Mirroring daunting global leads, local bourses after slipping in early trade and then crawling back into green, have once again peeled off most of its gains ahead of the weekly food Inflation data. Investor's apprehensions over quarterly earnings coupled with the fears of hike in interest rates to tame inflation have mainly activated the bears into the market as investors lacking conviction over the momentum are cautious enough of building heft position and are pressing sales over every small rise. Investor's sentiment was also dented after government yesterday lowered its GDP growth projection for 2011-12 to 8.6 per cent from about 9 per cent and added that inflation, currently hovering above 9 per cent, would continue to remain high till December. However, the market is expected to recover later in the day as a deal between France and Germany over a bailout of Greece raised hopes ahead of a major European summit. On the global front, U.S. stocks closed nearly unchanged on Wednesday, a day after Wall Street's best rally since March, as the oncoming debt ceiling deadline overshadowed strong earnings from Apple Inc. Meanwhile, the Asian indices too dropped for the first time in three days, on concern that factory output in China may have contracted in July and as companies from Hynix Semiconductor and Hyundai Heavy Industries posted lower earnings. The US future indices were trading mixed in the screen trade.
Back home, stocks from Fast Moving Consumer Goods, Information Technology and Public Sector Undertaking counters were toiling to keep the benchmarks in green, while stocks from Consumer Durable, Realty and Healthcare space were among the prominent losers, dragging the markets lower. The benchmark indices are trading mixed at this point of time, as the 30 scrip sensitive index holding onto the gains of over 15 points are trading above the 18500 mark, while the 50 share index-Nifty-is trading in red close to its neutral line. The broader indices imitating the footsteps of the larger peers are too trading mixed. The overall market breadth on BSE is in the favour of advances which have thumped declines in the ratio of 1135: 1038; while 103 shares remained unchanged.
The BSE Sensex is currently trading at 18,523.02, up by 20.64 points or 0.11%. The index has touched a high and low of 18,566.99 and 18,419.98 respectively. There were 18 stocks advancing against 12 declines on the index.
The broader indices were trading mixed; the BSE Mid cap index lost 0.06% and Small cap index surged 0.05% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.78%, IT up by 0.31%, PSU up by 0.19%, TECK up by 0.18% and CG up by 0.17%. While, CD down by 0.73%, Realty down by 0.57%, HC down by 0.54%, Auto down by 0.44% and Bankex down by 0.38% were the top losers on the index.
The top gainers on the Sensex were HUL up by 1.36%, Infosys up by 0.81%, Tata Motors up by 0.79%, ITC up by 0.75% and ONGC was up by 0.73%.
On the flip side, Hero Honda was down by 1.39%, Hindalco down by 1.09% HDFC Bank down by 1.07%, TCS down by 0.54% and BHEL down by 0.50% were the top losers on the Sensex.
Meanwhile, finance minister Pranab Mukherjee in a meeting with the financial journalists has once again reiterated that there is no policy paralysis in the government. The Finance minister said, the economy was in fine fettle and the perceived lack of progress on reforms was misplaced. He stuck to his growth targets and blamed perceptions of a slowdown on global factors, and stated that inflation would cool by the end of the fiscal.
Earlier, Prime Minister Manmohan Singh too had a meeting with editor group. In both the meeting government stressed that the there was no issue of policy decision taking and the government has formed group of ministers (GoM), to take final decision on important matters without needing clearance from cabinet. Finance minister said, 'There is an impression that we have given up on reforms,' by adding further he said, 'Whatever policy reforms or adjustments are required to attract investments will be taken.'
Finance Minister also put light on the vital policy reforms that have been pending for long period of time, the important legislations such as mining, food security and land acquisition bills are nearly ready and government will introduce in the monsoon session which is starts from 1 August. Finance minister also noted that government cleared a number of coal and steel projects and over a long period infrastructure investment taking place.
However, the finance minister accepted the slow progress on the policy reforms due to lack of agreement in the coalition of UPA. Finance minister also rolled out the concerns over the health of economy and government's management of fiscal situation. On the uncertainty in global economic condition, finance minister said, 'We are not living in isolated world. We are a part of the global economy.' Finally finance minister put his optimism that inflation will cool down after the monsoon and by the end of the year inflation will be 6 to 7% by the end of this year from current level.
