The Indian equity markets, after making a negative start triggered by weak global cues, are trading on a flat note on bargain hunting seen in some of the key heavyweights and buying witnessed in broader indices. However, the global cues continue to remain unsupportive as the US markets continued their southward journey overnight and all the major indices were down by half to one percent each while, most of the Asian counterparts were trading in the negative terrain, indicating somber investors' sentiments. On the sectoral front realty witnessed the maximum gain in trade followed by healthcare and oil and gas while, fast moving consumer goods and capital goods stocks remained the top losers. The broader indices were outperforming benchmarks. Moreover, PSU oil marketing companies viz., BPCL, HPL and IOC all were edged higher in the trade after crude oil prices fell below $100 a barrel on expectations that OPEC will raise production targets at its meeting this Wednesday in Vienna in the backdrop of triple-digit oil prices and pressure from consumer countries to increase supplies. The market breadth has made a positive start; there were 957 shares on the gaining side against 535 shares on the losing side while 55 shares remained unchanged.
The BSE Sensex opened at 18,355.30; about 65 points lower compared to its previous closing of 18,420.11, and has touched a high and a low of 18,437.43 and 18,351.24, respectively.
The index is currently trading at 18,421.74 up by 1.63 points or 0.01%. There were 13 stocks advancing against 17 declines on the index.
The overall market breadth has made a positive start with 61.86 % stocks advancing against 34.58% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices up by 0.41% and 0.34% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 0.78%, HC up by 0.55%, Oil and Gas up by 0.38%, PSU up by 0.30% and Metal was up by 0.24%. While, FMCG down by 0.20% and CG down by 0.07% were the only losers on the index.
The top gainers on the Sensex were Cipla up by 1.39%, Reliance Infra up by 1.34%, DLF up by 1.05%, JP Associates up by 0.97% and M&M was up by 0.82%.
On the flip side, HDFC down by 0.89%, NTPC down by 0.66%, HUL down by 0.65%, Hero Honda down by 0.64% and Maruti Suzuki down by 0.60% were the top losers on the index.
Meanwhile, the Prime Minister Dr Manmohan Singh is scheduled to chair an inter-ministerial meeting on 9th June to discuss the policy like environment, land acquisition and labour issues in order to remove obstacles of new manufacturing policy. The meeting to discuss the draft manufacturing policy was initially scheduled for June 2 but was postponed then. The draft national manufacturing policy has inputs from all sections after an intense and absorbing debate in the country and an inter-Ministerial consultation had been completed for the policy which would enable the creation of mega industrial zones across the country.
The manufacturing sector's contribution to GDP has been stagnating at 16% and this new policy will create National Investment and Manufacturing Zones (NIMZs) as mega investment regions, which will help increase the contribution of the manufacturing sector to India's gross domestic product from 16% to 25% by 2025. The draft policy issued by Department of Industrial policy and promotion (DIPP) under the ministry of commerce, had recommended that the clearance period for the projects should be around a year and in case the process is not completed in time, it should be treated as deemed granted. But, the proposed new manufacturing policy is opposed by ministries on the issues like environment and labour. The labour ministry is opposing the outsourcing of inspection of the national manufacturing industrial zones (NIMZs) to third parties and easier exit policies that might empower companies to execute a hire and fire policy. On the other side, environment ministry is not in favour of offering an easier set of norms to accelerate the process of clearance as relevant laws will have to be modified appropriately.
The S&P CNX Nifty opened at 5,509.15; about 23 points lower compared to its previous closing of 5,532.05, and has touched a high and a low of 5,534.60 and 5,507.80 respectively.
The index is currently trading at 5,533.85, up by 1.80 points or 0.03%. There were 26 stocks advancing against 23 declines while one stock remained unchanged on the index.
The top gainers of the Nifty were Cipla up by 1.34%, Reliance Infra up by 1.25%, DLF up by 1.05%, Reliance Capital up by 1.00% and Tata Steel up by 0.88%.
ACC down by 0.88%, Hero Honda down by 0.87%, HDFC down by 0.85%, Siemens down by 0.77% and Bajaj Auto was down by 0.73%, were the major losers on the index.
