The Indian equity markets have made a firm start triggered by positive global sentiments. The US market closed higher overnight for a third session in a row, amassing gain of more than 7%, making it the longest winning run since July, as traders were optimistic that European debt problem can soon be resolved while, most of the Asian counterparts were trading in the green at this point of time. Back home, sustained buying in most of the key heavyweights supported NSE's Nifty to regain its crucial 5,100 mark. Software witnessed the maximum gain in trade followed by technology and banking while, realty remained the lone loser on the BSE sectoral space. Moreover, President Pratibha Patil's statement that the Indian economy has fundamental strength and resilience and its large domestic market can help it maintain steady growth, too aided the sentiments. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,074 shares on the gaining side against 595 shares on the losing side while 59 shares remained unchanged. However, investors eying July WPI inflation number to be released later in the day, though it is expected to moderate a bit but higher food prices may have balanced the impacts of RBI's rate tightening measure.
The BSE Sensex opened at 17,015.99 about 176 points higher compared to its previous closing of 16,839.63, and has touched high and a low of 17,035.49 and 16,958.10 respectively.
The index is currently trading at 16,986.42, up by 146.79 points or 0.87%. There were 23 stocks advancing against 7 declines on the index.
The overall market breadth has made a strong start with 62.15% stocks advancing against 34.43% declines. The broader indices too were trading in the green; the BSE Mid cap and Small cap indices rose 0.32% and 0.59% respectively.
The top gaining sectoral indices on the BSE were, IT up by 1.32%, TECk up by 1.24%, Bankex up by 1.00%, Metal up by 0.90% and CG was up by 0.75%. While, Realty down by 1.10% remained the lone loser on the index.
The top gainers on the Sensex were SBI up by 2.17%, Tata Motors up by 1.98%, Coal India up by 1.97%, ICICI Bank up by 1.81% and Sterlite Industries was up by 1.72%.
On the flip side, DLF was down by 1.27%, Maruti Suzuki was down by 0.87%, Jaiprakash Associates was down by 0.73%, HUL was down by 0.29% and HDFC was down by 0.22% were the top losers on the Sensex.
Meanwhile, commenting on the industrial growth figures for June, which showed a reasonable recovery to 8.8 percent on the back of the strong performance of the manufacturing sector and better output of capital goods, Finance Minister Pranab Mukherjee said 'if the trend continues, it will boost economic growth.'
India's industrial production measured by the Index of Industrial Production (IIP) grew by 8.8% in June 2011 as compared to 7.4% in June 2010. This increase in growth of the IIP is due to increase in manufacturing and electricity sector which grew by 10% and 7.9% respectively, however, the mining segment of IIP saw moderation in growth, it grew by 0.6% in June 2011 from 6.9% in corresponding month of last fiscal.
The capital goods also registered impressive growth of 37.7% in June 2011 from 3.7% in June 2010. Likewise, electricity registered healthy growth of 7.9% in June as against 3.5% in the same month of last year. However, industrial production for the first quarter of current financial year, showed the signs of moderation. It fell to 6.8% in April-June 2011 from 9.6% achieved in April to June 2010. Meanwhile, the industrial growth number for May this year has been revised upward to 5.9% from the provisional estimate of 5.6%.
The Planning Commission Deputy Chairman Montek Singh Ahluwalia on the June IIP growth said "I am glad that the latest figures show improvement. I think it is broadly along the lines that we have been talking about for the current year.' By adding further he said, 'I remain of the view that GDP growth in the current year (2011-12) could vary anywhere between 8 and 8.3 percent, which is roughly consistent with the spot forecast of the Prime Minister's Economic Advisory Council.'
The S&P CNX Nifty opened at 5,125.75; about 53 points higher compared to its previous closing of 5,072.95, and has touched a high and a low of 5,132.20 and 5,106.15 respectively.
The index is currently trading at 5,118.00 higher by 45.05 points or 0.89%. There were 39 stocks advancing against 11 declines on the index.
The top gainers of the Nifty were Ambuja Cement up by 2.52%, Tata Motors up by 2.08%, SBI up by 2.04%, Sterlite Industries up by 2.02% and ICICI Bank up by 1.86%.
