Indian stock markets are trading on a pessimistic note in the afternoon session of trade as investors are resorting to hefty position squaring from the rate sensitive counters like Real Estate and Banking ahead of the central bank's mid-quarter monetary policy meeting on Thursday. Investors are speculating that the RBI will take a calibrated approach and hike rates by 25 bps which will be its 10th hike in just 16 months. The index heavyweight Reliance Industries too bore the brunt of selling pressure as it shaved off around half a percent point and weighed down local sentiments. Amid the gloomy environment, it was the defensive pockets like FMCG and Healthcare which managed to keep their head above the water as they traded with moderate gains. Meanwhile a number scrip specific movement was evident in the local bourse amid the announcements of first quarter advance tax numbers by different companies. While, several leading corporate paid more advance tax in Q4 FY-11 indicating their healthy financial performances, this time the sentiments don't seem much bullish with a mixed set of numbers coming for the first quarter of the FY-12. The PSU oil marketing companies like HPCL, BPCL and IOC gained some traction in the session amid reports that Oil Minister Jaipal Reddy met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. On the global front, leads remained mixed as on one hand most Asian markets settled on a positive note, the European peers on the other hand got off to a somber opening, thereby giving no upside triggers to the domestic investors. Back home, the broader markets which were trading on a firm note in the morning session have pared all the initial gains and are currently trading on a quiet note with marginal gains and were outperforming their larger peers. The markets eased on volumes of over Rs 0.45 lakh crore in the early noon session while the turnover for the F&O segment was at over Rs 0.38 lakh crore. The market breadth on the BSE was in favor of declines in the ratio of 1231:1313 while 133 scrips remained unchanged.
The BSE Sensex is currently trading at 18,229.59 down by 79.07 points or 0.43% after trading as high as 18,308.69 and as low as 18,216.81. There were 9 stocks advancing against 21 declines on the index.
The broader indices were outperforming the benchmark indices; the BSE Mid cap and Small cap indices were up by 0.01% and 0.07% respectively.
The sectoral gainers on the BSE were, FMCG up by 0.22% and Healthcare up by 0.22% while, Realty down 1.27%, Consumer Durables down 0.94%, Bankex down 0.89%, IT down 0.86% and PSU down by 0.79%, were the major losers on the index.
The top gainers on the Sensex were HDFC up by 1.07%, R Infra up by 1.04%, Tata Steel up by 0.67%, HUL up by 0.41% and TCS up by 0.41%.
On the flip side, SBI down by 1.78%, Wipro down by 1.70%, Infosys down by 1.42%, Sterlite down by 1.42% and DLF down by 1.31% were the top losers on the index.
Meanwhile, India, which is pressing hard for implementation of SAFTA (South Asian Free Trade Agreement) in order to achieve full potential of the agreement and to enhance intra SAARC trade flows, has urged the Saarc countries including India, Bangladesh, Pakistan, Sri Lanka, Maldives, Afghahistan, Nepal and Bhutan to bring down all protectionist trade barriers to achieve regional economies of scale at a much greater pace. Trade ministers from the South Asian Association for Regional Cooperation (SAARC) countries are in Maldives for the fifth ministerial meeting for better implementation of the SAFTA agreement.
Anand Sharma, the Union Minister of Commerce and Industry, underscored that there are serious attempts being made to reduce the sensitive list under the trade liberalization program of SAFTA. He also affirmed that the focus should be to bring down the tariff levels for those items which still remain within the sensitive list. He advocated the nations to rapidly break down barriers in key sectors like textiles, pharmaceuticals, infrastructure, electronic goods, automobiles and agriculture.
The Commerce Minister also opined that India would provide $100 million as loan for each of its neighbouring countries to undertake developmental work in basic infrastructure projects and help them develop infrastructure like roads and power. India would extend such development loan through its Exim bank, interest rates close to LIBOR (London Inter Bank Offer Rate).
Highlighting the multiplying energy needs of the SAARC countries, Sharma advocated for meeting the need to build greater energy security through trans-national electricity grids. The SAARC region needs to concentrate on all possibilities of cross-border electricity trade. This would help in better energy load management as well as energy security in South Asia, he stated.
Earlier, during the meeting with Maldives President Mohamed Nasheed at Male, Anand Sharma held wide ranging discussions on economic cooperation between the both nations. Sharma outlined the new long-term concessional credit scheme for project exports launched by the Government of India and assured to encourage major Indian companies to participate in infrastructure building in Maldives.
The S&P CNX Nifty is currently trading at 5,467.30, lower by 33.20 points or 0.60% after trading as high as 5,499.35 and as low as 5,466.30. There were 14 stocks advancing against 36 declines on the index.
The top gainers of the Nifty were R Infra up by 0.79%, HDFC up by 0.69%, Sesa Goa up by 0.58%, Tata Steel up by 0.57% and Sun Pharma up by 0.56%.
