The Indian equity markets are trading in the positive terrain after a gap up start tracking firm cues from global indices. The US markets closed higher overnight on the back of strong corporate earnings and reports of jump in housing construction while, all the Asian counterparts barring Shanghai Composite were trading in the positive terrain at this point of time, indicating strong investors' sentiment. Back home, sustained buying in most of the key heavyweights supported the BSE's Sensex to cross its crucial 18,700 mark. On the sectoral front realty witnessed the maximum gain in trade followed by fast moving consumer goods and consumer durables while, software, technology and capital goods remained the top losers on the BSE sectoral space. Meanwhile, Realty stocks edged higher in the trade on renewed buying. The scrips like DLF, Unitech, Indiabulls Real Estate, Ackruti City were trading higher at this point of time, however, PSU oil marketing companies viz., BPCL, HPCL and IOC were trading lower in the trade as international crude oil prices made a good bounce back on Tuesday and rose above $96 a barrel. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,396 shares on the gaining side against 513 shares on the losing side while 78 shares remained unchanged.
The BSE Sensex opened at 18,756.31; about 103 points higher compared to its previous closing of 18,653.87, and has touched a high and a low of 18,765.60 and 18,697.98 respectively.
The index is currently trading at 18,720.26, up by 66.39 points or 0.36%. There were 24 stocks advancing against just 6 declines on the index.
The overall market breadth has made a strong start with 70.26% stocks advancing against 25.82% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.47% and 0.67% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 0.99%, FMCG up by 0.92%, CD up by 0.64%, Bankex up by 0.46% and Auto was up by 0.38%. While, IT down by 0.06%, TECk down by 0.06%, CG down by 0.04% and Power down by 0.04% were the only losers on the index.
The top gainers on the Sensex were DLF up by 1.69%, RCom up by 1.63%, ITC up by 1.20%, Reliance Infra up by 1.03% and Maruti Suzuki was up by 0.98%.
On the flip side, Wipro was down by 2.53%, BHEL was down by 0.61%, Hindalco was down by 0.57%, Cipla was down by 0.36% and Bharti Airtel was down by 0.20% were the top losers on the Sensex.
Meanwhile, the insurance sector watchdog - Insurance Regulatory and Development Authority (IRDA) on July 19 said the final guidelines to allow life insurance companies to raise funds from the capital market will be out by this month-end. Last month, IRDA had released a set of draft guidelines for insurance companies to raise funds through public offers.
The IRDA Chairman, J Hari Narayan said, "With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps towards the end of this month,"
IRDA has done some important changes in the draft guidelines. It has removed the clause mandating a three-year track record of profitability as a pre-condition for tapping the capital markets. As per existing capital market regulator Securities and Exchange Board of India (SEBI) norms, any company which proposes to come out with a public offer should have a three-year track record of profits.
"As regards non-life companies, there is little more work to be done and that may take 2-3 months," he said. As per the draft norms, insurance companies which have finished 10 years of operation and have strong financials will be allowed to raise money from capital market. The insurance firms planning for public offers have to seek formal approval from IRDA and then approach SEBI for final approval, the draft norms said.
As part of the eligibility criteria, the insurance company should have maintained the prescribed regulatory solvency margin during the preceding six quarters, draft said. In addition, the insurance company should have embedded the value of at least twice its paid-up equity capital, the draft guidelines had said, by adding further it says that the insurance company should be fully compliant with the corporate governance guidelines issued by IRDA.
The S&P CNX Nifty opened at 5,642.05; about 29 points higher compared to its previous closing of 5,613.55, and has touched a high and a low of 5,645.40 and 5,624.40 respectively.
The index is currently trading at 5,630.95, higher by 17.40 points or 0.31%. There were 41 stocks advancing against 9 declines on the index.
The top gainers of the Nifty were DLF up by 1.73%, Kotak Bank up by 1.53%, RCom up by 1.52%, Reliance Capital up by 1.23% and ITC up by 1.08%.
