Indian equities continued its firm trade hovering
near the day's high as investors continued to accumulate stocks at every
point during the day. Sentiments remained upbeat on the back of
encouraging global leads as most Asian peers traded with strong gains of
around two percent. In the fight between bulls and bears to gain
control in the market, bulls have seen riding firm giving no chance for
bears to enter the market throughout the day. Traders were seen piling
up the position in Metal, Bankex and Oil & Gas sector stocks.
Hindalco, Sesa Goa, Jindal Steel, Sterlite, SAIL and Tata Steel were
seen trading with a gain of around more than two to six percent giving
the much needed support for the market. Kotak Bank, SBI, ICICI Bank,
Axis Bank and HDFC Bank were seen trading in green pulling the markets
up. Index heavyweight RIL is seen trading firm in green with gain of
around three percent helping markets trade high. Also, ONGC and Cairn
from Oil & Gas sector were trading in green helping markets continue
its positive trade.
In the scrip specific development, Dish TV India rose after the finance ministry cleared the company's proposal to raise foreign equity to the extent of Rs 980 crore. Financial Technologies (India) spurted after the finance ministry cleared Multi Commodity Exchange of India's request for an initial public offering to Indians and registered foreign institutional investors. NDTV was too firm after Foreign Investment Promotion Board okayed the company's proposal for up to 100% foreign equity. On the global front, all Asian markets were seen trading in green barring Jakarta Composite while the European markets were too trading in green on optimistic note. The European market remained firm despite the IMF denying reports that it was discussing a rescue package with Italy, which had earlier spurred sanguine sentiments across the globe. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 4,800 and 16,000 levels, respectively.
The BSE Sensex is currently trading at 16073.71 up by 378.28 points or 2.40% after trading as high as and 16091.25 as low as 15888.28. There were 28 stocks advancing against 2 declines on the index.
The broader indices were trading on a strong note; the BSE Mid cap index surged 1.26% while Small cap soared 1.40%.
On the BSE sectoral space, Metal up 3.78%, Bankex up 2.87%, Oil & Gas up 2.52%, Realty up 2.50% and PSU up 2.44% were the major gainers while there were no losers in the space.
Hindalco up 5.90%, Tata Motors up 4.31%, HDFC up 4.26%, SBI up 4.22% and Coal India up 4.02% were the major gainers on the Sensex, while Bajaj Auto down 2.42% and M&M down 0.09% were the major losers in the index.
Meanwhile, in the wake of the rising subsidy burden, Finance Minister Pranab Mukherjee has raised an additional expenditure demand of over Rs 56,848 crore in the Parliament in 2011-12, which is likely to further enlarge the government's fiscal deficit. This would be in addition to the budgeted expenditure of Rs 12.5 lakh crore and an extra net spend of Rs 9,016 crore approved in the first batch of the supplementary grant.
In the second supplementary demand for grant scheduled in the Lok Sabha, Finance Minister Pranab Mukherjee sought the approval of the House to pay Rs 30,000 crore as compensation for the first half of the year to oil marketing companies (OMCs), which have been suffering due to selling fuel at a price lower than that prevailing in the international market.
Fertilizer companies will get nearly Rs 13,778 crore while nearly Rs 2,297 crore will go towards food subsidy. Though the gross additional spend is Rs 63,180 crore, the government is planning to meet the requirement of Rs 6,330 crore through savings in various heads, leaving the net cash outgo at Rs 56,848 crore.
Leaving away subsides from fuel, food and fertilizer, which comprised about 73% of the gross additional expenditure, the ministry has tried to limit the demand only to a few necessary items. Further the evaluation will be done towards the end of January 2012, when the government will compute its expenditure and savings, to arrive at the revised deficit target.
The S&P CNX Nifty is currently trading at 4824.10, higher by 114.05 points or 2.42% after trading as high as 4828.90 and as low as 4766.40. There were 47 stocks advancing against 3 declines on the index.
Asian markets traded on an encouraging note, Shanghai Composite gained 0.12%, Hang Seng spurted 1.97%, Nikkei 225 soared 1.56%, Straits Times surged 1.65%, Seoul Composite jumped 2.19% and Taiwan Weighted ascended 1.68%. On the flip side, Jakarta Composite declined 0.11%.
