The Indian equity markets have made a flat-to-negative start as investors remained cautious ahead of the RBI's quarterly monetary policy review, where it is widely being expected that the central bank will go for another rate hike of 25 basis points. The global cues too remained unsupportive as the US markets made a mixed closing on Friday while, all the Asian counterparts were trading in the negative terrain at this point of time, indicating somber investors' sentiment. Back home, on the sectoral front consumer durables witnessed the maximum gain in trade followed by oil and gas and auto while, fast moving consumer goods, software and realty remained the top losers on the BSE sectoral space. Meanwhile, retail shares like Pantaloon Retail, Cantabil Retail, Brand House retail, Vishal Retail, Shoppers Stop all were trading higher in the trade after the committee of secretaries recommended 51 percent Foreign Direct Investment (FDI) in multi-brand retail on Friday. The secretaries' decision stills need a cabinet approval, moreover, index heavyweight Reliance Industries was trading with a gain of over a percent after the government on Friday gave unconditional approval to RIL's proposal to sell 30 per cent interest in 21 oil and gas blocks to BP. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,244 shares on the gaining side against 607 shares on the losing side while 88 shares remained unchanged.
The BSE Sensex opened at 18,753.35; about 31 points lower compared to its previous closing of 18,722.30, and has touched a low of 18,670.84 while high remained its opening.
The index is currently trading at 18,708.23, down by 14.07 points or 0.08%. There were 10 stocks advancing against 20 declines on the index.
The overall market breadth has made a strong start with 64.16% stocks advancing against 31.30% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.59% respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.76%, Oil and Gas up by 0.72%, Auto up by 0.47%, CG up by 0.35% and HC was up by 0.15%. While, FMCG down by 0.82%, IT down by 0.72%, Realty down by 0.30%, Banking down by 0.18% and PSU down by 0.05% were the top losers on the index.
The top gainers on the Sensex were RCom up by 2.52%, Bharti Airtel up by 1.74%, M&M up by 1.18%, Sterlite Industries up by 1.17% and Reliance Infra was up by 1.25%.
On the flip side, ITC was down by 1.21%, Infosys was down by 1.07%, Jaiprakash Associates was down by 0.80%, ONGC was down by 0.73% and TCS was down by 0.68% were the top losers on the Sensex.
Meanwhile, during the first quarter of current financial year, exports from Special Economic Zones increased by 23%, the total exports from 143 operational SEZs stood at Rs 72, 255 crore. However, the growth in exports is slower than the aggregate exports from the country in the April to June 2011.
The growth of shipments from outside SEZs was more than 40%, as the exporters wanted to get the benefits from the Duty Drawback Entitlement (DEPB) Scheme, which is ending on September 30, 2011.Under the DEPB scheme, exporters get refunds of tax rates on the imports of their export products.
As per the data released by Export Promotion Council for EOUs and SEZs (EPCES), during last financial year, exports from SEZs increased by 43% to Rs 3.15 lakh crore compared to Rs 2.2 lakh in the 2009-10.
Till June, the SEZs provide employment to 7.14 lakh workers and it also attracted investment worth around Rs 2.12 crore. The leading exports from SEZs are IT, IT-hardware, petroleum, engineering, leather and garments. Under the SEZ act of 2005, SEZs get number of incentives for investment and exports, and units also gets number of tax incentives also. Under the SEZ act, SEZ units get 100% tax exemption on profits made by exports for the first five years, 50% of tax exemption for other five years, and another 50% of tax exemption on reinvestment of profits in the coming five years.
Due to number of incentives on tax and exports, many developers applied for the SEZ projects as they saw investment in SEZ as an opportunity in real estate. However, developers are worried over the recommendation by finance ministry for phasing out the tax incentives for units starting after the 2014. Developers are also worried over the imposition of Minimum Alternate Tax (MAT) of 18.5% on the book profits of SEZ developers and units within. Additionally, protests from farmers for land acquisition also have delayed many projects.
The S&P CNX Nifty opened at 5,633.80; flat compared to its previous closing of 5,633.95, and has touched a high and a low of 5,635.90 and 5,616.70 respectively.
The index is currently trading at 5,629.65, higher by 4.30 points or 0.08%. There were 23 stocks advancing against 27 declines on the index.
