MARKETS HOLD THEIR GAINS

The domestic equity markets don't seem in a mood to lose control over the stupendous gains they gathered with the start of the session. The regional peers too are continuing their jubilant run and are set to snap their best weekly rally since 2009. While the European futures are giving cues of positive start there. Back home, the domestic markets are showing firm trade, holding their gain of around 3 percent what they gathered in initial trade. All the sectoral gauges maintaining their gains, though consumer durable segment is witnessing some profit booking after the Diwali buying. On the same time the PSU oil marketing companies have turned in somber mood after the international crude prices surged overnight on getting optimistic European news. The broader indices too are lacking enthusiasm, underperforming their larger peers.
The BSE Sensex is currently trading at 17,773.51, up by 484.68 points or 2.80%. The index has touched a high and low of 17,908.13 and 17,671.86 respectively. All the 30 stocks were trading in green on the index.
The broader indices however were underperforming the benchmarks; the BSE Mid cap and Small cap indices were up by 1.37% and 0.99% respectively.
The top gaining sectoral indices on the BSE were Metal up by 5.66%, CG up by 3.67%, Bankex up by 3.56%, Realty up by 3.41% and Auto was up by 2.84%, while none of the sectoral indices was trading in red.
The top gainers on the Sensex were Hindalco industries up by 9.40%, Sterlite Industries up by 8.27%, Jindal Steel up by 6.56%, JP Associates up by 6.18% and Tata Steel was up by 6.02%.
Meanwhile, the government has cleared 21 new textile parks under the scheme for Integrated Textiles Parks, which seeks green-field investments in the textiles sector on a public private partnership basis with the objective of setting up world-class infrastructure for textiles industry. The total project cost will be around Rs 2,100 crore, which will be implemented in a period of 36 months.

The Minister for Commerce, Industry and Textiles Anand Sharma said 'sanction of new Textiles parks would catalyze significant additional investments with industry utilizing the benefits both under the Scheme for Integrated Textiles Parks for development of common infrastructure; and under the Technology Upgradation Funds Scheme for installation of Plant and Machinery.'

As per the textile ministry statement, the government has enhanced the allocation under TUFS Rs 8,000 crore to Rs 15,404 crore in the 11th Five Year plan and in Scheme for Integrated Textiles Park (SITP) an allocation of Rs 400 crore has been made for sanction of new Textile Parks in April 2011. The new Textile Parks would attract around Rs 9,000 crore of investment and offer employment to around 4 lakh workers. The government would finance common infrastructure with a subsidy upto Rs 40 crore per textile park.
The government has cleared 6 new textile parks in Maharashtra, 4 in Rajasthan, 2 each in Tamil Nadu and Andhra Pradesh, 1 each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu and Kashmir and West Bengal. The product in these parks would include apparels and garments parks, hosiery parks, silk parks, processing parks, technical textiles including medical textiles, carpet parks, and power-loom parks.
'The focus of government has been to ensure value addition through aggregation to best utilize India's raw material surplus in cotton and cotton yarn for enhanced labor employment and export earnings' said Sharma. By adding further he said, given the considerable demand for textiles parks in the country and given the success of the Scheme in the 11th Five Year Plan, textiles ministry would be seeking a higher allocation under the 12th Five Year Plan. It may be highlighted that of the 40 textiles parks sanctioned under the 11th Five Year Plan, 24 textiles parks have started operations and have attracted investments of Rs 18,880 crore, with a government subsidy of Rs 1,420 crore.
The S&P CNX Nifty is currently trading at 5,350.20, up by 148.40 points or 2.85%. The index has touched a high and low of 5,399.70 and 5,329.05 respectively. There were 49 stocks advancing against just 1 decline on the index.
The top gainers of the Nifty were Hindalco up by 9.40%, Sterlite Industries up by 8.35%, Jindal Steel up by 6.80%, Tata Motors up by 6.47% and Tata Steel was up by 6.27%
On the flip side, BPCL Bank down by 2.06% was the lone loser on the index.
All the Asian equity indices were trading with good gain; Shanghai Composite gained 1.28%, Hang Seng was up by 1.83%, Jakarta Composite added 0.57%, KLSE Composite gained  0.83%, Nikkei 225 surged by 1.39%, Straits Times gained 1.17%, Taiwan Weighted was up by 0.67% and Seoul Composite was up by 0.39%.