Stock markets in Malaysia remained closed in observance of Awal Muharram.
The European markets were trading in green with, France's CAC 40 spurted 2.50%, Germany's DAX ascended 2.24% and Britain's FTSE 100 inched higher 1.45%.
In the scrip specific development, Dish TV India rose after the finance ministry cleared the company's proposal to raise foreign equity to the extent of Rs 980 crore. Financial Technologies (India) spurted after the finance ministry cleared Multi Commodity Exchange of India's request for an initial public offering to Indians and registered foreign institutional investors. NDTV was too firm after Foreign Investment Promotion Board okayed the company's proposal for up to 100% foreign equity. On the global front, all Asian markets were seen trading in green barring Jakarta Composite while the European markets were too trading in green on optimistic note. The European market remained firm despite the IMF denying reports that it was discussing a rescue package with Italy, which had earlier spurred sanguine sentiments across the globe. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 4,800 and 16,000 levels, respectively.
The BSE Sensex is currently trading at 16073.71 up by 378.28 points or 2.40% after trading as high as and 16091.25 as low as 15888.28. There were 28 stocks advancing against 2 declines on the index.
The broader indices were trading on a strong note; the BSE Mid cap index surged 1.26% while Small cap soared 1.40%.
On the BSE sectoral space, Metal up 3.78%, Bankex up 2.87%, Oil & Gas up 2.52%, Realty up 2.50% and PSU up 2.44% were the major gainers while there were no losers in the space.
Hindalco up 5.90%, Tata Motors up 4.31%, HDFC up 4.26%, SBI up 4.22% and Coal India up 4.02% were the major gainers on the Sensex, while Bajaj Auto down 2.42% and M&M down 0.09% were the major losers in the index.
Meanwhile, in the wake of the rising subsidy burden, Finance Minister Pranab Mukherjee has raised an additional expenditure demand of over Rs 56,848 crore in the Parliament in 2011-12, which is likely to further enlarge the government's fiscal deficit. This would be in addition to the budgeted expenditure of Rs 12.5 lakh crore and an extra net spend of Rs 9,016 crore approved in the first batch of the supplementary grant.
In the second supplementary demand for grant scheduled in the Lok Sabha, Finance Minister Pranab Mukherjee sought the approval of the House to pay Rs 30,000 crore as compensation for the first half of the year to oil marketing companies (OMCs), which have been suffering due to selling fuel at a price lower than that prevailing in the international market.
Fertilizer companies will get nearly Rs 13,778 crore while nearly Rs 2,297 crore will go towards food subsidy. Though the gross additional spend is Rs 63,180 crore, the government is planning to meet the requirement of Rs 6,330 crore through savings in various heads, leaving the net cash outgo at Rs 56,848 crore.
Leaving away subsides from fuel, food and fertilizer, which comprised about 73% of the gross additional expenditure, the ministry has tried to limit the demand only to a few necessary items. Further the evaluation will be done towards the end of January 2012, when the government will compute its expenditure and savings, to arrive at the revised deficit target.
The S&P CNX Nifty is currently trading at 4824.10, higher by 114.05 points or 2.42% after trading as high as 4828.90 and as low as 4766.40. There were 47 stocks advancing against 3 declines on the index.
The
top gainers on the Nifty were Hindalco up 6.12%, IDFC up 6.10%, Sesa
Goa up 5.48%, Kotak Bank up 4.66% and Tata Motors up 4.60%.
Bajaj Auto down 2.19%, GAIL down 0.18% and M&M down 0.08% were the major losers on the index. Asian markets traded on an encouraging note, Shanghai Composite gained 0.12%, Hang Seng spurted 1.97%, Nikkei 225 soared 1.56%, Straits Times surged 1.65%, Seoul Composite jumped 2.19% and Taiwan Weighted ascended 1.68%. On the flip side, Jakarta Composite declined 0.11%.
Stock markets in Malaysia remained closed in observance of Awal Muharram.
The European markets were trading in green with, France's CAC 40 spurted 2.50%, Germany's DAX ascended 2.24% and Britain's FTSE 100 inched higher 1.45%.
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