Selling pressure at Dalal Street seems to have
arrested as benchmark indices after losing substantial ground are
oscillating in tight band. Both the barometer indices - Sensex - on BSE
and Nifty on NSE - after losing their crucial psychological level of
15,300 and 4,600 respectively, if not pruning losses are not either
sliding further. On the global front, Asian markets continue to show
sedate show. Meanwhile, the US future indices are showcasing a downtick
in the screen trade. Back home, stocks from Bankex, Realty and Capital
Goods continue to remain weak spells of trade. However, broader indices
unlike frontline indices have lost additional ground and are currently
trading with a cut of over 2% each. The overall market breadth on BSE is
in the favour of declines, which have thumped advances in the ratio of
1926:470, while 79 shares remained unchanged.
The BSE Sensex is currently trading at 15,232.04, down by 259.31 points or 1.67%. The index has touched a high and a low of 15,440.10 and 15,202.35 respectively. There were just 4 stocks advancing against 26 declining ones on the index.
The broader indices continued their annihilation; the BSE Mid cap and Small cap indices were down by 2.38% and 2.55% respectively.
Although none of the sectoral indices on the BSE sectoral front were spared, however, Bankex down by 3.81%, Realty down by 3.73%, Capital Goods down by 3.34%, Power down by 2.14%, Public Sector Undertaking down by 2.11% featured in the list of worst performers.
Tata Motors up by 1.16%, HUL up by 1.03%, Cipla up by 0.44% and Hero Motocorp up by 0.08% were the top gainers on the Sensex.
On the flip side, ICICI Bank down by 4.18%, SBI down by 3.88%, DLF down by 3.67%, BHEL down by 3.56% and L&T down by 3.47% were the top losers on the index.
Meanwhile, the Union Cabinet cleared the much-awaited draft Food Security Bill, paving the way for subsidized food grains to poor. The food security Bill, which seeks to give legal privilege of cheaper food to 75% of rural and 50% of urban population, will cost an additional subsidy of Rs 27,663 crore.
Under the Bill, each person of the priority household, similar to Below Poverty Line (BPL) families under current Public Distribution System (PDS), would be supplied seven kg of rice, wheat and coarse grains per month at the rate of Rs 3, Rs 2 and Rs 1 per kg respectively. Accordingly the implementation of this would result in higher food subsidy by Rs 27,663 crore taking the overall figure to about Rs 95,000 crore.
Food minister K V Thomas said a meeting of the cabinet that cleared the Bill also decided to introduce it in the current session of Parliament. By adding further he said, 'the objective is to provide access to nutrition at affordable rates to citizens. The Bill will also bring within its fold a number of ongoing schemes'. The draft was passed 'unanimously' with all ministers approving to the proposals.
At present, the targeted PDS provides subsidized grains to around 6.52 crore BPL families and almost 11.05 crore above the poverty line (APL) families. Once the Bill is in operation under the PDS, the government would require 61 million tonnes of food grains to provide food security as against 55 million tonnes.
It was in July that an empowered Group of Ministers cleared the draft food bill, following which major changes like incorporating a provision for providing free meals and an allowance of Rs 1,000 per month for six months to pregnant women and lactating mothers were included - at the firmness of Congress President Sonia Gandhi.
The top gainers of the Nifty were Ambuja Cement up by 1.31%, Tata Motors up by 1.07%, HUL up by 0.93%, Cipla up by 0.54% and HCL Technologies up by 0.16%.
Axis Bank down by 5.44%, ICICI Bank down by 4.15%, SBI down by 3.99%, DLF down by 3.85% and PNB down by 3.84% was the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite plunged 1.72%, Hang plummeted 2.15%, Jakarta Composite declined 0.13%, Nikkei 225 slid 1.10%, Straits Times descended 1.51%, Seoul Composite plummeted 3.39% and Taiwan Weighted dropped 2.24%.
The BSE Sensex is currently trading at 15,232.04, down by 259.31 points or 1.67%. The index has touched a high and a low of 15,440.10 and 15,202.35 respectively. There were just 4 stocks advancing against 26 declining ones on the index.
The broader indices continued their annihilation; the BSE Mid cap and Small cap indices were down by 2.38% and 2.55% respectively.
Although none of the sectoral indices on the BSE sectoral front were spared, however, Bankex down by 3.81%, Realty down by 3.73%, Capital Goods down by 3.34%, Power down by 2.14%, Public Sector Undertaking down by 2.11% featured in the list of worst performers.
Tata Motors up by 1.16%, HUL up by 1.03%, Cipla up by 0.44% and Hero Motocorp up by 0.08% were the top gainers on the Sensex.
On the flip side, ICICI Bank down by 4.18%, SBI down by 3.88%, DLF down by 3.67%, BHEL down by 3.56% and L&T down by 3.47% were the top losers on the index.
Meanwhile, the Union Cabinet cleared the much-awaited draft Food Security Bill, paving the way for subsidized food grains to poor. The food security Bill, which seeks to give legal privilege of cheaper food to 75% of rural and 50% of urban population, will cost an additional subsidy of Rs 27,663 crore.
Under the Bill, each person of the priority household, similar to Below Poverty Line (BPL) families under current Public Distribution System (PDS), would be supplied seven kg of rice, wheat and coarse grains per month at the rate of Rs 3, Rs 2 and Rs 1 per kg respectively. Accordingly the implementation of this would result in higher food subsidy by Rs 27,663 crore taking the overall figure to about Rs 95,000 crore.
Food minister K V Thomas said a meeting of the cabinet that cleared the Bill also decided to introduce it in the current session of Parliament. By adding further he said, 'the objective is to provide access to nutrition at affordable rates to citizens. The Bill will also bring within its fold a number of ongoing schemes'. The draft was passed 'unanimously' with all ministers approving to the proposals.
At present, the targeted PDS provides subsidized grains to around 6.52 crore BPL families and almost 11.05 crore above the poverty line (APL) families. Once the Bill is in operation under the PDS, the government would require 61 million tonnes of food grains to provide food security as against 55 million tonnes.
It was in July that an empowered Group of Ministers cleared the draft food bill, following which major changes like incorporating a provision for providing free meals and an allowance of Rs 1,000 per month for six months to pregnant women and lactating mothers were included - at the firmness of Congress President Sonia Gandhi.
The
draft Bill also faced rigorous opposition from the states largely on
the back of a high cost burden that the states would have to bear.
According to food ministry officials, the Bill would increase the
expenditure burden by just Rs 51,000 crore annually, but an agriculture
ministry official said the actual expenditure of running the programme
would be more than Rs 200,000 crore, as it has to include enhanced
budget provision of the agriculture ministry which needs to raise farm
production to meet the obligations under the Bill.
The S&P CNX Nifty is currently trading at
4,574.55, down by 77.05 points or 1.66%. The index touched a high and a
low of 4,623.15 and 4,560.25 respectively. There were 9 stocks advancing
against 40 declining ones while one stock remained unchanged on the
index. The top gainers of the Nifty were Ambuja Cement up by 1.31%, Tata Motors up by 1.07%, HUL up by 0.93%, Cipla up by 0.54% and HCL Technologies up by 0.16%.
Axis Bank down by 5.44%, ICICI Bank down by 4.15%, SBI down by 3.99%, DLF down by 3.85% and PNB down by 3.84% was the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite plunged 1.72%, Hang plummeted 2.15%, Jakarta Composite declined 0.13%, Nikkei 225 slid 1.10%, Straits Times descended 1.51%, Seoul Composite plummeted 3.39% and Taiwan Weighted dropped 2.24%.
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