Indian equity indices continue to trade firm in a positive zone at high point of the day with buying witnessed among the broad based index and frontline equities as investors pile up stocks from Realty, IT and Oil & Gas sector. On the other hand, the Capital goods index remained under some pressure as heavyweight L&T declined by nearly a percent point. Country's largest car maker Maruti Suzuki India's (MSI) Manesar plant wokers entered its fourth day strike today affecting the production. The company had yesterday sacked 11 employees at the plant for allegedly inciting others to strike work. The company had suffered production loss of about 1,800 units and the value of the loss is estimated to be around Rs 100 crore till yesterday. While European counterparts are trading firm coupled with recovery in some of the ruffled Asian peers too spurred optimism in the domestic markets. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 5,550 and 18,500 levels, respectively. The market breadth on the BSE was in favor of advances in the ratio of 1426:1225 while 134 scrips remained unchanged.
Moreover, around 500 cable TV operators are sitting on a hunger strike in Chennai as they are demanding an end to Sun TV Network's monopoly in Tamil Nadu. The operators have alleged that Maran brothers have threatened them. They have also demanded a revival of Arasu Cable Corporation, launched by the previous DMK government. However, the Tamil Nadu government has already announced to nationalize all private cable TV operations in the state. The new government also assured that the Arasu Cable Corporation which was defunct for the last three years will be revived soon.
The BSE Sensex garnered 107.85 points or 0.59% at 18,527.96. The index touched a high and a low of 18,531.29 and 18,351.24 respectively.
The BSE midcap index climbed by 0.67% while, the smallcap index advanced by 0.46% points.
On the BSE sectoral front, Realty up 1.54%, IT up 1.31%, Oil & Gas up 1.25%, Teck up 1.07% and Healthcare up 0.97%, remained the major gainers. While, Capital Goods down 0.31% was the only laggard in the BSE sectoral space.
The top gainers on the Sensex were JP Associates up 2.06%, RIL up 1.93%, Infosys up 1.78%, Cipla up 1.76% and TCS up 1.31%. On the flip side, HUL down 0.98%, L&T down 0.91%, Hero Honda down 0.75%, Wipro down 0.66% and Bajaj Auto down 0.65% were the major losers on the index.
Meanwhile, the government is planning to replace private firms with state-backed institutions from Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). The DMICDC is a special purpose vehicle (SPV) set up by the government and private infra firms IL&FS and IDCF. At present, IL&FS and IDCF holds 41% and 10% stake in DMICDC, respectively. The union government owns the remaining 49% of DMICDC.
The ministry of industry has requested the cabinet to buy back 51% stake held by private firms as it does not want private players to make profits from the upside investment made by the government. The preliminary requirement of project is estimated to be around Rs 17, 000 crore. The other reason of this replacement is that government wants to avoid any conflict on biding for projects as both private firms will be allowed to bid for the projects, such as industrial zones. The 51% stake held by these two private firms will be offered to state run financial institutions such as LIC and IIFCL. RP Singh, secretary, Department of Industrial Development and Policy said, "we want the SPV to be owned by the government and government institution.'
The DIMC project is one of the ambitious infra development project of government. The 1,500 km corridor runs across six state of western region - Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. The DMIC includes nine mega industrial zones of about 200 to 250 sq km, a high speed rail freight line, two airports and three ports, six-lane intersection-free expressway connecting Nation's Capital Delhi and Financial Capital Mumbai and a 4000 MW power plant. The $90 billion project will be funded by government of India and Japanese loans and investment by Japanese firms and through Japan depository receipts issued by the Indian companies.
The S&P CNX Nifty amassed 33.00 points or 0.60% at 5,565.05. The index touched high and low of 5,566.10 and 5,507.80 respectively.
The top gainers on the Nifty were Sun Pharma up 2.43%, RIL up 2.11%, Infosys up 2.07%, JP Associate up 1.81% and Cipla up 1.75%. On the other hand, L&T down 1.06%, HUL down 0.95%, ACC down 0.91%, Hero Honda down 0.83% and Bajaj Auto down 0.64% were the major losers on the index.
