The Indian equity markets have made a gap up start tracking positive cues from global indices. The US markets made a fabulous closing on Friday with the best weekly gain in last two years while, all the Asian equity indices were trading in the positive terrain at this point of time, indicating strong investors' sentiments. Moreover, increased buying by funds and retail investors too strengthened the sentiments. Back home, sustained buying in mostly all the key heavyweights along with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to regain their crucial 18,900 and 5,650 mark respectively. Realty witnessed the maximum gain in trade followed by oil and gas and banking while, there were no losers on the BSE sectoral space. The broader indices were outperforming benchmarks. Meanwhile, sugar stocks like, Shree Renuka Sugars, Balrampur Chini Mills, Bajaj Hindustan and Rana Sugars all were trading with a gain in the range of 3-6 percent as after allowing an additional 5 lakh tonne of sugar export, there is a buzz that government will discuss sugar decontrol in a meeting in the next 8-10 days. The market breadth on the BSE was positive; there were 1,333 shares on the gaining side against 443 shares on the losing side while 70 shares remained unchanged.
The BSE Sensex opened at 18,896.24; about 134 points higher compared to its previous closing of 18,762.80, and has touched a high and a low of 18,942.42 and 18,885.96 respectively.
The index is currently trading at 18,914.13, up by 151.33 points or 0.81%. There were 28 stocks advancing against just 2 declines on the index.
The overall market breadth has made a strong start with 72.21% stocks advancing against 24.00% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 1.01% and 0.93% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 2.85%, Oil and Gas up by 1.06%, Bankex up by 1.05%, CD up by 0.93% and FMCG was up by 0.93%. While, there were no losers on the index.
The top gainers on the Sensex were DLF up by 4.70%, Sterlite Industries up by 2.29%, Jaiprakash Associates up by 2.03%, Reliance Infra up by 1.93% and M&M was up by 1.80%.
On the flip side, Tata Steel was down by 0.68% and Maruti Suzuki was down by 0.66% were the only losers on the Sensex.
Meanwhile, the 14-player telecom industry is waiting for several issues to be sorted out, including spectrum allocation, licensing , tariffs, pricing, spectrum sharing and trading, rollout obligations and mergers and acquisitions norms. The New Telecom Policy 2011, which is likely to bring more clarity in the Indian telecom industry is expected to come out before the year-end. Communication Minister Kapil Sibal said, India will resolve all pending issues related to the telecom sector by October and also develop its own telecom security protocols and equipment testing facility.
Telecom ministry also clarified that the government is not collaborating with Chinese telecom gear maker Huawei, for creating facility that will test all imported mobile networks into India. Telecom Minister said, 'We are not collaborating with any company to set up our testing laboratory. IISc has already set up the same as part of old pilot project, wherein all the equipment and software is theirs.'
Telecom minister said 'The proposed centre would formulate standards and policies, provide facilities for testing, validation and security certification for various network elements to ensure networks are secure and less vulnerable to internal and external threats". On June 15, a Memorandum of understanding was signed between Indian Institute of Science (IISc) Bangalore and Huawei, to provide documentation, expertise, methods and standards for studying telecom equipment.
Kapil Sibal said the government was keen to create the testing facility since private service providers had deployed 70-80% of imported telecom equipment. Minister further added that IISc had approached several vendors including US-based Cisco, Juniper and Avaya to share internal details of their telecom equipment like detailed design document and internal architecture, critical for testing. The Chinese gear maker Huawei was earlier disqualified from many tenders of BSNL, due to security concerns, even though the Chinese firm was the lowest bidder.
The S&P CNX Nifty opened at 5,679.55; about 52 points higher compared to its previous closing of 5,627.20, and has touched a high and a low of 5,679.65 and 5,660.70 respectively.
On the flip side, Maruti Suzuki down by 0.61%, ACC down by 0.26%, BPCL down by 0.18%, NTPC down by 0.05% and Tata Steel down by 0.02%, were the major losers on the index.