Most of the Asian equity indices were trading in the red; Hang Seng was down 165.31 points or 0.72% to 22,784.25, Jakarta Composite was down 11.26 points or 0.29% to 3,822.95, KLSE Composite was down 0.97 points or 0.06% to 1,551.17, Straits Times was down 4.76 points or 0.15% to 3,108.97, Seoul Composite was down 17.62 points or 0.83% to 2,095.85 and Taiwan Weighted was down by 12.50 points or 0.14% to 9,033.78.
On the flip side, Shanghai Composite was up 2.93 points or 0.11% to 2,730.95 and Nikkei 225 was up by 58.81 points or 0.63% to 9,439.16.
The BSE Sensex opened at 18,355.30; about 65 points lower compared to its previous closing of 18,420.11, and has touched a high and a low of 18,437.43 and 18,351.24, respectively.
The index is currently trading at 18,421.74 up by 1.63 points or 0.01%. There were 13 stocks advancing against 17 declines on the index.
The overall market breadth has made a positive start with 61.86 % stocks advancing against 34.58% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices up by 0.41% and 0.34% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 0.78%, HC up by 0.55%, Oil and Gas up by 0.38%, PSU up by 0.30% and Metal was up by 0.24%. While, FMCG down by 0.20% and CG down by 0.07% were the only losers on the index.
The top gainers on the Sensex were Cipla up by 1.39%, Reliance Infra up by 1.34%, DLF up by 1.05%, JP Associates up by 0.97% and M&M was up by 0.82%.
On the flip side, HDFC down by 0.89%, NTPC down by 0.66%, HUL down by 0.65%, Hero Honda down by 0.64% and Maruti Suzuki down by 0.60% were the top losers on the index.
Meanwhile, the Prime Minister Dr Manmohan Singh is scheduled to chair an inter-ministerial meeting on 9th June to discuss the policy like environment, land acquisition and labour issues in order to remove obstacles of new manufacturing policy. The meeting to discuss the draft manufacturing policy was initially scheduled for June 2 but was postponed then. The draft national manufacturing policy has inputs from all sections after an intense and absorbing debate in the country and an inter-Ministerial consultation had been completed for the policy which would enable the creation of mega industrial zones across the country.
The manufacturing sector's contribution to GDP has been stagnating at 16% and this new policy will create National Investment and Manufacturing Zones (NIMZs) as mega investment regions, which will help increase the contribution of the manufacturing sector to India's gross domestic product from 16% to 25% by 2025. The draft policy issued by Department of Industrial policy and promotion (DIPP) under the ministry of commerce, had recommended that the clearance period for the projects should be around a year and in case the process is not completed in time, it should be treated as deemed granted. But, the proposed new manufacturing policy is opposed by ministries on the issues like environment and labour. The labour ministry is opposing the outsourcing of inspection of the national manufacturing industrial zones (NIMZs) to third parties and easier exit policies that might empower companies to execute a hire and fire policy. On the other side, environment ministry is not in favour of offering an easier set of norms to accelerate the process of clearance as relevant laws will have to be modified appropriately.
The S&P CNX Nifty opened at 5,509.15; about 23 points lower compared to its previous closing of 5,532.05, and has touched a high and a low of 5,534.60 and 5,507.80 respectively.
The index is currently trading at 5,533.85, up by 1.80 points or 0.03%. There were 26 stocks advancing against 23 declines while one stock remained unchanged on the index.
The top gainers of the Nifty were Cipla up by 1.34%, Reliance Infra up by 1.25%, DLF up by 1.05%, Reliance Capital up by 1.00% and Tata Steel up by 0.88%.
ACC down by 0.88%, Hero Honda down by 0.87%, HDFC down by 0.85%, Siemens down by 0.77% and Bajaj Auto was down by 0.73%, were the major losers on the index.
Most of the Asian equity indices were trading in the red; Hang Seng was down 165.31 points or 0.72% to 22,784.25, Jakarta Composite was down 11.26 points or 0.29% to 3,822.95, KLSE Composite was down 0.97 points or 0.06% to 1,551.17, Straits Times was down 4.76 points or 0.15% to 3,108.97, Seoul Composite was down 17.62 points or 0.83% to 2,095.85 and Taiwan Weighted was down by 12.50 points or 0.14% to 9,033.78.
On the flip side, Shanghai Composite was up 2.93 points or 0.11% to 2,730.95 and Nikkei 225 was up by 58.81 points or 0.63% to 9,439.16.
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