Gains at Dalal Street remained intact as barometer
indices continue to trade in fine contour on the back of apparent
optimism ahead of the RBI's mid-quarterly policy around noon, where RBI
is widely expected to hold rates. However, Indian equity markets also
drawing some strength from the global indices which are trading upbeat.
Asian pacific markets imitating the optimism of overnight trade at Wall
Street were trading in green in early deals as signs of strength in the
US economy temporarily broke through gloom over the European debt crisis
that had driven a sell-off in riskier assets over the past three days.
However, the uptick of US future indices on the screen trade also added
fuel to the rally.
Back home, although buying was witnessed across the board, however, stocks from Auto, Power and Consumer Durable counters on the BSE sectoral front, featuring in the best list of performers, shouldered the onus behind the up move of the bourses. But stocks from Information Technology (IT) counter remained the only exception as the index witnessed a cut of over 0.50% tracing the appreciation in rupee.
30 share barometer index- Sensex-despite enticing gains of over 125 points was trading sub 16000 level. However, widely followed 50 share index-nifty-adding over 50 points was trading past 4800 mark. The broader indices too were trading in jubilant mood. The overall market breadth on BSE was in the favour of advances which thrashed declines in the ratio of 1486:640, while 76 shares remained unchanged.
The BSE Sensex is currently trading at 15,979.02, up by 142.55 points or 0.90%. The index has touched a high and low of 16,043.68 and 15,866.63 respectively. There were 24 stocks advancing against just 6 declining one's on the index.
The broader indices too were in fine contour; the BSE Mid cap and Small cap indices surged 0.89% and 1.06% respectively.
The top gaining sectoral indices on the BSE were, Auto up by 1.86%, Power up by 1.54%, CD up by 1.54%, FMCG up by 1.45% and Bankex up by 1.39%. While, IT down by 0.69% remained the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 3.99%, Tata Power up by 2.93%, Tata Motors up by 2.32%, Hindalco Industries up by 2.28% and Bajaj Auto up by 2.27%.
On the flip side, Wipro down by 1.79%, TCS down by 1.49%, Sun Pharmaceuticals down by 0.29%, RIL down by 0.20% and Infosys down by 0.12% were the top losers on the Sensex.
Meanwhile, the government is set to pull out a four month old directive that imposed service tax on use of foreign telecom networks as the order dealt a blow to the cash flows of information technology (IT) and IT-enable services and telecom companies. The order mandated them to pay not just taxes dues but also interest for the past period running into crores of rupee.
A finance ministry official said, "we have reviewed the circular... it is being withdrawn." He further added, "'a directive to this effect may be issued soon." The tax also could have had an adverse impact as it would have led to an increase in international telephony charges for domestic consumers. The circular issued in August had said that, "receiving international private leased circuit (IPLC) service from abroad is chargeable to service tax under business support service."
Most of the companies in these sector lease foreign network to provide services in overseas. Leased circuits are covered under telecom services. However, according to the Finance Act, a telecom service has to be given by a person with a license in India, and since the service provider is located in India, he may not be a taxed under the telecom services head.
However, according to the circular, the service may not be taxed as a telecommunication service. But it was still liable to tax under business support service. The withdrawal of the directive follows intense lobbying by industry bodies like NASSCOM. The industry has welcomed the move of the government, as several experts have the view that the circular on IPLC was not good as it creates an aberration in the classification of services.
On the flip side, Wipro down by 1.99%, TCS down by 1.17%, HCL Tech down by 0.67%, Sun Pharmaceuticals down by 0.38% and Reliance Industries down by 0.29% were the major losers on the index.
All the Asian equity indices were trading in the green; Hang Seng gained 0.61%, Jakarta Composite rose 1.51%, Nikkei 225 added 0.36%, Straits Times accumulated 0.37%, Seoul Composite surged 1.21% and Taiwan Weighted was up by 0.48%.