All the Asian equity indices were trading in the green; Shanghai Composite was up 35.66 points or 1.29% to 2,795.02, Hang Seng was up 398.05 points or 1.78% to 22,796.15, Jakarta Composite was up 27.27 points or 0.69% to 3,954.37, KLSE Composite was up 4.97 points or 0.31% to 1,587.91, Nikkei 225 was up 114.69 points or 1.16% to 9,982.76, Straits Times was up 24.05 points or 0.77% to 3,163.06, Seoul Composite was up 25.66 points or 1.21% to 2,151.40 and Taiwan Weighted was up 51.18 points or 0.59% to 8,791.00.
The BSE Sensex opened at 18,896.24; about 134 points higher compared to its previous closing of 18,762.80, and has touched a high and a low of 18,942.42 and 18,885.96 respectively.
The index is currently trading at 18,914.13, up by 151.33 points or 0.81%. There were 28 stocks advancing against just 2 declines on the index.
The overall market breadth has made a strong start with 72.21% stocks advancing against 24.00% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 1.01% and 0.93% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 2.85%, Oil and Gas up by 1.06%, Bankex up by 1.05%, CD up by 0.93% and FMCG was up by 0.93%. While, there were no losers on the index.
The top gainers on the Sensex were DLF up by 4.70%, Sterlite Industries up by 2.29%, Jaiprakash Associates up by 2.03%, Reliance Infra up by 1.93% and M&M was up by 1.80%.
On the flip side, Tata Steel was down by 0.68% and Maruti Suzuki was down by 0.66% were the only losers on the Sensex.
Meanwhile, the 14-player telecom industry is waiting for several issues to be sorted out, including spectrum allocation, licensing , tariffs, pricing, spectrum sharing and trading, rollout obligations and mergers and acquisitions norms. The New Telecom Policy 2011, which is likely to bring more clarity in the Indian telecom industry is expected to come out before the year-end. Communication Minister Kapil Sibal said, India will resolve all pending issues related to the telecom sector by October and also develop its own telecom security protocols and equipment testing facility.
Telecom ministry also clarified that the government is not collaborating with Chinese telecom gear maker Huawei, for creating facility that will test all imported mobile networks into India. Telecom Minister said, 'We are not collaborating with any company to set up our testing laboratory. IISc has already set up the same as part of old pilot project, wherein all the equipment and software is theirs.'
Telecom minister said 'The proposed centre would formulate standards and policies, provide facilities for testing, validation and security certification for various network elements to ensure networks are secure and less vulnerable to internal and external threats". On June 15, a Memorandum of understanding was signed between Indian Institute of Science (IISc) Bangalore and Huawei, to provide documentation, expertise, methods and standards for studying telecom equipment.
Kapil Sibal said the government was keen to create the testing facility since private service providers had deployed 70-80% of imported telecom equipment. Minister further added that IISc had approached several vendors including US-based Cisco, Juniper and Avaya to share internal details of their telecom equipment like detailed design document and internal architecture, critical for testing. The Chinese gear maker Huawei was earlier disqualified from many tenders of BSNL, due to security concerns, even though the Chinese firm was the lowest bidder.
The S&P CNX Nifty opened at 5,679.55; about 52 points higher compared to its previous closing of 5,627.20, and has touched a high and a low of 5,679.65 and 5,660.70 respectively.
The index is currently trading at 5,671.15, higher by 43.95 points or 0.78%. There were 45 stocks advancing against 5 declines on the index.
The top gainers of the Nifty were DLF up by 4.90%, Sterlite Industries up by 2.32%, IDFC up by 2.18%, Reliance Infra up by 1.92% and M&M up by 1.90%. On the flip side, Maruti Suzuki down by 0.61%, ACC down by 0.26%, BPCL down by 0.18%, NTPC down by 0.05% and Tata Steel down by 0.02%, were the major losers on the index.
All the Asian equity indices were trading in the green; Shanghai Composite was up 35.66 points or 1.29% to 2,795.02, Hang Seng was up 398.05 points or 1.78% to 22,796.15, Jakarta Composite was up 27.27 points or 0.69% to 3,954.37, KLSE Composite was up 4.97 points or 0.31% to 1,587.91, Nikkei 225 was up 114.69 points or 1.16% to 9,982.76, Straits Times was up 24.05 points or 0.77% to 3,163.06, Seoul Composite was up 25.66 points or 1.21% to 2,151.40 and Taiwan Weighted was up 51.18 points or 0.59% to 8,791.00.
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