The Indian equity markets were holding their early
gains amid broad based buying and currently remained up in positive
territory. Several blue chip stocks were extending their move further up
north on sustained buying support. Investors grew optimistic about
renewed efforts by European leaders to limit the region's debt crisis
and doubts that the central bank might hike interest rates one more time
to rein in inflation, but today investors were busy picking up stocks
from rate sensitive realty, automobile and banking sectors. On sectoral
front, all the sectors were trading in green. Auto, realty, IT, metal
and banking stocks were trading notably high. Power, oil and FMCG stocks
were in demand. Pharmaceuticals stocks were edging higher after turning
a bit subdued. Capital goods stocks, which opened on a weak note,
recovered some lost ground. Airline stocks rose, after local media
reports that India will shortly consider a proposal to allow foreign
airlines to pick up stakes in cash-strapped domestic carriers. On the
global front, all Asian markets were trading in green on hopes that the
forthcoming European Union Summit on Wednesday will find a solution to
the debt crisis. Back home, the market breadth favoring the positive
trend; there were 1,452 shares on the gaining side against 910 shares on
the losing side while 109 shares remained unchanged.
The BSE Sensex is currently trading at 17,072.33, up by 286.69 points or 1.71%. The index has touched a high and low of 17,104.88 and 17,006.28 respectively. There were 29 stocks advancing against just 1 declining one on the index.
The broader indices however, kept underperforming the benchmarks; the BSE Mid cap and Small cap indices were up by 0.71% and 0.54% respectively.
The top gaining sectoral indices on the BSE were Auto up by 2.29%, Realty up by 2.29%, IT up by 2.05%, Metal up by 2.02% and Bankex up by 1.95%.
The top gainers on the Sensex were Tata Motors up by 4.41%, Sterlite Industries up by 3.91%, ONGC up by 3.43%, Bajaj Auto up by 3.29% and Hindustan Unilever up by 3.16%.
On the flip side, L&T down by 0.80% was the only loser on the index.
Meanwhile, India's exports from engineering sector has registered a decline of 14% in the month of September on the back of slowdown in the US and European nations. As per the data of Engineering Export Promotion Council (EEPC), exports from engineering sector stood at $7.1 billion in September 2011 compared to $8.3 billion in September 2010.
In last financial year, the sector had contributed around $60 billion in the India's exports of $245.9 billion. In the current financial year, India's exports performance has been impressive. Despite the slowdown in US and decline in business confidence in European economy, country's exports during the first half of the current financial year surged by the 52% to $160 billion.
However, after several months of surge in exports from the sector, exports have declined in September because of the economic slowdown in the western markets. The engineering exports in April-August 2011 had surged by 125%, aggregating to $40 billion in the April-August 2011.
Market experts are of the view that the situation is not expected to improve in the coming months. The declining trend in exports may continue in the coming two quarters of 2011-12. The US and European markets together account for more than 40% of the country's engineering exports. Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
Expressing concern over the adverse impact of global uncertainty on the Indian Economy, Finance Minister Pranab Mukherjee on October 22, said 'when the world sneezes, India runs risk of catching a cold...Not surprisingly, the economic crisis in Europe and the slowdown in the US are impacting us adversely.'
The S&P CNX Nifty is currently trading at 5,137.35, higher by 87.40 points or 1.73%. The index has touched a high and low of 5,145.40 and 5,111.35 respectively. There were 48 stocks advancing against just 2 declining ones on the index.
The top gainers of the Nifty were Tata Motors up by 4.38%, Sterlite Industries up by 4.09%, RPower up by 3.69%, ONGC up by 3.50% and Reliance Infra up by 3.47%.
The BSE Sensex is currently trading at 17,072.33, up by 286.69 points or 1.71%. The index has touched a high and low of 17,104.88 and 17,006.28 respectively. There were 29 stocks advancing against just 1 declining one on the index.
The broader indices however, kept underperforming the benchmarks; the BSE Mid cap and Small cap indices were up by 0.71% and 0.54% respectively.
The top gaining sectoral indices on the BSE were Auto up by 2.29%, Realty up by 2.29%, IT up by 2.05%, Metal up by 2.02% and Bankex up by 1.95%.
The top gainers on the Sensex were Tata Motors up by 4.41%, Sterlite Industries up by 3.91%, ONGC up by 3.43%, Bajaj Auto up by 3.29% and Hindustan Unilever up by 3.16%.
On the flip side, L&T down by 0.80% was the only loser on the index.
Meanwhile, India's exports from engineering sector has registered a decline of 14% in the month of September on the back of slowdown in the US and European nations. As per the data of Engineering Export Promotion Council (EEPC), exports from engineering sector stood at $7.1 billion in September 2011 compared to $8.3 billion in September 2010.
In last financial year, the sector had contributed around $60 billion in the India's exports of $245.9 billion. In the current financial year, India's exports performance has been impressive. Despite the slowdown in US and decline in business confidence in European economy, country's exports during the first half of the current financial year surged by the 52% to $160 billion.
However, after several months of surge in exports from the sector, exports have declined in September because of the economic slowdown in the western markets. The engineering exports in April-August 2011 had surged by 125%, aggregating to $40 billion in the April-August 2011.
Market experts are of the view that the situation is not expected to improve in the coming months. The declining trend in exports may continue in the coming two quarters of 2011-12. The US and European markets together account for more than 40% of the country's engineering exports. Engineering exports include transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.
Expressing concern over the adverse impact of global uncertainty on the Indian Economy, Finance Minister Pranab Mukherjee on October 22, said 'when the world sneezes, India runs risk of catching a cold...Not surprisingly, the economic crisis in Europe and the slowdown in the US are impacting us adversely.'
The S&P CNX Nifty is currently trading at 5,137.35, higher by 87.40 points or 1.73%. The index has touched a high and low of 5,145.40 and 5,111.35 respectively. There were 48 stocks advancing against just 2 declining ones on the index.
The top gainers of the Nifty were Tata Motors up by 4.38%, Sterlite Industries up by 4.09%, RPower up by 3.69%, ONGC up by 3.50% and Reliance Infra up by 3.47%.
On the flip side, RCom down by 0.87% and L&T down by 0.73% were the major losers on the index.
Most of the Asian equity indices continue to trade
in good contour; Shanghai Composite gained 1.84%, Hang Seng added
4.21%, Jakarta Composite gained 2.22%, KLSE Composite expanded 1.32%,
Nikkei 225 gained 1.78%, Straits Times increased 2.07%, Seoul Composite
raised 3.01% and Taiwan Weighted added 2.97%. 
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