The Indian equity markets pared early losses with a
few blue chips finding good support at lower levels and on a positive
lead from global markets. Investors were still trading cautious amid
concerns about the impact of widespread opposition to the government's
move to allow foreign direct investments in multi-brand retail. Though
the all party meet on FDI has ended this morning without a consensus
between the government and the opposition over allowing 51% FDI in
multi-brand retail. On sectoral front Healthcare, automobile and capital
goods stocks were the ones finding some support. A few stocks from
FMCG, banking, realty and power sectors too have edged off lower levels.
Metal stocks too have cut most off their losses. Information technology
and oil stocks and consumer durable stocks were dragging the markets
down. Index heavyweights Reliance Industries is down with a loss of 1.5%
as it has initiated arbitration proceedings against the government to
ensure it is able to fully recover costs of developing the KG-D6 block
as uncertainty over the matter was hindering further development of the
gas-rich block. On the global front, all Asian markets continued trading
in green. Back home, the market breadth favoring the positive trend;
there were 1,158 shares on the gaining side against 1,089 shares on the
losing side while 128 shares remained unchanged.
The BSE Sensex is currently trading at 16,146.82, down by 20.31 points or 0.13%. The index has touched a high and low of 16,210.37 and 15,995.57 respectively. There were 15 stocks advancing against 15 declining ones on the index.
The broader indices were outperforming the index; the BSE Mid cap and Small cap index up by 0.33% and 0.37% respectively.
HC up by 0.88%, Auto up by 0.84%, CG up by 0.52%, Bankex up by 0.38% and FMCG up by 0.30% were the top gainers in the sectoral indices on the BSE. While, Oil and Gas down by 0.96%, IT down by 0.54%, TECK down by 0.52%, PSU down by 0.11% and CD down by 0.03% were the top losers on the index.
The top gainers on the Sensex were Tata Steel up by 2.27%, M&M up by 1.80%, Cipla up by 1.50%, HUL up by 1.42% and Bajaj Auto up by 1.31%.
On the flip side, Bharti Airtel down by 1.85%, RIL down by 1.53%, Infosys down by 1.52%, Hindalco down by 1.33% and Tata Power down by 1.12% were the top losers on the index.
Meanwhile, Indian government's debt increased to Rs 32.13 lakh crore at the end of September quarter from Rs 31.28 lakh crore in the previous quarter, representing an increase of 2.7% compared with an increase of 5.2% in the Q1 of FY12. According to the quarterly Public Debt Management report released by the finance ministry, increased market borrowings led to the rise in public debt. The report underscored that due to the tight monetary policy followed the RBI, the interest rate (yield) on bonds increased, thus pushing up the borrowing cost.
The July-September quarter report on Public Debt Management showed internal debt constituted 90.3% of public debt, more or less unchanged from the previous quarter. However, government's internal debt went up during the second quarter of 2011-12, which is evident from the fact that the outstanding internal debt of the government stood at Rs 29.01 lakh crore constituting 32.3% of GDP compared with 31.4% in the previous quarter.
The report also indicated that marketable securities consisting of rupee denominated dated securities and treasury bills/cash management bills accounted for 79.7% of total public debt, compared with 79.1% at end-June 2011. During the September quarter, the 10-year yield on government securities went up sharply, on the back of the repo rate hike of 50 bps by Reserve Bank on July 26, 2011 to reach a high of 8.47% on July 28. Thereafter, yields gradually drifted down and remained range bound till September 28, 2011. Higher borrowing announcement of Rs 52,872 crore in the second half calendar for bonds pushed up yield and it closed the quarter at 8.44%, according to the report.
The S&P CNX Nifty is currently trading at 4,847.95, down by 3.35 points or 0.07%. The index has touched a high and low of 4,864.40 and 4,802.85 respectively. There were 25 stocks advancing against 23 declining ones on the index and 2 remained unchanged.
The top gainers of the Nifty were Ranbaxy up by 2.97%, Dr Reddy's Lab up by 2.57%, Tata Steel up by 2.17%, M&M up by 1.86% and Reliance Infra up by 1.82%.
The BSE Sensex is currently trading at 16,146.82, down by 20.31 points or 0.13%. The index has touched a high and low of 16,210.37 and 15,995.57 respectively. There were 15 stocks advancing against 15 declining ones on the index.
The broader indices were outperforming the index; the BSE Mid cap and Small cap index up by 0.33% and 0.37% respectively.
HC up by 0.88%, Auto up by 0.84%, CG up by 0.52%, Bankex up by 0.38% and FMCG up by 0.30% were the top gainers in the sectoral indices on the BSE. While, Oil and Gas down by 0.96%, IT down by 0.54%, TECK down by 0.52%, PSU down by 0.11% and CD down by 0.03% were the top losers on the index.
The top gainers on the Sensex were Tata Steel up by 2.27%, M&M up by 1.80%, Cipla up by 1.50%, HUL up by 1.42% and Bajaj Auto up by 1.31%.
On the flip side, Bharti Airtel down by 1.85%, RIL down by 1.53%, Infosys down by 1.52%, Hindalco down by 1.33% and Tata Power down by 1.12% were the top losers on the index.
Meanwhile, Indian government's debt increased to Rs 32.13 lakh crore at the end of September quarter from Rs 31.28 lakh crore in the previous quarter, representing an increase of 2.7% compared with an increase of 5.2% in the Q1 of FY12. According to the quarterly Public Debt Management report released by the finance ministry, increased market borrowings led to the rise in public debt. The report underscored that due to the tight monetary policy followed the RBI, the interest rate (yield) on bonds increased, thus pushing up the borrowing cost.
The July-September quarter report on Public Debt Management showed internal debt constituted 90.3% of public debt, more or less unchanged from the previous quarter. However, government's internal debt went up during the second quarter of 2011-12, which is evident from the fact that the outstanding internal debt of the government stood at Rs 29.01 lakh crore constituting 32.3% of GDP compared with 31.4% in the previous quarter.
The report also indicated that marketable securities consisting of rupee denominated dated securities and treasury bills/cash management bills accounted for 79.7% of total public debt, compared with 79.1% at end-June 2011. During the September quarter, the 10-year yield on government securities went up sharply, on the back of the repo rate hike of 50 bps by Reserve Bank on July 26, 2011 to reach a high of 8.47% on July 28. Thereafter, yields gradually drifted down and remained range bound till September 28, 2011. Higher borrowing announcement of Rs 52,872 crore in the second half calendar for bonds pushed up yield and it closed the quarter at 8.44%, according to the report.
The S&P CNX Nifty is currently trading at 4,847.95, down by 3.35 points or 0.07%. The index has touched a high and low of 4,864.40 and 4,802.85 respectively. There were 25 stocks advancing against 23 declining ones on the index and 2 remained unchanged.
The top gainers of the Nifty were Ranbaxy up by 2.97%, Dr Reddy's Lab up by 2.57%, Tata Steel up by 2.17%, M&M up by 1.86% and Reliance Infra up by 1.82%.
On
the other hand, Bharti Airtel down by 1.68%, RIL down by 1.47%,
Hindalco down by 1.37%, ACC down by 1.26% and Infosys down by 1.23% were
the major losers on the index.
All Asian equity indices were trading in the
green; Shanghai Composite gained 0.94%, Hang Seng added 1.68%, Jakarta
Composite spurted 1.15%, KLSE Composite soared 1.57%, Nikkei 225
accumulated 2.25%, Straits Times up by 0.41%, Seoul Composite rallied
2.23% and Taiwan Weighted rose 1.305%. 
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