On the flip side, Shanghai Composite down by 0.03% was the lone loser amongst the Asian pack.
Back home, although buying was witnessed across the board, however, stocks from Auto, Power and Consumer Durable counters on the BSE sectoral front, featuring in the best list of performers, shouldered the onus behind the up move of the bourses. But stocks from Information Technology (IT) counter remained the only exception as the index witnessed a cut of over 0.50% tracing the appreciation in rupee.
30 share barometer index- Sensex-despite enticing gains of over 125 points was trading sub 16000 level. However, widely followed 50 share index-nifty-adding over 50 points was trading past 4800 mark. The broader indices too were trading in jubilant mood. The overall market breadth on BSE was in the favour of advances which thrashed declines in the ratio of 1486:640, while 76 shares remained unchanged.
The BSE Sensex is currently trading at 15,979.02, up by 142.55 points or 0.90%. The index has touched a high and low of 16,043.68 and 15,866.63 respectively. There were 24 stocks advancing against just 6 declining one's on the index.
The broader indices too were in fine contour; the BSE Mid cap and Small cap indices surged 0.89% and 1.06% respectively.
The top gaining sectoral indices on the BSE were, Auto up by 1.86%, Power up by 1.54%, CD up by 1.54%, FMCG up by 1.45% and Bankex up by 1.39%. While, IT down by 0.69% remained the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 3.99%, Tata Power up by 2.93%, Tata Motors up by 2.32%, Hindalco Industries up by 2.28% and Bajaj Auto up by 2.27%.
On the flip side, Wipro down by 1.79%, TCS down by 1.49%, Sun Pharmaceuticals down by 0.29%, RIL down by 0.20% and Infosys down by 0.12% were the top losers on the Sensex.
Meanwhile, the government is set to pull out a four month old directive that imposed service tax on use of foreign telecom networks as the order dealt a blow to the cash flows of information technology (IT) and IT-enable services and telecom companies. The order mandated them to pay not just taxes dues but also interest for the past period running into crores of rupee.
A finance ministry official said, "we have reviewed the circular... it is being withdrawn." He further added, "'a directive to this effect may be issued soon." The tax also could have had an adverse impact as it would have led to an increase in international telephony charges for domestic consumers. The circular issued in August had said that, "receiving international private leased circuit (IPLC) service from abroad is chargeable to service tax under business support service."
Most of the companies in these sector lease foreign network to provide services in overseas. Leased circuits are covered under telecom services. However, according to the Finance Act, a telecom service has to be given by a person with a license in India, and since the service provider is located in India, he may not be a taxed under the telecom services head.
However, according to the circular, the service may not be taxed as a telecommunication service. But it was still liable to tax under business support service. The withdrawal of the directive follows intense lobbying by industry bodies like NASSCOM. The industry has welcomed the move of the government, as several experts have the view that the circular on IPLC was not good as it creates an aberration in the classification of services.
The
S&P CNX Nifty is currently trading at 4,800.05, higher by 53.70
points or 1.13%. The index has touched a high and low of 4,815.75 and
4,752.50 respectively. There were 43 stocks advancing against just 7
declining one's on the index.
The top gainers of the Nifty were Bharti Airtel up
by 4.14%, Ambuja Cement up by 3.16%, Bajaj Auto up by 2.95%, Reliance
Power up by 2.71% and Tata Power up by 2.70%. On the flip side, Wipro down by 1.99%, TCS down by 1.17%, HCL Tech down by 0.67%, Sun Pharmaceuticals down by 0.38% and Reliance Industries down by 0.29% were the major losers on the index.
All the Asian equity indices were trading in the green; Hang Seng gained 0.61%, Jakarta Composite rose 1.51%, Nikkei 225 added 0.36%, Straits Times accumulated 0.37%, Seoul Composite surged 1.21% and Taiwan Weighted was up by 0.48%.
On the flip side, Shanghai Composite down by 0.03% was the lone loser amongst the Asian pack.
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