The Indian equity markets witnessed a decent pull back after making a gap up start tracking positive cues from global equity indices. Sentiments remained strong as the US markets made a smart bounce back overnight with major indices surging by 4-5 percent after the Federal Reserve pledged to keep its key interest rate at its record low of nearly zero through the middle of 2013 while, all the Asian equity indices barring Straits Times were trading in the positive terrain at this point of time, indicating strong investors' sentiment. Back home, sustained buying in mostly all the key heavyweights along with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to trade comfortably over their crucial 17,100 and 5,100 mark respectively. On the sectoral front, realty witnessed the maximum gain in trade followed by software and consumer durables, while there were no losers on the BSE sectoral space. Meanwhile, Mahindra Satyam was trading with a gain of over 8 percent after the software exporter reported its quarterly net profit numbers which rose more than double, on higher client spend and margin expansion. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 1,584 shares on the gaining side against 295 shares on the losing side while 41 shares remained unchanged.
The BSE Sensex opened at 17,244.71; about 386 points higher compared to its previous closing of 16,857.91, and has touched a high and a low of 17,256.46 and 17,093.63 respectively.
The index is currently trading at 17,117.64, up by 259.73 points or 1.54%. There were 25 stocks advancing against just 5 declines on the index.
The overall market breadth has made a strong start with 82.50% stocks advancing against 15.36% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 1.93% and 2.28% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 2.77%, IT up by 2.76%, CD up by 2.62%, Metal up by 2.36% and TECk was up by 2.04%. While, there were no losers on the index.
The top gainers on the Sensex were Hindalco up by 3.69%, Tata Motors up by 3.50%, DLF up by 2.96%, Sterlite Industries up by 2.85% and Infosys was up by 2.78%.
On the flip side, ONGC was down by 1.66%, HUL was down by 0.85%, Bharti Airtel was down by 0.37%, Hero Motocorp was down by 0.30% and Sun Pharma was down by 0.10% were the top losers on the Sensex.
Meanwhile, the Reserve Bank of India on Tuesday allowed foreign investors to buy the domestic Mutual Fund with the cumulative limit of $10 billion. This move of the central bank is expected to have positive impact on the capital inflow.
"A SEBI registered Foreign Institutional Investor (FII) and Non Resident Indian (NRI) may purchase, on repatriation basis, units of domestic Mutual Funds (MFs), subject to such terms and conditions mentioned therein and limits as prescribed for the same by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), from time to time," RBI said in the statement.
In consultation with the Government and the SEBI, the decision to allow non-resident investors (other than SEBI registered FIIs and SEBI registered FVCIs) who meet the KYC requirements of SEBI, hereinafter called 'Qualified Foreign Investors' (QFIs), to purchase on repatriation basis rupee denominated units of equity schemes of domestic MFs issued by SEBI registered domestic MFs in accordance with the terms and conditions as stipulated by the SEBI and the RBI from time to time in this regard, the statement added.
The QFIs can invest in rupee denominated units of equity of schemes of domestic Mutual Funds issued by the SEBI registered domestic Mutual Funds under the Direct Route i.e. SEBI registered Depository Participants (DP) route and Indirect Route, i.e. Unit Confirmation Receipt (UCR) route.
The QFIs also can buy additional $3 billion of debt funds that invest in minimum 5-year infrastructure related debt. However, it would be within the upper limit of $25 billion for FII investment in corporate bonds issued by the infrastructure firms.
This move of the RBI is expected to help in the growth of Indian Mutual Fund industry. According to data from the Association of Mutual Funds in India, currently the total asset under management of all Mutual Fund companies stood around Rs 7.28 trillion ($166 billion) till July 2011 with the equity funds accounting for 23%.
The S&P CNX Nifty opened at 5,196.55; about 123 points higher compared to its previous closing of 5,072.85, and has touched a high and a low of 5,197.95 and 5,146.55 respectively.
The index is currently trading at 5,147.05, higher by 1.46 points or 0.80%. There were 43 stocks advancing against 7 declines on the index.
The top gainers of the Nifty were HCL Tech up by 4.09%, Tata Motors up by 3.60%, Hindalco up by 3.48%, TCS up by 2.97% and DLF up by 2.87%.
