Indian stock markets appear completely undeterred by the weekly inflation numbers announced by the commerce ministry which showed that Food Inflation for the week ending June 9 fell to 7.58% from 8.31% on a week-on-week basis. Investors continued to stay at bay on expectations that RBI may hike its key policy interest rates by a further 25 basis points next week, which will mark its 11th hike since March 2010. The central bank is expected to hike rate once more by the end of the year, before pausing its policy tightening measures to rein in the inflationary pressure on the economy. On the global front, the European stock markets have got off to a smart start as all major indices climbed over half a percent point on hopes that European leaders will be able to reach an agreement on a second bailout for Greece when they meet later in the day. Meanwhile, all Asian peers have clawed back into the green terrain, barring the Chinese benchmark which plunged after reports showed that preliminary HSBC PMI for China fell to a 28-month low of 48.9 in July from a final reading of 50.1 in June. Back home, the benchmark indices traded around their previous closing levels of 5,550 and 18,500 levels. On the sectoral front, the information technology and FMCG shares gained some traction. However, the rate sensitive Automobile, bankex and realty pockets bore the brunt of selling pressure.
Meanwhile, the broader markets too are trading on a weak note lacking any fervor to climb to high levels. The bourses consolidated on weak volumes while the market breadth on BSE was in favor of declines in the ratio of 1240:1338 while 109 scrips remained unchanged.
The BSE Sensex is currently trading at 18,500.36 down by 2.02 points or 0.01% after trading as high as 18,566.99 and as low as 18,419.98. There were 14 stocks advancing against 16 declines on the index.
The broader indices were trading on a weak note; the BSE Mid cap index fell 0.22% and Small cap eased by 0.04% respectively.
On the BSE sectoral space, IT up 0.41%, FMCG up 0.31%, Tech up 0.20%, PSU up 0.07% and Capital Goods up 0.02% were the only gainers, while Consumer Durables down 1.22%, Realty down 0.83%, Healthcare down 0.76%, Bankex down 0.50% and Metal down 0.32% were the major losers on the index.
The top gainers on the Sensex were HUL up by 1.03%, Tata Motors up by 0.97%, Infosys up by 0.88%, ONGC up 0.69% and Wipro up 0.65%.
On the flip side, R Com down by 1.54%, BHEL down 1.14%, Hero Honda down 1.02%, Hindalco down 0.98% and RIL down by 0.73% were the major losers on the index.
Commerce and Industry Minister Anand Sharma will meet the new Environment Minister Jayanthi Natarajan today to discuss the proposed manufacturing policy and industry concerns on green clearances for projects.
Many mega industrial projects from, infrastructure, constructions, power and mining projects like Posco in Orissa and Lavasa in Pune have been delayed due to environment related issues. The draft new manufacturing policy which aims to attract foreign investment and increasing share of manufacturing sector to in the country's Gross Domestic Production (GDP), has been stuck because of inter-ministerial differences on the issues like labour and environment.
The draft manufacturing policy suggests that industries in National Manufacturing Investment Zones (NMIZs) - big enclaves which could even subsume special economic zones - should be given flexibilities to downsize labour. Likewise, it recommends changes in the environment norms which come in the way of investment.
Earlier, the Department of Industrial Policy and Promotion (DIPP) had issued a concept paper for setting up NMIZs, which are being planned as mega industrial cities with the entire infrastructure. Government is aiming to increase the share of manufacturing sector from 16% to 25% of GDP by 2025. The policy also targets to generate 100 million jobs.
Sesa Goa down by 2.73%, IDFC down 2.64%, Kotak Bank down 2.25%, R Com down 1.91% and Axis Bank down 1.81% were the major losers on the index.
Asian markets are exhibiting mixed trends as Hang Seng added 0.03%,Jakarta Composite gained 0.32%, KLSE Composite inched up 0.05%, Nikkei 225 rose marginally by 0.04%, Straits Times gained 0.29% and Taiwan Weighted increased by 0.13%.
On the other hand, Shanghai Composite slipped by 0.94% and Seoul Composite declined 0.46%.
Meanwhile, the broader markets too are trading on a weak note lacking any fervor to climb to high levels. The bourses consolidated on weak volumes while the market breadth on BSE was in favor of declines in the ratio of 1240:1338 while 109 scrips remained unchanged.
The BSE Sensex is currently trading at 18,500.36 down by 2.02 points or 0.01% after trading as high as 18,566.99 and as low as 18,419.98. There were 14 stocks advancing against 16 declines on the index.
The broader indices were trading on a weak note; the BSE Mid cap index fell 0.22% and Small cap eased by 0.04% respectively.
On the BSE sectoral space, IT up 0.41%, FMCG up 0.31%, Tech up 0.20%, PSU up 0.07% and Capital Goods up 0.02% were the only gainers, while Consumer Durables down 1.22%, Realty down 0.83%, Healthcare down 0.76%, Bankex down 0.50% and Metal down 0.32% were the major losers on the index.
The top gainers on the Sensex were HUL up by 1.03%, Tata Motors up by 0.97%, Infosys up by 0.88%, ONGC up 0.69% and Wipro up 0.65%.
On the flip side, R Com down by 1.54%, BHEL down 1.14%, Hero Honda down 1.02%, Hindalco down 0.98% and RIL down by 0.73% were the major losers on the index.
Commerce and Industry Minister Anand Sharma will meet the new Environment Minister Jayanthi Natarajan today to discuss the proposed manufacturing policy and industry concerns on green clearances for projects.
Many mega industrial projects from, infrastructure, constructions, power and mining projects like Posco in Orissa and Lavasa in Pune have been delayed due to environment related issues. The draft new manufacturing policy which aims to attract foreign investment and increasing share of manufacturing sector to in the country's Gross Domestic Production (GDP), has been stuck because of inter-ministerial differences on the issues like labour and environment.
The draft manufacturing policy suggests that industries in National Manufacturing Investment Zones (NMIZs) - big enclaves which could even subsume special economic zones - should be given flexibilities to downsize labour. Likewise, it recommends changes in the environment norms which come in the way of investment.
Earlier, the Department of Industrial Policy and Promotion (DIPP) had issued a concept paper for setting up NMIZs, which are being planned as mega industrial cities with the entire infrastructure. Government is aiming to increase the share of manufacturing sector from 16% to 25% of GDP by 2025. The policy also targets to generate 100 million jobs.
The S&P CNX Nifty is currently trading at 5,551.70, lower by 15.35 points or 0.28% after trading as high as 5,578.90 and as low as 5,536.25. There were 16 stocks advancing against 34 declines on the index.
The top gainers of the Nifty were Siemens up by 1.31%, Tata Motors up by 0.94%, Infosys up by 0.80%, HCL up by 0.77% and HUL up by 0.77%. Sesa Goa down by 2.73%, IDFC down 2.64%, Kotak Bank down 2.25%, R Com down 1.91% and Axis Bank down 1.81% were the major losers on the index.
Asian markets are exhibiting mixed trends as Hang Seng added 0.03%,Jakarta Composite gained 0.32%, KLSE Composite inched up 0.05%, Nikkei 225 rose marginally by 0.04%, Straits Times gained 0.29% and Taiwan Weighted increased by 0.13%.
On the other hand, Shanghai Composite slipped by 0.94% and Seoul Composite declined 0.46%.
The European markets have opened on a optimistic note as France's CAC 40 gained 0.69%, Germany's DAX rose 0.63% and London's FTSE added 0.35%
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