The Indian equity markets have made a flat start as investors remained cautious ahead of the F&O series expiry on Thursday. Though, the sentiments are still week on concern of global economic recovery. On global front, the US markets continued their plunge and the indices snapped the fourth consecutive week of losses on Friday while, all the Asian counterparts were trading in the negative terrain at this point of time. Back home, on the sectoral front realty witnessed the maximum gain in trade followed by consumer durables and power while, healthcare, software and metal remained the top 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 further. Moreover, Sugar stocks surged in the trade on reports the government has notified export of additional five lakh tonnes of sugar. Stocks like, Balrampur Chini Mills, Shree Renuka Sugar, EID Parry and Rana Sugar all were trading in the range of 1-4 percent at this point of time. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,120 shares on the gaining side against 643 shares on the losing side while 59 shares remained unchanged.
The BSE Sensex opened at 16,155.99; about 14 points higher compared to its previous closing of 16,141.67 and has touched a high and a low of 16,171.56 and 16,057.53 respectively.
The index is currently trading at 16,142.81, up by 1.14 points or 0.01%. There were 16 stocks advancing against 14 declines on the index.
The overall market breadth has made a strong start with 61.47% stocks advancing against 35.29% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.74% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 1.05%, CD up by 0.87%, Power up by 0.24%, TECk up by 0.09% and Auto was up by 0.03%. While, HC down by 0.65%, IT down by 0.44%, Metal down by 0.13%, CG down by 0.12% and Bankex down by 0.08% were the top losers on the index.
The top gainers on the Sensex were Jaiprakash Associates up by 3.78%, Jindal Steel up by 1.64%, Bharti Airtel up by 1.42%, BHEL up by 1.12% and Hero Motocorp was up by 0.91%.
On the flip side, Sun Pharma was down by 2.03%, Hindalco was down by 1.58%, Cipla was down by 1.44%, NTPC was down by 0.95% and TCS was down by 0.95% were the top losers on the Sensex.
Meanwhile, the bearish sentiment of stock markets is halting the disinvestment process of the Public Sector Units (PSUs). The Finance Minister Pranab Mukherjee hinted that the current market conditions are not favourable for selling government stake in PSUs. Mukherjee said '...I am fully aware of the current volatile situation in the market, and surely not only me, any prudent finance minister would not like to dispose of valuable assets.'
The capital market sentiments worldwide have been in bearish mode over the issue of debt crisis in European nations and United States. Following the global trend, the Bombay Stock Exchange (BSE) Sensex fell by more than 4% in a week. On Friday, BSE Sensex fell below 16,000 marks, which is close to 15 months low on sustained pull-out by foreign funds, although it recovered a little.
Mukherjee said 'we cannot sell our valuable assets at a condition, at a market situation where we will not get the adequate prices,' by adding further he said the whole objective is to discover the latent price which is not known. On the issue of taking decision on disinvestment of PSUs, he said while taking decision on disinvestment, the government would keep in mind the market condition.
The government, which is looking to raise Rs 40,000 crore from disinvestment in state run companies in this fiscal. So far it has only managed Rs 1,162 crore by selling 5% government stake in Power Finance Corporation. The cabinet has already approved disinvestment in four companies, which include SAIL, ONGC, Hindustan Copper and National Building and Construction Corporation (NBCC). And on the other hand, the proposals for disinvestment of 5% paid up equity capital of Bharat Heavy Electricals and 10% of National Aluminium Company is at various stages before seeking government approval.
Earlier in the last fiscal, the government trimmed its disinvestment target on account of revenue from 3G spectrum sale. Three initial public offerings and three follow-on public offerings had fetched the government Rs 22,400 crore.
The S&P CNX Nifty opened at 4,843.70; flat compared to its previous closing of 4,845.65, and has touched a high and a low of 4,853.70 and 4,817.60 respectively.
The index is currently trading at 4,841.95, lower by 3.70 points or 0.08%. There were 21 stocks advancing against 29 declines on the index.
The top gainers of the Nifty were Jaiprakash Associates up by 3.78%, RCom up by 3.72%, Reliance Infra up by 2.89%, Reliance Power up by 2.41% and IDFC up by 2.39%.