On the flip side, Straits Times was down 24.59 points or 0.85% to 2,859.41
The BSE Sensex opened at 17,244.71; about 386 points higher compared to its previous closing of 16,857.91, and has touched a high and a low of 17,256.46 and 17,093.63 respectively.
The index is currently trading at 17,117.64, up by 259.73 points or 1.54%. There were 25 stocks advancing against just 5 declines on the index.
The overall market breadth has made a strong start with 82.50% stocks advancing against 15.36% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 1.93% and 2.28% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 2.77%, IT up by 2.76%, CD up by 2.62%, Metal up by 2.36% and TECk was up by 2.04%. While, there were no losers on the index.
The top gainers on the Sensex were Hindalco up by 3.69%, Tata Motors up by 3.50%, DLF up by 2.96%, Sterlite Industries up by 2.85% and Infosys was up by 2.78%.
On the flip side, ONGC was down by 1.66%, HUL was down by 0.85%, Bharti Airtel was down by 0.37%, Hero Motocorp was down by 0.30% and Sun Pharma was down by 0.10% were the top losers on the Sensex.
Meanwhile, the Reserve Bank of India on Tuesday allowed foreign investors to buy the domestic Mutual Fund with the cumulative limit of $10 billion. This move of the central bank is expected to have positive impact on the capital inflow.
"A SEBI registered Foreign Institutional Investor (FII) and Non Resident Indian (NRI) may purchase, on repatriation basis, units of domestic Mutual Funds (MFs), subject to such terms and conditions mentioned therein and limits as prescribed for the same by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), from time to time," RBI said in the statement.
In consultation with the Government and the SEBI, the decision to allow non-resident investors (other than SEBI registered FIIs and SEBI registered FVCIs) who meet the KYC requirements of SEBI, hereinafter called 'Qualified Foreign Investors' (QFIs), to purchase on repatriation basis rupee denominated units of equity schemes of domestic MFs issued by SEBI registered domestic MFs in accordance with the terms and conditions as stipulated by the SEBI and the RBI from time to time in this regard, the statement added.
The QFIs can invest in rupee denominated units of equity of schemes of domestic Mutual Funds issued by the SEBI registered domestic Mutual Funds under the Direct Route i.e. SEBI registered Depository Participants (DP) route and Indirect Route, i.e. Unit Confirmation Receipt (UCR) route.
The QFIs also can buy additional $3 billion of debt funds that invest in minimum 5-year infrastructure related debt. However, it would be within the upper limit of $25 billion for FII investment in corporate bonds issued by the infrastructure firms.
This move of the RBI is expected to help in the growth of Indian Mutual Fund industry. According to data from the Association of Mutual Funds in India, currently the total asset under management of all Mutual Fund companies stood around Rs 7.28 trillion ($166 billion) till July 2011 with the equity funds accounting for 23%.
The S&P CNX Nifty opened at 5,196.55; about 123 points higher compared to its previous closing of 5,072.85, and has touched a high and a low of 5,197.95 and 5,146.55 respectively.
The index is currently trading at 5,147.05, higher by 1.46 points or 0.80%. There were 43 stocks advancing against 7 declines on the index.
The top gainers of the Nifty were HCL Tech up by 4.09%, Tata Motors up by 3.60%, Hindalco up by 3.48%, TCS up by 2.97% and DLF up by 2.87%.
On the flip side, ONGC down by 1.61%, BPCL down by 1.31%, HUL down by 0.80%, GAIL down by 0.66% and Siemens down by 0.59%, were the top losers on the index.
All the Asian equity indices barring Straits Times were trading in the green; Shanghai Composite was up 47.31 points or 1.87% to 2,573.38, Hang Seng was up 632.90 points or 3.27% to 19,963.60, Jakarta Composite was up 103.50 points or 2.77% to 3,838.62, KLSE Composite was up 14.09 points or 0.96% to 1,486.23, Nikkei 225 was up 91.99 points or 1.03% to 9,036.47, Seoul Composite was up 12.72 points or 0.71% to 1,814.07 and Taiwan Weighted was up by 223.06 points or 2.98% to 7,716.18. On the flip side, Straits Times was down 24.59 points or 0.85% to 2,859.41
No comments:
Post a Comment