The trade remains range bound for the domestic equity markets in the early noon session, though there has been some moderation in early gains due to profit booking in selective stocks but the sentiments still remain firm as all the sectoral indices are trading in green with realty taking the lead, all the beaten down stocks are witnessing spurt in trade, with maximum activity being witnessed in Reliance ADA group companies after the Central Bureau of Investigation (CBI) court rejected a plea seeking a probe against Group Chairman Anil Ambani related to the 2G spectrum sale. The beaten down stock 'Sun TV Network' too has bounced back and is up by over 6 percent after Union Textiles Minister Dayanidhi Maran on Thursday denied allegations that he had misused his office during his tenure as a former Union Telecoms Minister. Meanwhile RIL chief Mukesh Ambani was addressing the AGM of the company and if he comes up with any significant thing about the KG basin gas output, the stocks might show some movement.
The BSE Sensex is currently trading at 18,593.60, up by 99.42 points or 0.54%. The index has touched a high and low of 18,672.65 and 18,554.40 respectively. There were 23 stocks advancing against 7 declines on the index.
The broader indices were in slightly better position than their larger peers; the BSE Mid cap and Small cap indices were up by 0.60% and 0.70% respectively.
All the sectoral indices on the BSE were in green with top gainers being Realty up by 1.48%, CD up by 0.85%, IT up by 0.85%, TECk up by 0.84% and CG was up by 0.78%.
The top gainers on the Sensex were Reliance Communication up by 6.68%, Reliance Infra up by 4.60%, L&T up by 1.57%, M&M up by 1.48% and ICICI Bank was up by 1.29%.
On the flip side, Tata Motors down by 1.71%, HDFC down by 0.59%, BHEL down by 0.47% Hindalco was down by 0.44% and Hero Honda down by 0.38 were the losers on the Sensex.
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 on 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).
The S&P CNX Nifty is currently trading at 5,580.40, higher by 30.05 points or 0.54%. The index has touched a high and low of 5,604.95 and 5,565.70 respectively. There were 33 stocks advancing against 16 declines on the index.
The top gainers of the Nifty were RCom up by 6.50%, Reliance Capital up by 5.55%, Reliance Infra up by 4.67%, Reliance Power up by 3.43% and Powergrid was up by 2.27%.
On the flip side, Tata Motors down by 1.84%, SAIL down by 0.97%, GAIL down by 0.88%, HDFC down by 0.72% and BHEL down by 0.69% were the top losers on the index.
Other Asian equity indices remain mixed; Shanghai Composite was up by 0.74%, KLSE Composite was up by 0.03 points and Taiwan Weighted added 0.61%,
On the flip side, Hang Seng declined 0.42%, Jakarta Composite dropped 0.07%, Nikkei 225 was down by 0.66%and Straits Times lost 0.39%.
The BSE Sensex is currently trading at 18,593.60, up by 99.42 points or 0.54%. The index has touched a high and low of 18,672.65 and 18,554.40 respectively. There were 23 stocks advancing against 7 declines on the index.
The broader indices were in slightly better position than their larger peers; the BSE Mid cap and Small cap indices were up by 0.60% and 0.70% respectively.
All the sectoral indices on the BSE were in green with top gainers being Realty up by 1.48%, CD up by 0.85%, IT up by 0.85%, TECk up by 0.84% and CG was up by 0.78%.
The top gainers on the Sensex were Reliance Communication up by 6.68%, Reliance Infra up by 4.60%, L&T up by 1.57%, M&M up by 1.48% and ICICI Bank was up by 1.29%.
On the flip side, Tata Motors down by 1.71%, HDFC down by 0.59%, BHEL down by 0.47% Hindalco was down by 0.44% and Hero Honda down by 0.38 were the losers on the Sensex.
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 on 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).
The S&P CNX Nifty is currently trading at 5,580.40, higher by 30.05 points or 0.54%. The index has touched a high and low of 5,604.95 and 5,565.70 respectively. There were 33 stocks advancing against 16 declines on the index.
The top gainers of the Nifty were RCom up by 6.50%, Reliance Capital up by 5.55%, Reliance Infra up by 4.67%, Reliance Power up by 3.43% and Powergrid was up by 2.27%.
On the flip side, Tata Motors down by 1.84%, SAIL down by 0.97%, GAIL down by 0.88%, HDFC down by 0.72% and BHEL down by 0.69% were the top losers on the index.
Other Asian equity indices remain mixed; Shanghai Composite was up by 0.74%, KLSE Composite was up by 0.03 points and Taiwan Weighted added 0.61%,
On the flip side, Hang Seng declined 0.42%, Jakarta Composite dropped 0.07%, Nikkei 225 was down by 0.66%and Straits Times lost 0.39%.
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