On the Asian front, Shanghai Composite climbed 0.64%, Nikkei 225 advanced 0.67% and Taiwan Weighted rose 0.12%. On the flipside, Hang Seng eased 0.29%, Straits Times down 0.02%, Jakarta Composite slipped 0.21%, KLSE Composite shed 0.04% and Seoul Composite sank by 0.65%.
The European markets are trading in green with France's CAC 40 added 0.64%, Germany's DAX advanced 0.85% and London's FTSE rose 0.34%.
Moreover, around 500 cable TV operators are sitting on a hunger strike in Chennai as they are demanding an end to Sun TV Network's monopoly in Tamil Nadu. The operators have alleged that Maran brothers have threatened them. They have also demanded a revival of Arasu Cable Corporation, launched by the previous DMK government. However, the Tamil Nadu government has already announced to nationalize all private cable TV operations in the state. The new government also assured that the Arasu Cable Corporation which was defunct for the last three years will be revived soon.
The BSE Sensex garnered 107.85 points or 0.59% at 18,527.96. The index touched a high and a low of 18,531.29 and 18,351.24 respectively.
The BSE midcap index climbed by 0.67% while, the smallcap index advanced by 0.46% points.
On the BSE sectoral front, Realty up 1.54%, IT up 1.31%, Oil & Gas up 1.25%, Teck up 1.07% and Healthcare up 0.97%, remained the major gainers. While, Capital Goods down 0.31% was the only laggard in the BSE sectoral space.
The top gainers on the Sensex were JP Associates up 2.06%, RIL up 1.93%, Infosys up 1.78%, Cipla up 1.76% and TCS up 1.31%. On the flip side, HUL down 0.98%, L&T down 0.91%, Hero Honda down 0.75%, Wipro down 0.66% and Bajaj Auto down 0.65% were the major losers on the index.
Meanwhile, the government is planning to replace private firms with state-backed institutions from Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). The DMICDC is a special purpose vehicle (SPV) set up by the government and private infra firms IL&FS and IDCF. At present, IL&FS and IDCF holds 41% and 10% stake in DMICDC, respectively. The union government owns the remaining 49% of DMICDC.
The ministry of industry has requested the cabinet to buy back 51% stake held by private firms as it does not want private players to make profits from the upside investment made by the government. The preliminary requirement of project is estimated to be around Rs 17, 000 crore. The other reason of this replacement is that government wants to avoid any conflict on biding for projects as both private firms will be allowed to bid for the projects, such as industrial zones. The 51% stake held by these two private firms will be offered to state run financial institutions such as LIC and IIFCL. RP Singh, secretary, Department of Industrial Development and Policy said, "we want the SPV to be owned by the government and government institution.'
The DIMC project is one of the ambitious infra development project of government. The 1,500 km corridor runs across six state of western region - Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. The DMIC includes nine mega industrial zones of about 200 to 250 sq km, a high speed rail freight line, two airports and three ports, six-lane intersection-free expressway connecting Nation's Capital Delhi and Financial Capital Mumbai and a 4000 MW power plant. The $90 billion project will be funded by government of India and Japanese loans and investment by Japanese firms and through Japan depository receipts issued by the Indian companies.
The S&P CNX Nifty amassed 33.00 points or 0.60% at 5,565.05. The index touched high and low of 5,566.10 and 5,507.80 respectively.
The top gainers on the Nifty were Sun Pharma up 2.43%, RIL up 2.11%, Infosys up 2.07%, JP Associate up 1.81% and Cipla up 1.75%. On the other hand, L&T down 1.06%, HUL down 0.95%, ACC down 0.91%, Hero Honda down 0.83% and Bajaj Auto down 0.64% were the major losers on the index.
On the Asian front, Shanghai Composite climbed 0.64%, Nikkei 225 advanced 0.67% and Taiwan Weighted rose 0.12%. On the flipside, Hang Seng eased 0.29%, Straits Times down 0.02%, Jakarta Composite slipped 0.21%, KLSE Composite shed 0.04% and Seoul Composite sank by 0.65%.
The European markets are trading in green with France's CAC 40 added 0.64%, Germany's DAX advanced 0.85% and London's FTSE rose 0.34%.
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