework has been prepared keeping adequate safeguards to protect small shopkeepers, and to ensure that FDI actually helps in development of back-end infrastructure. The department has circulated a draft framework to a committee of secretaries (CoS), which will fine-tune it before a final cabinet note is moved.
At present, India allows 51% FDI in single-brand retail and 100% in wholesale cash-and-carry. The draft framework prepared by DIPP has a rider that foreign retail giants will have to invest a minimum of $100 million and it suggests that at least 50% of the total FDI proposed by an investor should be in back-end infrastructure for which a statement of account would be field with central bank and Foreign Investment Promotion Board. For monitoring purpose government will allow back end infrastructure to be executed through a devoted entity. According to draft proposal, the multi-brand retailers would be required to source at least 30% of their products, including food items from small and medium enterprises (SME), and these multi-brand retail outlets will be allowed to open in the cities with more than 10 lakh population (2011 census).
Recently, Inter Ministerial Group (IMG) too had suggested opening up Multi-brand Retails sector for FDI and changes in agriculture marketing lows to check the rate of price rise. Chief Economic adviser and Inter Ministerial Group (IMG) Chairman Kaushik Basu has said, "We are taking a clear position on FDI in multi-brand retail. Of course, it is a recommendation, not policy.'
S&P CNX Nifty is currently trading at 5,555.40, down by 36.60 points or 0.65%. The index has touched a high and low of 5,559.70 and 5,521.95 respectively. There were 17 stocks advancing against 33 declines on the index.
The top gainers of the Nifty were HUL up by 3.19%, Reliance Capital up by 1.88%, SAIL up by 1.86%, Sun Pharmaceuticals up by 1.68% and NTPC up by 1.20%.
Sesa Goa down by 3.41%, Tata Motors down by 3.11%, PNB down by 2.17%, Kotak Bank down by 2.01% and IDFC down by 2.01% were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite plunged by 1.98%, Hang Seng declined 1.66%, KLSE Composite was down by 0.23%, Nikkei 225 plunged 1.69%, Straits Times shed 0.56%, Seoul Composite lost 1.27% and Taiwan Weighted was down by 0.78%.
The BSE Sensex is currently trading at 18,494.94, down by 113.87 points or 0.61%. The index has touched a high and low of 18,510.84 and 18,390.57 respectively. There were 11 stocks advancing against 19 declines on the index.
The broader indices too were trading lower; the BSE Mid cap and Small cap indices were down by 0.54% and 0.47% respectively.
The gaining sectoral indices on the BSE were, FMCG up by 1.29%, CD up by 0.46% and HC was up by 0.42%.
While, Bankex down by 1.53%, Realty down by 1.49%, Metal down by 1.34% Auto down by 1.33%, and CG down by 0.80% were the top losers on the index.
The top gainers on the Sensex were HUL up by 3.24%, NTPC 1.46%, Cipla up by 1..33%, ITC up by 1.01%, and Bajaj Auto up by 0.71%.
On the flip side, ICICI Bank down by 2.82%, Tata Motors down by 2.74%, Mahindra & Mahindra down by 1.96%, Sterlite Inds down by 1.76% and Hindalco Inds down by 1.62% were the top losers on the index.
Meanwhile, the Department of Industry Policy and Promotion (DIPP) under the Ministry of Commerce, is expected to move a proposal asking cabinet approval for 51% Foreign Direct Investment (FDI) in multi-brand retail sector. To avoid any political resistance from opposition and left parties, the DIPP proposal has made state government the final authority to take any final decision whether they wish to have front-end retail store in their states.
Multinational retailers giants like Walmart, Carrefour and Tescoa are trying to enter in India's $400 billion retail sector which is traditionally dominated by small scale retailers or Kirana's. As per the DIPP official, a draft framework has been prepared keeping adequate safeguards to protect small shopkeepers, and to ensure that FDI actually helps in development of back-end infrastructure. The department has circulated a draft framework to a committee of secretaries (CoS), which will fine-tune it before a final cabinet note is moved.
At present, India allows 51% FDI in single-brand retail and 100% in wholesale cash-and-carry. The draft framework prepared by DIPP has a rider that foreign retail giants will have to invest a minimum of $100 million and it suggests that at least 50% of the total FDI proposed by an investor should be in back-end infrastructure for which a statement of account would be field with central bank and Foreign Investment Promotion Board. For monitoring purpose government will allow back end infrastructure to be executed through a devoted entity. According to draft proposal, the multi-brand retailers would be required to source at least 30% of their products, including food items from small and medium enterprises (SME), and these multi-brand retail outlets will be allowed to open in the cities with more than 10 lakh population (2011 census).
Recently, Inter Ministerial Group (IMG) too had suggested opening up Multi-brand Retails sector for FDI and changes in agriculture marketing lows to check the rate of price rise. Chief Economic adviser and Inter Ministerial Group (IMG) Chairman Kaushik Basu has said, "We are taking a clear position on FDI in multi-brand retail. Of course, it is a recommendation, not policy.'
S&P CNX Nifty is currently trading at 5,555.40, down by 36.60 points or 0.65%. The index has touched a high and low of 5,559.70 and 5,521.95 respectively. There were 17 stocks advancing against 33 declines on the index.
The top gainers of the Nifty were HUL up by 3.19%, Reliance Capital up by 1.88%, SAIL up by 1.86%, Sun Pharmaceuticals up by 1.68% and NTPC up by 1.20%.
Sesa Goa down by 3.41%, Tata Motors down by 3.11%, PNB down by 2.17%, Kotak Bank down by 2.01% and IDFC down by 2.01% were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite plunged by 1.98%, Hang Seng declined 1.66%, KLSE Composite was down by 0.23%, Nikkei 225 plunged 1.69%, Straits Times shed 0.56%, Seoul Composite lost 1.27% and Taiwan Weighted was down by 0.78%.
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