The Indian equity markets have made a positive start but reversed all of their initial gains as weak Asian shares weighed on sentiment while, sustained selling by foreign funds also dampened the sentiments. Most of the Asian peers were trading in the red at this point of time, though, the US markets made a mixed closing overnight, while the Dow and S&P closed marginally higher Nasdaq lost about half a percent. Back home, on the sectoral front consumer durables witnessed the maximum gain in trade followed by realty and fast moving consumer goods while, software, banking and technology remained the top losers on the BSE sectoral space. Meanwhile, PSU oil marketing companies viz., BPCL, HPCL and IOC edged lower in the trade as international crude oil prices rebound on report of decline in gasoline stockpiles. The broader indices too were struggling to get some traction in the trade. The market breadth on the BSE was negative; there were 709 shares on the gaining side against 845 shares on the losing side while 82 shares remained unchanged.
Moreover, the information technology shares lost maximum ground on concerns over their first quarter earnings amid the worsening debt troubles for US and Europe - the major importers of their services. Stocks like, Wipro, TCS and Infosys ended the trade with a cut of 0.45%, 1.97% and 0.60% respectively.
The BSE Sensex opened at 16,910.27; about 70 points higher compared to its previous closing of 16,840.80, and has touched a high and a low of 16,916.81 and 16,760.33 respectively.
The index is currently trading at 16,760.33, down by 80.47 points or 0.48%. There were 14 stocks advancing against 16 declines on the index.
The overall market breadth has made a negative start with 43.34% stocks advancing against 51.65% declines. The broader indices too were trading in the red; the BSE Mid cap and Small cap indices down by 0.06% and 0.12% respectively.
The top gaining sectoral indices on the BSE were, CD up by 1.49%, Realty up by 1.13%, FMCG up by 0.47% and Oil and Gas was up by 0.36%. While, IT down by 1.51%, Bankex down by 1.08%, TECk down by 0.87%, Auto down by 0.44% and PSU down by 0.33% were the top losers on the index.
The top gainers on the Sensex were DLF up by 2.70%, HDFC Bank up by 1.44%, Bharti Airtel up by 0.72%, Coal India up by 0.63% and Hero Motocorp was up by 0.63%.
On the flip side, Tata Motors was down by 1.83%, ICICI Bank was down by 1.82%, TCS was down by 1.65%, Infosys was down by 1.57% and Wipro was down by 1.42% were the top losers on the Sensex.
Meanwhile, the Indian government has approved 18 Foreign Direct Investment (FDI) proposal worth around Rs 122.79 crore, which includes Pipavav Defence and Offshore Engineering Company, Dish TV India, but has delayed its decision on the proposed sale of share by Essar to Vodafone. The Foreign Investment Promotion Board (FIPB) had viewed around 39 FDI proposals; it delayed its decision on 16 applications, rejected 4 applications and directed 1 proposal to Reserve Bank of India.
The FIPB chaired by the Economic Affairs Secretary R Gopalan on its last meeting on August 5, approved the application of Pipavav Defence Offshore Engineering Company to infuse Rs 81.62 crore of foreign capital in the company. The FIPB also approved proposal of Air Works India (Engineering) to make downstream investments of Rs 17.77 crore in aviation companies in India. It also approved the proposal of Walt Disney Company to undertake the additional activity of broadcasting and down linking in India.
As per the finance ministry statement, the FIPB also approved application of Dish TV India to introduce foreign equity through a transfer of shares to perform the business of telecommunication equipment manufacturing. The panel also approved Gujarat based Om Pile's application of Rs 5.85 crore investment.
However, the FIPB deferred its decision over the proposal of acquisition of a 5.48% share in telecom company Vodafone-Essar by two Mauritius Based companies for about Rs 2,700 crore. Besides, this it also delayed its decision on the application of Essar Capital Holdings (India) to buy equity share of way of subscription to new equity shares or purchase of existing shares in an investing company engaged in the telecom sector.
In the last meeting the FIPB had cleared 31 FDI proposals worth around Rs 3,844.7 crore. The board offers single window clearance for proposals on FDI that are not allowed via the automatic route. The next meeting of FIPB is scheduled on September 2.
The S&P CNX Nifty opened at 5,077.95; about 21 points higher compared to its previous closing of 5,056.60, and has touched a high and a low of 5,078.60 and 5,031.65 respectively.
The index is currently trading at 5,031.75, lower by 24.85 points or 0.49%. There were 22 stocks advancing against 28 declines on the index.
The top gainers of the Nifty were RCom up by 3.05%, DLF up by 2.68%, HDFC Bank up by 1.14%, RPower up by 1.05% and Siemens up by 0.76%.
