The Indian equity markets trading near day's high,
continues to gather gains in late morning trades as investors were
showing strong buying interest towards some blue chip counters. A
reserved rally on Wall Street overnight and a fairly steady trend in
Asian markets buoyed up sentiment on the Indian bourses. Sensex gained
more than 200 points while Nifty holding its 5,000 mark. On sectoral
front all the sectors were trading in green. Information technology
stocks were leading the charge up north, with the falling rupee
attracting investors to the counters. Realty, metal, capital goods and
bank stocks have also come back strongly after recent heavy losses. On
the global front, most of the Asian markets were trading in green after a
report that Italy could get financial support from China. Back home,
the market breadth favoring the positive trend; there were 1,702 shares
on the gaining side against 710 shares on the losing side while 83
shares remained unchanged.
The BSE Sensex is currently trading at 16,737.43, up by 235.69 points or 1.43%. The index has touched a high and low of 16,764.20 and 16,618.17 respectively. There were 26 stocks advancing against just 4 declines on the index.
The broader indices were trading in line with benchmarks; the BSE Mid cap and Small cap indices rose 1.22% and 1.05% respectively.
Buying was witnessed across the board. The top gaining sectoral indices on the BSE were, IT up by 2.36%, TECk up by 2.01%, Realty up by 2.00%, Metal up by 1.75% and Bankex up by 1.61%. While, there were no losers on the index.
The top gainers on the Sensex were Jaiprakash Associates up by 3.92%, TCS up by 3.06%, DLF up by 2.58%, Bajaj Auto up by 2.41% and Sterlite Industries up by 2.39%.
On the flip side, Tata Motors down by 1.09%, ONGC down by 0.54%, HUL down by 0.40% and Hero Motocorp down by 0.01% were the top losers on the Sensex.
Meanwhile, providing relief to the cotton exporters, the government on September 12 said that they will no longer have to provide bank guarantees for registration of export contract. The relaxation will be available to exporters from October 1. The Directorate General of Foreign Trade (DGFT) in its notification said that the export of cotton will continue to be free, subject to registration of contracts with the DGFT. However, performance guarantee will no longer be required.'
Earlier, an exporter had to put forward a performance guarantee in the form of a bank guarantee for 2.5% of the value of cotton to be exported, or for Rs 1 lakh, whichever was more. Further to export cotton, the trader has to register the contract with the DGFT and execute the shipment within 30 days.
Following the surge in cotton prices in the domestic market, the government had earlier imposed ban on cotton exports. However, after getting criticized by Ministry of Agriculture and by many state Chief Ministers, last month, the government removed restrictions from exports of natural fibre and put cotton on Open General License (OGL).
As per the Cotton Advisory Board, the domestic production of cotton for the next season is pegged at 35.5 million bales from 32.5 million bales in the current season. Against this India's consumption of cotton are around 26.4 million bales, leaving room for exports.
The S&P CNX Nifty is currently trading at 5,020.55, higher by 73.75 points or 1.49%. The index has touched a high and low of 5,029.45 and 4,976.35 respectively. There were 45 stocks advancing against just 5 declines on the index.
The top gainers of the Nifty were Jaiprakash Associates up by 4.00%, Cairn up by 3.77%, Reliance Capital up by 3.57%, Reliance Infra up by 3.28% and RCom up by 3.23%.
On the flip side, Tata Motors down by 1.95%, ONGC down by 0.54%, HUL down by 0.32%, Hero Motocorp down by 0.19% and BPCL down by 0.02% were the top losers on the index.
The BSE Sensex is currently trading at 16,737.43, up by 235.69 points or 1.43%. The index has touched a high and low of 16,764.20 and 16,618.17 respectively. There were 26 stocks advancing against just 4 declines on the index.
The broader indices were trading in line with benchmarks; the BSE Mid cap and Small cap indices rose 1.22% and 1.05% respectively.
Buying was witnessed across the board. The top gaining sectoral indices on the BSE were, IT up by 2.36%, TECk up by 2.01%, Realty up by 2.00%, Metal up by 1.75% and Bankex up by 1.61%. While, there were no losers on the index.
The top gainers on the Sensex were Jaiprakash Associates up by 3.92%, TCS up by 3.06%, DLF up by 2.58%, Bajaj Auto up by 2.41% and Sterlite Industries up by 2.39%.
On the flip side, Tata Motors down by 1.09%, ONGC down by 0.54%, HUL down by 0.40% and Hero Motocorp down by 0.01% were the top losers on the Sensex.
Meanwhile, providing relief to the cotton exporters, the government on September 12 said that they will no longer have to provide bank guarantees for registration of export contract. The relaxation will be available to exporters from October 1. The Directorate General of Foreign Trade (DGFT) in its notification said that the export of cotton will continue to be free, subject to registration of contracts with the DGFT. However, performance guarantee will no longer be required.'
Earlier, an exporter had to put forward a performance guarantee in the form of a bank guarantee for 2.5% of the value of cotton to be exported, or for Rs 1 lakh, whichever was more. Further to export cotton, the trader has to register the contract with the DGFT and execute the shipment within 30 days.
Following the surge in cotton prices in the domestic market, the government had earlier imposed ban on cotton exports. However, after getting criticized by Ministry of Agriculture and by many state Chief Ministers, last month, the government removed restrictions from exports of natural fibre and put cotton on Open General License (OGL).
As per the Cotton Advisory Board, the domestic production of cotton for the next season is pegged at 35.5 million bales from 32.5 million bales in the current season. Against this India's consumption of cotton are around 26.4 million bales, leaving room for exports.
The S&P CNX Nifty is currently trading at 5,020.55, higher by 73.75 points or 1.49%. The index has touched a high and low of 5,029.45 and 4,976.35 respectively. There were 45 stocks advancing against just 5 declines on the index.
The top gainers of the Nifty were Jaiprakash Associates up by 4.00%, Cairn up by 3.77%, Reliance Capital up by 3.57%, Reliance Infra up by 3.28% and RCom up by 3.23%.
On the flip side, Tata Motors down by 1.95%, ONGC down by 0.54%, HUL down by 0.32%, Hero Motocorp down by 0.19% and BPCL down by 0.02% were the top losers on the index.
Most
of the Asian equity indices were trading in the green; Jakarta
Composite up by 0.38%, KLSE Composite was up by 0.25%, Nikkei 225 was up
by 0.91% and Straits Times was up by 1.25%.
On the flip side, Shanghai Composite was down by 1.03% and Taiwan Weighted was down by 2.88%. 
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