Indian equity markets largely traded on a
lackadaisical in Tuesday afternoon trades as the frontline showed signs
of consolidation after the recent brutal carnage in last three sessions.
The benchmark indices which are oscillating in a tight range since
morning have clawed back into the green terrain and are trading with
marginal gains at a time when Union Finance Minister spoke in Parliament
on a host of issues relating to the state of the economy. Meanwhile the
depreciation in rupee value continued to keep investors worried as it
slipped to fresh all time lows above the 53.50 mark against a US dollar,
hurting importers by making imports costlier. Nonetheless, despite
trading with marginal gains the domestic bourses bucked the pessimistic
trends prevailing across the Asian space. Moreover, domestic bourses
even showed some resilience and overlooked the discouraging overnight
developments from the European front where global credit ratings
agencies Fitch and Moody's said last week's EU summit did little to
avert the onerous debt debacle. They also warned to review the ratings
of Euro-zone nations as efforts of EU policymakers have not been
comprehensive enough to fix the immediate dangers of a significant
economic downturn in the Euro-zone. Back home, on the BSE sectoral
space, IT pocket continued to show its resilience and remained the top
gainer in the space with around a percent gains followed by the Oil
& Gas index which climbed over half a percent on the back of over a
percent gains in index heavyweight Reliance Industries. On the flipside,
the Consumer Durables and Capital Goods counters continued to bear the
brunt of selling pressure and remained the top laggards in the space
followed by the rate sensitive Bankex and PSU pockets.
Moreover, the broader markets traded on a pessimistic note with cuts of under a percent, underperforming with their larger peers. The bourses gained on strong volumes of over Rs 0.60 lakh core. The market breadth on BSE was in favor of declines in the ratio of 1536:829 while 109 scrips remained unchanged.
The BSE Sensex is currently trading at 15,924.08 down by 53.73 points or 0.34% after trading as high as 15,944.50 and as low as 15,771.59. There were 22 stocks advancing against 8 declines on the index.
The broader indices were trading on a pessimistic note; the BSE Mid cap index plunged 0.75% and Small cap sank 0.79%.
On the BSE sectoral space, the IT up 0.80%, Oil & Gas up 0.71%, TECk up 0.67%, Metal up 0.54% and Healthcare up 0.51% were the major gainers while Consumer Durables down 1.60%, Capital Goods down 0.68%, Bankex down 0.49% and PSU down 0.37% were the losers in the space.
Hindaclo up 2.14%, Sun Pharma up 1.88%, BHEL up 1.84%, Tata Power up 1.63% and Cipla up 1.56% were the major gainers on the Sensex, while L&T down 1.54%, ONGC down 1.34%, ICICI Bank down 0.78%, Hero Moto down 0.74% and Tata Steel down 0.71% were the major losers in the index.
Meanwhile, the Union Finance Minister Pranab Mukherjee has said that maintaining the fiscal deficit at 4.6% of the Gross Domestic Product (GDP) is a serious challenge. The task to meet the fiscal deficit target in current financial year is difficult because of the unfavorable economic environment in domestic and global economy, expected decline in revenue collections because of slowdown in industrial production, economic activities and increasing subsidy bill.
Finance minister, on introducing the Appropriation Bill to seek Rajya Sabha's approval for raising the government expenditure by an additional Rs 56,848.46 crore, said to maintain the fiscal deficit, as per the target is a serious challenge.
In this year's Budget, the government has estimated the fiscal deficit at Rs 4,12,817 crore or 4.6% of the GDP. However, by the first half of the current financial year, the fiscal deficit crossed Rs 2.8 lakh crore or 68% of the Budget Estimate (BE).
On the additional market borrowing in the second half of 2011-12, finance minister said, 'We had to go for (additional borrowing) to manage the cash flow but nonetheless it will have a stress and it will have its effect in the course of the year if the corrective steps are not taken.' In the monsoon session, the Parliament has approved Rs 9,016 crore net cash outgo as first batch of Supplementary Demand.
Finance Minister said that 'after the passage of almost eight months in the current fiscal year, there has been some pressing unavoidable demands'. He said that the fiscal deficit is substantially high. However, one need not necessarily be worried over it because the five years' moving average varies from 54-55%.