On the flip side, Sesa Goa down by 4.20%, Sun Pharma down by 2.13%, Cairn down by 2%, Hindalco down by 1.76% and Cipla down by 1.51%, were the major losers on the index.
The BSE Sensex opened at 16,155.99; about 14 points higher compared to its previous closing of 16,141.67 and has touched a high and a low of 16,171.56 and 16,057.53 respectively.
The index is currently trading at 16,142.81, up by 1.14 points or 0.01%. There were 16 stocks advancing against 14 declines on the index.
The overall market breadth has made a strong start with 61.47% stocks advancing against 35.29% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.74% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 1.05%, CD up by 0.87%, Power up by 0.24%, TECk up by 0.09% and Auto was up by 0.03%. While, HC down by 0.65%, IT down by 0.44%, Metal down by 0.13%, CG down by 0.12% and Bankex down by 0.08% were the top losers on the index.
The top gainers on the Sensex were Jaiprakash Associates up by 3.78%, Jindal Steel up by 1.64%, Bharti Airtel up by 1.42%, BHEL up by 1.12% and Hero Motocorp was up by 0.91%.
On the flip side, Sun Pharma was down by 2.03%, Hindalco was down by 1.58%, Cipla was down by 1.44%, NTPC was down by 0.95% and TCS was down by 0.95% were the top losers on the Sensex.
Meanwhile, the bearish sentiment of stock markets is halting the disinvestment process of the Public Sector Units (PSUs). The Finance Minister Pranab Mukherjee hinted that the current market conditions are not favourable for selling government stake in PSUs. Mukherjee said '...I am fully aware of the current volatile situation in the market, and surely not only me, any prudent finance minister would not like to dispose of valuable assets.'
The capital market sentiments worldwide have been in bearish mode over the issue of debt crisis in European nations and United States. Following the global trend, the Bombay Stock Exchange (BSE) Sensex fell by more than 4% in a week. On Friday, BSE Sensex fell below 16,000 marks, which is close to 15 months low on sustained pull-out by foreign funds, although it recovered a little.
Mukherjee said 'we cannot sell our valuable assets at a condition, at a market situation where we will not get the adequate prices,' by adding further he said the whole objective is to discover the latent price which is not known. On the issue of taking decision on disinvestment of PSUs, he said while taking decision on disinvestment, the government would keep in mind the market condition.
The government, which is looking to raise Rs 40,000 crore from disinvestment in state run companies in this fiscal. So far it has only managed Rs 1,162 crore by selling 5% government stake in Power Finance Corporation. The cabinet has already approved disinvestment in four companies, which include SAIL, ONGC, Hindustan Copper and National Building and Construction Corporation (NBCC). And on the other hand, the proposals for disinvestment of 5% paid up equity capital of Bharat Heavy Electricals and 10% of National Aluminium Company is at various stages before seeking government approval.
Earlier in the last fiscal, the government trimmed its disinvestment target on account of revenue from 3G spectrum sale. Three initial public offerings and three follow-on public offerings had fetched the government Rs 22,400 crore.
The S&P CNX Nifty opened at 4,843.70; flat compared to its previous closing of 4,845.65, and has touched a high and a low of 4,853.70 and 4,817.60 respectively.
The index is currently trading at 4,841.95, lower by 3.70 points or 0.08%. There were 21 stocks advancing against 29 declines on the index.
The top gainers of the Nifty were Jaiprakash Associates up by 3.78%, RCom up by 3.72%, Reliance Infra up by 2.89%, Reliance Power up by 2.41% and IDFC up by 2.39%.
On the flip side, Sesa Goa down by 4.20%, Sun Pharma down by 2.13%, Cairn down by 2%, Hindalco down by 1.76% and Cipla down by 1.51%, were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite was down 12.47 points or 0.49% to 2,521.89, Hang Seng was down 180.27 points or 0.93% to 19,219.65, Jakarta Composite was down 66.71 points or 1.74% to 3,776.04, KLSE Composite was down 13.81 points or 0.93% to 1,470.17, Nikkei 225 was down 5.54 points or 0.06% to 8,713.70, Straits Times was down 19.22 points or 0.70% to 2,714.41, Seoul Composite was down 10.89 points or 0.62% to 1,733.99 and Taiwan Weighted was down by 44.23 points or 0.60% to 7,298.73.
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