The S&P CNX Nifty is currently trading at 5,564.95, lower by 2.10 points or 0.04%. The index has touched a high and low of 5,578.90 and 5,536.25 respectively. There were 25 stocks advancing against 25 declines on the index.
On the flip side, Jakarta Composite gained 0.11%, KLSE Composite which inched up by 0.01% were the only gainers in the Asian pack
Back home, stocks from Fast Moving Consumer Goods, Information Technology and Public Sector Undertaking counters were toiling to keep the benchmarks in green, while stocks from Consumer Durable, Realty and Healthcare space were among the prominent losers, dragging the markets lower. The benchmark indices are trading mixed at this point of time, as the 30 scrip sensitive index holding onto the gains of over 15 points are trading above the 18500 mark, while the 50 share index-Nifty-is trading in red close to its neutral line. The broader indices imitating the footsteps of the larger peers are too trading mixed. The overall market breadth on BSE is in the favour of advances which have thumped declines in the ratio of 1135: 1038; while 103 shares remained unchanged.
The BSE Sensex is currently trading at 18,523.02, up by 20.64 points or 0.11%. The index has touched a high and low of 18,566.99 and 18,419.98 respectively. There were 18 stocks advancing against 12 declines on the index.
The broader indices were trading mixed; the BSE Mid cap index lost 0.06% and Small cap index surged 0.05% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.78%, IT up by 0.31%, PSU up by 0.19%, TECK up by 0.18% and CG up by 0.17%. While, CD down by 0.73%, Realty down by 0.57%, HC down by 0.54%, Auto down by 0.44% and Bankex down by 0.38% were the top losers on the index.
The top gainers on the Sensex were HUL up by 1.36%, Infosys up by 0.81%, Tata Motors up by 0.79%, ITC up by 0.75% and ONGC was up by 0.73%.
On the flip side, Hero Honda was down by 1.39%, Hindalco down by 1.09% HDFC Bank down by 1.07%, TCS down by 0.54% and BHEL down by 0.50% were the top losers on the Sensex.
Meanwhile, finance minister Pranab Mukherjee in a meeting with the financial journalists has once again reiterated that there is no policy paralysis in the government. The Finance minister said, the economy was in fine fettle and the perceived lack of progress on reforms was misplaced. He stuck to his growth targets and blamed perceptions of a slowdown on global factors, and stated that inflation would cool by the end of the fiscal.
Earlier, Prime Minister Manmohan Singh too had a meeting with editor group. In both the meeting government stressed that the there was no issue of policy decision taking and the government has formed group of ministers (GoM), to take final decision on important matters without needing clearance from cabinet. Finance minister said, 'There is an impression that we have given up on reforms,' by adding further he said, 'Whatever policy reforms or adjustments are required to attract investments will be taken.'
Finance Minister also put light on the vital policy reforms that have been pending for long period of time, the important legislations such as mining, food security and land acquisition bills are nearly ready and government will introduce in the monsoon session which is starts from 1 August. Finance minister also noted that government cleared a number of coal and steel projects and over a long period infrastructure investment taking place.
However, the finance minister accepted the slow progress on the policy reforms due to lack of agreement in the coalition of UPA. Finance minister also rolled out the concerns over the health of economy and government's management of fiscal situation. On the uncertainty in global economic condition, finance minister said, 'We are not living in isolated world. We are a part of the global economy.' Finally finance minister put his optimism that inflation will cool down after the monsoon and by the end of the year inflation will be 6 to 7% by the end of this year from current level.
The S&P CNX Nifty is currently trading at 5,564.95, lower by 2.10 points or 0.04%. The index has touched a high and low of 5,578.90 and 5,536.25 respectively. There were 25 stocks advancing against 25 declines on the index.
The top gainers of the Nifty were Siemens up by 1.37%, HUL up by 1.28%, ITC up by 0.90%, Infosys up by 0.86% and ONGC up by 0.85%.Sesa Goa down by 2.19%, IDFC down by 1.75%, Axis Bank down by 1.41%, Dr Reddy down by 1.37% and Hero Honda down by 1.27% were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite declined 0.62%, Hang Seng trimmed 0.23%, Nikkei 225 down by 0.13%, Seoul Composite slid 0.81%, Taiwan Weighted edged lower by 0.07% and Straits Times fell 0.05%. On the flip side, Jakarta Composite gained 0.11%, KLSE Composite which inched up by 0.01% were the only gainers in the Asian pack
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