The Indian equity markets have made a flat start and dipped into the red in initial trade as investors remained on the safer side in the absence of any major trigger. But, selective buying by funds and investors in stocks available at attractive levels helped the Sensex to turn positive. On global front, the US markets closed lower despite making a bounce back in the late trades as the debt limit debate remained at a standstill while most of the Asian counterparts were trading in the negative terrain at this point of time. Back home, on the sectoral front software witnessed the maximum gain in trade followed by technology and consumer durables while, realty and auto remained the only losers on the BSE sectoral space. Meanwhile, PSU oil marketing companies viz., BPCL, HPCL and IOC were trading higher in the trade as international crude oil prices fell over a percent on European concern, the report that government will pay an additional Rs 30,000 crore than budgeted in 2011-12 to state refiners as compensation towards selling fuel at subsidized rate too supported the up-move, moreover, HDFC Bank hit record high ahead of its Q1 numbers to be released in the later part of the trade. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,123 shares on the gaining side against 617 shares on the losing side while 102 shares remained unchanged.
The BSE Sensex opened at 18,521.38; about 14 points higher compared to its previous closing of 18,507.04, and has touched a high and a low of 18,565.64 and 18,491.13 respectively.
The index is currently trading at 18,542.95, up by 35.91 points or 0.19%. There were 18 stocks advancing against just 12 declines on the index.
The overall market breadth has made a strong start with 60.97% stocks advancing against 33.50% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.28% and 0.49% respectively.
The top gaining sectoral indices on the BSE were, TECk up by 0.49%, IT up by 0.48%, CD up by 0.44%, Oil and Gas up by 0.37% and HC was up by 0.34%. While, Realty down by 0.60% and Auto down by 0.43% were the only losers on the index.
The top gainers on the Sensex were NTPC up by 1.07%, Sterlite Industries up by 1.01%, Infosys up by 0.55%, ONGC up by 0.45% and Bharti Airtel was up by 0.42%.
On the flip side, Tata Motors was down by 1.98%, DLF was down by 1.13%, Hero Honda was down by 0.65%, HUL was down by 0.50% and BHEL was down by 0.43% were the top losers on the Sensex.
Meanwhile, the Empowered Group of Minister (EGoM) on food headed by Finance Minister Pranab Mukherjee removed the four year ban from export of wheat. The government's decision of removing the ban was quite late and now it is expected that this will not have any significant impact on the wheat prices in domestic market.
The Agriculture Minister Sharad Pawar on July 16 said, the ban on export of wheat imposed in 2007 has been lifted. But it will not have many takers in the international market where prices are quite depressed. By adding further he said no quantity has been specified for export of wheat in the wake of its low prices across the globe.
Earlier, EGoM on food removed the ban from the export of non-basmati rice, and had allowed to export 1 million tonnes of non basmati rice, but did not specify any quantity for wheat, though the proposal was for permitting 2 million tonnes to be exported from the open market.
Agriculture minister also expressed his doubt about the viability of the wheat export as the international price of commodity is stable and less likely to increase in the coming time. Agriculture minister by giving stress on the fact that country has more stock than it required for domestic consumption.
By expressing concern on the issue of storing capacity Agriculture Minister said that the real problem would start when procurement of wheat starts in Andhra Pradesh and Punjab, wheat stored in Andhra Pradesh and Punjab cannot move to central India due to scarcity of space.
The S&P CNX Nifty opened at 5,569.85; flat compared to its previous closing of 5,567.05, and has touched a high and a low of 5,581.75 and 5,557.90 respectively.
The index is currently trading at 5,574.50, higher by 7.45 points or 0.13%. There were 32 stocks advancing against 18 declines on the index.
The top gainers of the Nifty were NTPC up by 1.21%, Sterlite Industries up by 1.10%, HCL Tech up by 0.71%, Sun Pharma up by 0.66% and Dr Reddy up by 0.66%.