On the flip side, Shanghai Composite was down by 11.36 points or 0.41% to 2,785.62.
The BSE Sensex opened at 18,756.31; about 103 points higher compared to its previous closing of 18,653.87, and has touched a high and a low of 18,765.60 and 18,697.98 respectively.
The index is currently trading at 18,720.26, up by 66.39 points or 0.36%. There were 24 stocks advancing against just 6 declines on the index.
The overall market breadth has made a strong start with 70.26% stocks advancing against 25.82% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.47% and 0.67% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 0.99%, FMCG up by 0.92%, CD up by 0.64%, Bankex up by 0.46% and Auto was up by 0.38%. While, IT down by 0.06%, TECk down by 0.06%, CG down by 0.04% and Power down by 0.04% were the only losers on the index.
The top gainers on the Sensex were DLF up by 1.69%, RCom up by 1.63%, ITC up by 1.20%, Reliance Infra up by 1.03% and Maruti Suzuki was up by 0.98%.
On the flip side, Wipro was down by 2.53%, BHEL was down by 0.61%, Hindalco was down by 0.57%, Cipla was down by 0.36% and Bharti Airtel was down by 0.20% were the top losers on the Sensex.
Meanwhile, the insurance sector watchdog - Insurance Regulatory and Development Authority (IRDA) on July 19 said the final guidelines to allow life insurance companies to raise funds from the capital market will be out by this month-end. Last month, IRDA had released a set of draft guidelines for insurance companies to raise funds through public offers.
The IRDA Chairman, J Hari Narayan said, "With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps towards the end of this month,"
IRDA has done some important changes in the draft guidelines. It has removed the clause mandating a three-year track record of profitability as a pre-condition for tapping the capital markets. As per existing capital market regulator Securities and Exchange Board of India (SEBI) norms, any company which proposes to come out with a public offer should have a three-year track record of profits.
"As regards non-life companies, there is little more work to be done and that may take 2-3 months," he said. As per the draft norms, insurance companies which have finished 10 years of operation and have strong financials will be allowed to raise money from capital market. The insurance firms planning for public offers have to seek formal approval from IRDA and then approach SEBI for final approval, the draft norms said.
As part of the eligibility criteria, the insurance company should have maintained the prescribed regulatory solvency margin during the preceding six quarters, draft said. In addition, the insurance company should have embedded the value of at least twice its paid-up equity capital, the draft guidelines had said, by adding further it says that the insurance company should be fully compliant with the corporate governance guidelines issued by IRDA.
The S&P CNX Nifty opened at 5,642.05; about 29 points higher compared to its previous closing of 5,613.55, and has touched a high and a low of 5,645.40 and 5,624.40 respectively.
The index is currently trading at 5,630.95, higher by 17.40 points or 0.31%. There were 41 stocks advancing against 9 declines on the index.
The top gainers of the Nifty were DLF up by 1.73%, Kotak Bank up by 1.53%, RCom up by 1.52%, Reliance Capital up by 1.23% and ITC up by 1.08%.
On the flip side, Wipro down by 2.58%, Hindalco down by 0.65%, BHEL down by 0.55%, BPCL down by 0.53% and Cipla down by 0.52%, were the major losers on the index.
All the Asian equity indices barring Shanghai Composite were trading in the green; Hang Seng was up 21.94 points or 0.10% to 21,924.34, Jakarta Composite was up 1.92 points or 0.05% to 4,025.34, KLSE Composite was up 7.57 points or 0.49% to 1,563.21, Nikkei 225 was up 111.85 points or 1.13% to 10,001.57, Straits Times was up 14.51 points or 0.47% to 3,110.63, Seoul Composite was up 24.69 points or 1.16% to 2,154.90 and Taiwan Weighted was up by 123.25 points or 1.45% to 8,647.82. On the flip side, Shanghai Composite was down by 11.36 points or 0.41% to 2,785.62.
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