On the flip side, ICICI Bank down by 2.43%, IDFC down by 2.40%, Kotak Bank down by 2.13%, Tata Motors down by 2.12% and Axis Bank down by 2.10%, were the major losers on the index.
Moreover, the information technology shares lost maximum ground on concerns over their first quarter earnings amid the worsening debt troubles for US and Europe - the major importers of their services. Stocks like, Wipro, TCS and Infosys ended the trade with a cut of 0.45%, 1.97% and 0.60% respectively.
The BSE Sensex opened at 16,910.27; about 70 points higher compared to its previous closing of 16,840.80, and has touched a high and a low of 16,916.81 and 16,760.33 respectively.
The index is currently trading at 16,760.33, down by 80.47 points or 0.48%. There were 14 stocks advancing against 16 declines on the index.
The overall market breadth has made a negative start with 43.34% stocks advancing against 51.65% declines. The broader indices too were trading in the red; the BSE Mid cap and Small cap indices down by 0.06% and 0.12% respectively.
The top gaining sectoral indices on the BSE were, CD up by 1.49%, Realty up by 1.13%, FMCG up by 0.47% and Oil and Gas was up by 0.36%. While, IT down by 1.51%, Bankex down by 1.08%, TECk down by 0.87%, Auto down by 0.44% and PSU down by 0.33% were the top losers on the index.
The top gainers on the Sensex were DLF up by 2.70%, HDFC Bank up by 1.44%, Bharti Airtel up by 0.72%, Coal India up by 0.63% and Hero Motocorp was up by 0.63%.
On the flip side, Tata Motors was down by 1.83%, ICICI Bank was down by 1.82%, TCS was down by 1.65%, Infosys was down by 1.57% and Wipro was down by 1.42% were the top losers on the Sensex.
Meanwhile, the Indian government has approved 18 Foreign Direct Investment (FDI) proposal worth around Rs 122.79 crore, which includes Pipavav Defence and Offshore Engineering Company, Dish TV India, but has delayed its decision on the proposed sale of share by Essar to Vodafone. The Foreign Investment Promotion Board (FIPB) had viewed around 39 FDI proposals; it delayed its decision on 16 applications, rejected 4 applications and directed 1 proposal to Reserve Bank of India.
The FIPB chaired by the Economic Affairs Secretary R Gopalan on its last meeting on August 5, approved the application of Pipavav Defence Offshore Engineering Company to infuse Rs 81.62 crore of foreign capital in the company. The FIPB also approved proposal of Air Works India (Engineering) to make downstream investments of Rs 17.77 crore in aviation companies in India. It also approved the proposal of Walt Disney Company to undertake the additional activity of broadcasting and down linking in India.
As per the finance ministry statement, the FIPB also approved application of Dish TV India to introduce foreign equity through a transfer of shares to perform the business of telecommunication equipment manufacturing. The panel also approved Gujarat based Om Pile's application of Rs 5.85 crore investment.
However, the FIPB deferred its decision over the proposal of acquisition of a 5.48% share in telecom company Vodafone-Essar by two Mauritius Based companies for about Rs 2,700 crore. Besides, this it also delayed its decision on the application of Essar Capital Holdings (India) to buy equity share of way of subscription to new equity shares or purchase of existing shares in an investing company engaged in the telecom sector.
In the last meeting the FIPB had cleared 31 FDI proposals worth around Rs 3,844.7 crore. The board offers single window clearance for proposals on FDI that are not allowed via the automatic route. The next meeting of FIPB is scheduled on September 2.
The S&P CNX Nifty opened at 5,077.95; about 21 points higher compared to its previous closing of 5,056.60, and has touched a high and a low of 5,078.60 and 5,031.65 respectively.
The index is currently trading at 5,031.75, lower by 24.85 points or 0.49%. There were 22 stocks advancing against 28 declines on the index.
The top gainers of the Nifty were RCom up by 3.05%, DLF up by 2.68%, HDFC Bank up by 1.14%, RPower up by 1.05% and Siemens up by 0.76%.
On the flip side, ICICI Bank down by 2.43%, IDFC down by 2.40%, Kotak Bank down by 2.13%, Tata Motors down by 2.12% and Axis Bank down by 2.10%, were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite was down 8.90 points or 0.34% to 2,592.36, Hang Seng was down 0.21 points to 20,288.82, KLSE Composite was down 2.88 points or 0.19% to 1,500.19, Nikkei 225 was down 86.59 points or 0.96% to 8,970.67, Seoul Composite was down 46.76 points or 2.47% to 1,845.91 and Taiwan Weighted was down by 149.38 points or 1.93% to 7,592.38.
On the flip side, Jakarta Composite was up 50.58 points or 1.28% to 4,003.86 and Straits Times was up by 9.72 points or 0.34% to 2,838.25. 
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