On the flip side, Tata Motors down by 0.50%, DLF down by 1.11%, IDFC down by 0.89%, Hero Honda down by 0.72% and Maruti down by 0.66%, were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite was down 13.15 points or 0.47% to 2,803.53, Hang Seng was down 63.99 points or 0.29% to 21,740.76, Jakarta Composite was down 26.22 points or 0.65% to 4,006.76, KLSE Composite was down 6.81 points or 0.44% to 1,555.77, Nikkei 225 was down 59.45 points or 0.60% to 9,915.02 and Taiwan Weighted was down by 7.37 points or 0.09% to 8,531.20.
The BSE Sensex opened at 18,521.38; about 14 points higher compared to its previous closing of 18,507.04, and has touched a high and a low of 18,565.64 and 18,491.13 respectively.
The index is currently trading at 18,542.95, up by 35.91 points or 0.19%. There were 18 stocks advancing against just 12 declines on the index.
The overall market breadth has made a strong start with 60.97% stocks advancing against 33.50% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.28% and 0.49% respectively.
The top gaining sectoral indices on the BSE were, TECk up by 0.49%, IT up by 0.48%, CD up by 0.44%, Oil and Gas up by 0.37% and HC was up by 0.34%. While, Realty down by 0.60% and Auto down by 0.43% were the only losers on the index.
The top gainers on the Sensex were NTPC up by 1.07%, Sterlite Industries up by 1.01%, Infosys up by 0.55%, ONGC up by 0.45% and Bharti Airtel was up by 0.42%.
On the flip side, Tata Motors was down by 1.98%, DLF was down by 1.13%, Hero Honda was down by 0.65%, HUL was down by 0.50% and BHEL was down by 0.43% were the top losers on the Sensex.
Meanwhile, the Empowered Group of Minister (EGoM) on food headed by Finance Minister Pranab Mukherjee removed the four year ban from export of wheat. The government's decision of removing the ban was quite late and now it is expected that this will not have any significant impact on the wheat prices in domestic market.
The Agriculture Minister Sharad Pawar on July 16 said, the ban on export of wheat imposed in 2007 has been lifted. But it will not have many takers in the international market where prices are quite depressed. By adding further he said no quantity has been specified for export of wheat in the wake of its low prices across the globe.
Earlier, EGoM on food removed the ban from the export of non-basmati rice, and had allowed to export 1 million tonnes of non basmati rice, but did not specify any quantity for wheat, though the proposal was for permitting 2 million tonnes to be exported from the open market.
Agriculture minister also expressed his doubt about the viability of the wheat export as the international price of commodity is stable and less likely to increase in the coming time. Agriculture minister by giving stress on the fact that country has more stock than it required for domestic consumption.
By expressing concern on the issue of storing capacity Agriculture Minister said that the real problem would start when procurement of wheat starts in Andhra Pradesh and Punjab, wheat stored in Andhra Pradesh and Punjab cannot move to central India due to scarcity of space.
The S&P CNX Nifty opened at 5,569.85; flat compared to its previous closing of 5,567.05, and has touched a high and a low of 5,581.75 and 5,557.90 respectively.
The index is currently trading at 5,574.50, higher by 7.45 points or 0.13%. There were 32 stocks advancing against 18 declines on the index.
The top gainers of the Nifty were NTPC up by 1.21%, Sterlite Industries up by 1.10%, HCL Tech up by 0.71%, Sun Pharma up by 0.66% and Dr Reddy up by 0.66%.
On the flip side, Tata Motors down by 0.50%, DLF down by 1.11%, IDFC down by 0.89%, Hero Honda down by 0.72% and Maruti down by 0.66%, were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite was down 13.15 points or 0.47% to 2,803.53, Hang Seng was down 63.99 points or 0.29% to 21,740.76, Jakarta Composite was down 26.22 points or 0.65% to 4,006.76, KLSE Composite was down 6.81 points or 0.44% to 1,555.77, Nikkei 225 was down 59.45 points or 0.60% to 9,915.02 and Taiwan Weighted was down by 7.37 points or 0.09% to 8,531.20.
On the flip side, Straits Times was up 5.42 points or 0.18% to 3,084.37 and Seoul Composite was up by 3.06 points or 0.14% to 2,133.54
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