On the flip side, Reliance Capital down by 1.02%, DLF down by 1.00%, Jaiprakash Associates down by 0.89%, Ranbaxy down by 0.87% and Sesa Goa down by 0.85%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng was up 83.29 points or 0.41% to 20,343.39, Jakarta Composite was up 20.37 points or 0.51% to 3,980.39, KLSE Composite was up 5.65 points or 0.38% to 1,505.39, Straits Times was up 8.38 points or 0.29% to 2,882.78 and Seoul Composite was up by 69.59 points or 3.88% to 1,862.90.
The BSE Sensex opened at 17,015.99 about 176 points higher compared to its previous closing of 16,839.63, and has touched high and a low of 17,035.49 and 16,958.10 respectively.
The index is currently trading at 16,986.42, up by 146.79 points or 0.87%. There were 23 stocks advancing against 7 declines on the index.
The overall market breadth has made a strong start with 62.15% stocks advancing against 34.43% declines. The broader indices too were trading in the green; the BSE Mid cap and Small cap indices rose 0.32% and 0.59% respectively.
The top gaining sectoral indices on the BSE were, IT up by 1.32%, TECk up by 1.24%, Bankex up by 1.00%, Metal up by 0.90% and CG was up by 0.75%. While, Realty down by 1.10% remained the lone loser on the index.
The top gainers on the Sensex were SBI up by 2.17%, Tata Motors up by 1.98%, Coal India up by 1.97%, ICICI Bank up by 1.81% and Sterlite Industries was up by 1.72%.
On the flip side, DLF was down by 1.27%, Maruti Suzuki was down by 0.87%, Jaiprakash Associates was down by 0.73%, HUL was down by 0.29% and HDFC was down by 0.22% were the top losers on the Sensex.
Meanwhile, commenting on the industrial growth figures for June, which showed a reasonable recovery to 8.8 percent on the back of the strong performance of the manufacturing sector and better output of capital goods, Finance Minister Pranab Mukherjee said 'if the trend continues, it will boost economic growth.'
India's industrial production measured by the Index of Industrial Production (IIP) grew by 8.8% in June 2011 as compared to 7.4% in June 2010. This increase in growth of the IIP is due to increase in manufacturing and electricity sector which grew by 10% and 7.9% respectively, however, the mining segment of IIP saw moderation in growth, it grew by 0.6% in June 2011 from 6.9% in corresponding month of last fiscal.
The capital goods also registered impressive growth of 37.7% in June 2011 from 3.7% in June 2010. Likewise, electricity registered healthy growth of 7.9% in June as against 3.5% in the same month of last year. However, industrial production for the first quarter of current financial year, showed the signs of moderation. It fell to 6.8% in April-June 2011 from 9.6% achieved in April to June 2010. Meanwhile, the industrial growth number for May this year has been revised upward to 5.9% from the provisional estimate of 5.6%.
The Planning Commission Deputy Chairman Montek Singh Ahluwalia on the June IIP growth said "I am glad that the latest figures show improvement. I think it is broadly along the lines that we have been talking about for the current year.' By adding further he said, 'I remain of the view that GDP growth in the current year (2011-12) could vary anywhere between 8 and 8.3 percent, which is roughly consistent with the spot forecast of the Prime Minister's Economic Advisory Council.'
The S&P CNX Nifty opened at 5,125.75; about 53 points higher compared to its previous closing of 5,072.95, and has touched a high and a low of 5,132.20 and 5,106.15 respectively.
The index is currently trading at 5,118.00 higher by 45.05 points or 0.89%. There were 39 stocks advancing against 11 declines on the index.
The top gainers of the Nifty were Ambuja Cement up by 2.52%, Tata Motors up by 2.08%, SBI up by 2.04%, Sterlite Industries up by 2.02% and ICICI Bank up by 1.86%.
On the flip side, Reliance Capital down by 1.02%, DLF down by 1.00%, Jaiprakash Associates down by 0.89%, Ranbaxy down by 0.87% and Sesa Goa down by 0.85%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng was up 83.29 points or 0.41% to 20,343.39, Jakarta Composite was up 20.37 points or 0.51% to 3,980.39, KLSE Composite was up 5.65 points or 0.38% to 1,505.39, Straits Times was up 8.38 points or 0.29% to 2,882.78 and Seoul Composite was up by 69.59 points or 3.88% to 1,862.90.
On the flip side, Shanghai Composite was down 7.98 points or 0.30% to 2,618.79, Nikkei 225 was down 6.22 points or 0.07% to 9,080.19 and Taiwan Weighted was down by 3.27 points or 0.04% to 7,816.12.
No comments:
Post a Comment