The S&P CNX Nifty is currently trading at 4,775.10, higher by 10.50 points or 0.22% after trading as high as 4,782.40 and as low as 4,728.50. There were 30 stocks advancing against 20 declines on the index.
Asian markets largely traded on a pessimistic note, Shanghai Composite plunged 1.98%, Hang Seng sank 1.13%, Jakarta Composite shed 1.17%, Nikkei 225 slumped 1.17%, Straits Times declined 0.83%, Seoul Composite shrank 1.88% and Taiwan Weighted dropped 0.76%.
Moreover, the broader markets traded on a pessimistic note with cuts of under a percent, underperforming with their larger peers. The bourses gained on strong volumes of over Rs 0.60 lakh core. The market breadth on BSE was in favor of declines in the ratio of 1536:829 while 109 scrips remained unchanged.
The BSE Sensex is currently trading at 15,924.08 down by 53.73 points or 0.34% after trading as high as 15,944.50 and as low as 15,771.59. There were 22 stocks advancing against 8 declines on the index.
The broader indices were trading on a pessimistic note; the BSE Mid cap index plunged 0.75% and Small cap sank 0.79%.
On the BSE sectoral space, the IT up 0.80%, Oil & Gas up 0.71%, TECk up 0.67%, Metal up 0.54% and Healthcare up 0.51% were the major gainers while Consumer Durables down 1.60%, Capital Goods down 0.68%, Bankex down 0.49% and PSU down 0.37% were the losers in the space.
Hindaclo up 2.14%, Sun Pharma up 1.88%, BHEL up 1.84%, Tata Power up 1.63% and Cipla up 1.56% were the major gainers on the Sensex, while L&T down 1.54%, ONGC down 1.34%, ICICI Bank down 0.78%, Hero Moto down 0.74% and Tata Steel down 0.71% were the major losers in the index.
Meanwhile, the Union Finance Minister Pranab Mukherjee has said that maintaining the fiscal deficit at 4.6% of the Gross Domestic Product (GDP) is a serious challenge. The task to meet the fiscal deficit target in current financial year is difficult because of the unfavorable economic environment in domestic and global economy, expected decline in revenue collections because of slowdown in industrial production, economic activities and increasing subsidy bill.
Finance minister, on introducing the Appropriation Bill to seek Rajya Sabha's approval for raising the government expenditure by an additional Rs 56,848.46 crore, said to maintain the fiscal deficit, as per the target is a serious challenge.
In this year's Budget, the government has estimated the fiscal deficit at Rs 4,12,817 crore or 4.6% of the GDP. However, by the first half of the current financial year, the fiscal deficit crossed Rs 2.8 lakh crore or 68% of the Budget Estimate (BE).
On the additional market borrowing in the second half of 2011-12, finance minister said, 'We had to go for (additional borrowing) to manage the cash flow but nonetheless it will have a stress and it will have its effect in the course of the year if the corrective steps are not taken.' In the monsoon session, the Parliament has approved Rs 9,016 crore net cash outgo as first batch of Supplementary Demand.
Finance Minister said that 'after the passage of almost eight months in the current fiscal year, there has been some pressing unavoidable demands'. He said that the fiscal deficit is substantially high. However, one need not necessarily be worried over it because the five years' moving average varies from 54-55%.
The S&P CNX Nifty is currently trading at 4,775.10, higher by 10.50 points or 0.22% after trading as high as 4,782.40 and as low as 4,728.50. There were 30 stocks advancing against 20 declines on the index.
The
top gainers on the Nifty were HCL Tech up 3.30%, Tata Power up 2.54%,
Dr Reddy up 2.25%, Hindalco up 2.23% and Sun Pharma up 1.81%.
R Power down 2.75%, Punjab National Bank down 2%, R
Infra down 1.74%, L&T down 1.71% and Axis Bank down 1.64% were the
major losers on the index. Asian markets largely traded on a pessimistic note, Shanghai Composite plunged 1.98%, Hang Seng sank 1.13%, Jakarta Composite shed 1.17%, Nikkei 225 slumped 1.17%, Straits Times declined 0.83%, Seoul Composite shrank 1.88% and Taiwan Weighted dropped 0.76%.
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