DIRECTIONLESS

The Indian equity markets are trading directionless in the negative territory but came off from the days low as markets recovered some lost ground. The broader markets have turned weak. The markets are expected to be volatile in the near future as traders roll over positions in the futures and options tomorrow. Investors were doubtful on the global economic situation. On sectoral front IT, technology, realty and FMCG stocks were on buyers' radar. However, metal, capital goods, auto and bank stocks were under pressure. Stocks from power, PSU and healthcare sectors were trading weak now. On the global front, Asian markets were trading mixed amid easing concerns about euro zone debt. However, along with doubts about the effectiveness of rescue plans that are likely to be put in place by European leaders, a section of traders appear to be trimming down some positions across the board today. Back home, the market breadth favoring the negative trend; there were 1,116 shares on the gaining side against 1,320 shares on the losing side while 105 shares remained unchanged.
The BSE Sensex is currently trading at 16,444.39, down by 79.64 points or 0.48%. The index has touched a high and low of 16,663.26 and 16,372.64 respectively. There were 7 stocks advancing against 23 declines on the index.
The broader indices also following the benchmarks; the BSE Mid cap and Small cap indices were down by 0.31% and 0.40% respectively.
The top gaining sectoral indices on the BSE were, IT up by 1.44%, TECk up by 0.70%, Realty up by 0.54% and FMCG up by 0.24%. While, Metal down by 1.69%, CG down by 1.32%, Auto down by 1.19%, Bankex down by 1.03% and CD down by 0.97% were the top losers on the index.
The top gainers on the Sensex were DLF up by 2.05%, Infosys up by 1.80%, Wipro up by 1.12%, TCS up by 0.93% and ONGC was up by 0.41%.
On the flip side, Hindalco Industries was down by 3.08%, Sterlite Industries down by 2.79%, Jaiprakash Associate down by 2.32%, L&T down by 1.92% and ICICI Bank down by 1.81% were the top losers on the Sensex.
Meanwhile, to improve transparency and lay down principles for the implementation and monitoring of public-private partnership, the government came up with the draft national public-private partnership policy. This move of the government is expected to provide strong working ground as it is planning to invest around $1 trillion to develop infrastructure in coming five years.
While releasing the draft policy, the government has asked for comments by October 15. The proposed draft seeks to introduce roles for auctioning natural resources, acquiring land and settling disputes arising in the course of bidding and award of the projects. With reference to providing land for PPP projects, which has been center of attraction due to recent protest by the farmers, the policy says, the government will be responsible for providing land for PPP projects and obtaining clearances from relevant authorities. However, it will make sure that the interests of the land owners are fully protected.
The announcement of the national PPP policy is in line with the Budget speech of Finance Minister, in which, he had stressed on the need for developing a comprehensive policy that can be used by the centre and the state government in further developing Public-Private Partnerships. In order to bring transparency in the PPP projects, the government is planning to publish separate mandatory disclosures and fair practices to be followed by each project. 
The draft says, 'the government will set up a dedicated dispute resolution mechanism to address issues related to bidding and award of PPP projects....it will develop new market-based products, such as independent pre-bid rating, to assist investors in identifying well-structured PPP projects.'

For providing implicit ownership or exclusively right over underlying natural resources, a process of market based price discovery of such natural resources would be taken into consideration while awarding the projects. The PPP unit of ministry of finance will give a centre of expertise and technical support to government ministries and other authorities developing PPPs. 

The S&P CNX Nifty is currently trading at 4,944.25, down by 27.00 points or 0.54%. The index has touched a high and low of 5,006.05 and 4,922.35 respectively.  There were 12 stocks advancing against 38 declines on the index.
The top gainers of the Nifty were HCL Tech up by 2.87%, Ranbaxy up by 2.13%, Infosys up by 1.85%, DLF up by 1.81% and Cain up by 1.21%.
On the flip side, Hindalco Industries down by 3.01%, JP Associate down by 2.93%, Sterlite Industries down by 2.75%, Reliance Capital down by 2.58% and Reliance Power down by 2.56%, were the major losers on the index.
Most of the Asian equity indices were trading mixed; Jakarta Composite was up by1.41%, KLSE Composite was up by 0.28% and Taiwan Weighted was up by 0.80%.
On the flip side, Shanghai Composite down by 0.29%, Nikkei 225 was down by 0.05%, Hang Seng down by 1.47%, Seoul Composite was down by 0.41% and Straits Times down by 1.22% were the losers on the index.