GAIL down by 1.40%, Ambuja Cement down by 2.48%, SAIL down by 2.48%, IDFC down by 2.08%, Wipro down 1.92% and SBI down by 1.86% were the major losers on the index.
Most Asian markets turned green as Jakarta Composite climbed 0.78%, KLSE Composite increased 0.28%, Nikkei 225 added 0.28%, Straits Times rose 0.11% and Seoul Composite gained 0.47% and Taiwan Weighted inched up 0.03%.
On the other hand only Shanghai Composite declined 0.53% and Hang Seng eased 0.31%.
The European markets have opened on a negative note as the France's CAC 40 slipped 0.49%, Germany's DAX eased 0.36% and London's FTSE shed 0.23%.
The BSE Sensex is currently trading at 18,229.59 down by 79.07 points or 0.43% after trading as high as 18,308.69 and as low as 18,216.81. There were 9 stocks advancing against 21 declines on the index.
The broader indices were outperforming the benchmark indices; the BSE Mid cap and Small cap indices were up by 0.01% and 0.07% respectively.
The sectoral gainers on the BSE were, FMCG up by 0.22% and Healthcare up by 0.22% while, Realty down 1.27%, Consumer Durables down 0.94%, Bankex down 0.89%, IT down 0.86% and PSU down by 0.79%, were the major losers on the index.
The top gainers on the Sensex were HDFC up by 1.07%, R Infra up by 1.04%, Tata Steel up by 0.67%, HUL up by 0.41% and TCS up by 0.41%.
On the flip side, SBI down by 1.78%, Wipro down by 1.70%, Infosys down by 1.42%, Sterlite down by 1.42% and DLF down by 1.31% were the top losers on the index.
Meanwhile, India, which is pressing hard for implementation of SAFTA (South Asian Free Trade Agreement) in order to achieve full potential of the agreement and to enhance intra SAARC trade flows, has urged the Saarc countries including India, Bangladesh, Pakistan, Sri Lanka, Maldives, Afghahistan, Nepal and Bhutan to bring down all protectionist trade barriers to achieve regional economies of scale at a much greater pace. Trade ministers from the South Asian Association for Regional Cooperation (SAARC) countries are in Maldives for the fifth ministerial meeting for better implementation of the SAFTA agreement.
Anand Sharma, the Union Minister of Commerce and Industry, underscored that there are serious attempts being made to reduce the sensitive list under the trade liberalization program of SAFTA. He also affirmed that the focus should be to bring down the tariff levels for those items which still remain within the sensitive list. He advocated the nations to rapidly break down barriers in key sectors like textiles, pharmaceuticals, infrastructure, electronic goods, automobiles and agriculture.
The Commerce Minister also opined that India would provide $100 million as loan for each of its neighbouring countries to undertake developmental work in basic infrastructure projects and help them develop infrastructure like roads and power. India would extend such development loan through its Exim bank, interest rates close to LIBOR (London Inter Bank Offer Rate).
Highlighting the multiplying energy needs of the SAARC countries, Sharma advocated for meeting the need to build greater energy security through trans-national electricity grids. The SAARC region needs to concentrate on all possibilities of cross-border electricity trade. This would help in better energy load management as well as energy security in South Asia, he stated.
Earlier, during the meeting with Maldives President Mohamed Nasheed at Male, Anand Sharma held wide ranging discussions on economic cooperation between the both nations. Sharma outlined the new long-term concessional credit scheme for project exports launched by the Government of India and assured to encourage major Indian companies to participate in infrastructure building in Maldives.
The S&P CNX Nifty is currently trading at 5,467.30, lower by 33.20 points or 0.60% after trading as high as 5,499.35 and as low as 5,466.30. There were 14 stocks advancing against 36 declines on the index.
The top gainers of the Nifty were R Infra up by 0.79%, HDFC up by 0.69%, Sesa Goa up by 0.58%, Tata Steel up by 0.57% and Sun Pharma up by 0.56%.
GAIL down by 1.40%, Ambuja Cement down by 2.48%, SAIL down by 2.48%, IDFC down by 2.08%, Wipro down 1.92% and SBI down by 1.86% were the major losers on the index.
Most Asian markets turned green as Jakarta Composite climbed 0.78%, KLSE Composite increased 0.28%, Nikkei 225 added 0.28%, Straits Times rose 0.11% and Seoul Composite gained 0.47% and Taiwan Weighted inched up 0.03%.
On the other hand only Shanghai Composite declined 0.53% and Hang Seng eased 0.31%.
The European markets have opened on a negative note as the France's CAC 40 slipped 0.49%, Germany's DAX eased 0.36% and London's FTSE shed 0.23%.
No comments:
Post a Comment