The top gainers of the Nifty were RCom up by 3.47%, Bharti Airtel up by 2.26%, Axis Bank up by 1.99%, RIL up by 1.22% and Sterlite Industries up by 1.21%.
On the flip side, ITC down by 1.23%, Kotak Bank down by 1.14%, Infosys down by 1.13%, HDFC down by 0.87% and HUL down by 0.87%, were the major losers on the index.
The BSE Sensex opened at 18,753.35; about 31 points lower compared to its previous closing of 18,722.30, and has touched a low of 18,670.84 while high remained its opening.
The index is currently trading at 18,708.23, down by 14.07 points or 0.08%. There were 10 stocks advancing against 20 declines on the index.
The overall market breadth has made a strong start with 64.16% stocks advancing against 31.30% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.59% respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.76%, Oil and Gas up by 0.72%, Auto up by 0.47%, CG up by 0.35% and HC was up by 0.15%. While, FMCG down by 0.82%, IT down by 0.72%, Realty down by 0.30%, Banking down by 0.18% and PSU down by 0.05% were the top losers on the index.
The top gainers on the Sensex were RCom up by 2.52%, Bharti Airtel up by 1.74%, M&M up by 1.18%, Sterlite Industries up by 1.17% and Reliance Infra was up by 1.25%.
On the flip side, ITC was down by 1.21%, Infosys was down by 1.07%, Jaiprakash Associates was down by 0.80%, ONGC was down by 0.73% and TCS was down by 0.68% were the top losers on the Sensex.
Meanwhile, during the first quarter of current financial year, exports from Special Economic Zones increased by 23%, the total exports from 143 operational SEZs stood at Rs 72, 255 crore. However, the growth in exports is slower than the aggregate exports from the country in the April to June 2011.
The growth of shipments from outside SEZs was more than 40%, as the exporters wanted to get the benefits from the Duty Drawback Entitlement (DEPB) Scheme, which is ending on September 30, 2011.Under the DEPB scheme, exporters get refunds of tax rates on the imports of their export products.
As per the data released by Export Promotion Council for EOUs and SEZs (EPCES), during last financial year, exports from SEZs increased by 43% to Rs 3.15 lakh crore compared to Rs 2.2 lakh in the 2009-10.
Till June, the SEZs provide employment to 7.14 lakh workers and it also attracted investment worth around Rs 2.12 crore. The leading exports from SEZs are IT, IT-hardware, petroleum, engineering, leather and garments. Under the SEZ act of 2005, SEZs get number of incentives for investment and exports, and units also gets number of tax incentives also. Under the SEZ act, SEZ units get 100% tax exemption on profits made by exports for the first five years, 50% of tax exemption for other five years, and another 50% of tax exemption on reinvestment of profits in the coming five years.
Due to number of incentives on tax and exports, many developers applied for the SEZ projects as they saw investment in SEZ as an opportunity in real estate. However, developers are worried over the recommendation by finance ministry for phasing out the tax incentives for units starting after the 2014. Developers are also worried over the imposition of Minimum Alternate Tax (MAT) of 18.5% on the book profits of SEZ developers and units within. Additionally, protests from farmers for land acquisition also have delayed many projects.
The S&P CNX Nifty opened at 5,633.80; flat compared to its previous closing of 5,633.95, and has touched a high and a low of 5,635.90 and 5,616.70 respectively.
The index is currently trading at 5,629.65, higher by 4.30 points or 0.08%. There were 23 stocks advancing against 27 declines on the index.
The top gainers of the Nifty were RCom up by 3.47%, Bharti Airtel up by 2.26%, Axis Bank up by 1.99%, RIL up by 1.22% and Sterlite Industries up by 1.21%.
On the flip side, ITC down by 1.23%, Kotak Bank down by 1.14%, Infosys down by 1.13%, HDFC down by 0.87% and HUL down by 0.87%, were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite was down 58.19 points or 2.10% to 2,712.60, Hang Seng was down 176.52 points or 0.79% to 22,268.28, Jakarta Composite was down 26.82 points or 0.65% to 4,080.00, KLSE Composite was down 3.51 points or 0.22% to 1,561.55, Nikkei 225 was down 79.92 points or 0.79% to 10,052.19, Straits Times was down 28.80 points or 0.90% to 3,154.15, Seoul Composite was down 17.24 points or 0.79% to 2,153.99 and Taiwan Weighted was down by 74.06 points or 0.84% to 8,691.26
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