After making a gap up opening, domestic bourses have
extended their rally with Sensex recapturing its crucial 15,800 level,
supported by broad-based buying amid a firming trend in Asian markets in
line with overnight gains on the European markets, bolstered trading
sentiment. In similar fashion, Nifty is trading comfortably over its
psychological 4,700 mark as metal stocks rose for the second straight
day as a Chinese manufacturing gauge rose in December 2011 moreover,
interest rate sensitive realty stocks rose on recent comments by Reserve
Bank of India's (RBI) Governor D Subbarao that RBI is likely to begin
easing monetary policy to address concerns about economic growth.
However, PSU oil marketing companies viz. BPCL, HPCL and IOC were
trading with a cut of over a percentage point on report that the oil
ministry on Monday did not allow state-run fuel retailers to hike petrol
price. The overall market breadth on BSE is in the favour of advances
which have thrashed declines in the ratio of 1552:440, while 73 shares
remained unchanged.
The BSE Sensex is currently trading at 15,810.07, up by 292.15 points or 1.88%. The index has a touched a high and low of 15,826.30 and 15,640.56 respectively. There were 28 stocks advancing against 2 declines on the index.
The broader indices too were trading in green; the BSE Mid cap and Small cap indices jumped 1.42% and 1.55% respectively.
The top gainers on the index were Realty up 2.76%, Metal up 2.73%, Bankex up 2.45%, Capital Goods up 2.35% and PSU up 2.18% while there were no losers on the index.
The top gainers on the Sensex were Coal India up by 4.27%, Tata Motors up by 3.97%, Tata Power up 3.29%, DLF was up by 3.21% and Tata Steel up by 3.16%.
On the flip side, Bajaj Auto down by 1.08% and M&M down 0.94% were the only losers on the Sensex.
Meanwhile, In its bid to put large infrastructure project proposals on the fast track, nine state owned financial intermediaries are contemplating the idea of joining forces to undertake joint appraisal and co-financing of infrastructure projects. To formalize this joint infrastructure project financing arrangement, a memorandum of understanding (MoU) is underway.
A committee of senior officials from seven of the largest public sector banks in the country viz. State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, Union Bank of India and IDBI Bank along with the nation's largest life insurer LIC and the non-banking finance company IIFCL, will be constituted to consider the viability of large infrastructure projects that entail a capital expenditure of Rs 1,000 crore or more.
Presently, most large infrastructure projects take long time to achieve financial closure since a project developer has to hunt for banks or financial institutions to get projects evaluated and to get loan approved. But the formalization of this consortium of banks, LIC and IIFCL is likely to alleviate a lot of concerns of developers and fast track the whole process of evaluation and loan sanctioning since there will only be a single point of contact for loan appraisal and sanction.
This development has come up at a time when insufficient infrastructure in various sectors such as roads, ports, airports, railways, power, oil and gas pipelines, irrigation, water supply and sanitation is becoming a hurdle to sustainable development and growth. The Planning Commission's Draft Approach Paper for the 12th Plan (2012-2017), advocates the fact that special attention needs to be paid to the financing needs of private sector investment in infrastructure. The paper also underscores that investment in infrastructure must rise to around 10 percent of GDP in 2016-17 from the current close to 8 percent of GDP in the base year (2011-12) of the Plan.
The S&P CNX Nifty is currently trading at 4,721.95, higher by 85.20 points or 1.84%. The index has touched a high and low of 4,727.05 and 4,675.80 respectively. There were 46 stocks advancing against 4 declines on the index.
The top gainers of the Nifty were Coal India up by 4.10%, Tata Motors up by 3.94%, Tata Power up by 3.46%, Sterlite Industries up by 3.43% and Kotak Bank up by 3.31%.
On the flip side, BPCL down by 1.40%, Bajaj Auto down by 1.06%, M&M down 1.01% and Grasim down by 0.32% remained the top losers on the index.
The BSE Sensex is currently trading at 15,810.07, up by 292.15 points or 1.88%. The index has a touched a high and low of 15,826.30 and 15,640.56 respectively. There were 28 stocks advancing against 2 declines on the index.
The broader indices too were trading in green; the BSE Mid cap and Small cap indices jumped 1.42% and 1.55% respectively.
The top gainers on the index were Realty up 2.76%, Metal up 2.73%, Bankex up 2.45%, Capital Goods up 2.35% and PSU up 2.18% while there were no losers on the index.
The top gainers on the Sensex were Coal India up by 4.27%, Tata Motors up by 3.97%, Tata Power up 3.29%, DLF was up by 3.21% and Tata Steel up by 3.16%.
On the flip side, Bajaj Auto down by 1.08% and M&M down 0.94% were the only losers on the Sensex.
Meanwhile, In its bid to put large infrastructure project proposals on the fast track, nine state owned financial intermediaries are contemplating the idea of joining forces to undertake joint appraisal and co-financing of infrastructure projects. To formalize this joint infrastructure project financing arrangement, a memorandum of understanding (MoU) is underway.
A committee of senior officials from seven of the largest public sector banks in the country viz. State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, Union Bank of India and IDBI Bank along with the nation's largest life insurer LIC and the non-banking finance company IIFCL, will be constituted to consider the viability of large infrastructure projects that entail a capital expenditure of Rs 1,000 crore or more.
Presently, most large infrastructure projects take long time to achieve financial closure since a project developer has to hunt for banks or financial institutions to get projects evaluated and to get loan approved. But the formalization of this consortium of banks, LIC and IIFCL is likely to alleviate a lot of concerns of developers and fast track the whole process of evaluation and loan sanctioning since there will only be a single point of contact for loan appraisal and sanction.
This development has come up at a time when insufficient infrastructure in various sectors such as roads, ports, airports, railways, power, oil and gas pipelines, irrigation, water supply and sanitation is becoming a hurdle to sustainable development and growth. The Planning Commission's Draft Approach Paper for the 12th Plan (2012-2017), advocates the fact that special attention needs to be paid to the financing needs of private sector investment in infrastructure. The paper also underscores that investment in infrastructure must rise to around 10 percent of GDP in 2016-17 from the current close to 8 percent of GDP in the base year (2011-12) of the Plan.
The S&P CNX Nifty is currently trading at 4,721.95, higher by 85.20 points or 1.84%. The index has touched a high and low of 4,727.05 and 4,675.80 respectively. There were 46 stocks advancing against 4 declines on the index.
The top gainers of the Nifty were Coal India up by 4.10%, Tata Motors up by 3.94%, Tata Power up by 3.46%, Sterlite Industries up by 3.43% and Kotak Bank up by 3.31%.
On the flip side, BPCL down by 1.40%, Bajaj Auto down by 1.06%, M&M down 1.01% and Grasim down by 0.32% remained the top losers on the index.
All
the Asian equity indices were trading in the green; Hang Seng was up
378.30 points or 2.05% to 18,812.69, Jakarta Composite was up 32.13
points or 0.84% to 3,841.27, Straits Times was up 31.40 points or 1.19%
to 2,677.75, Seoul Composite was up 44.27 points or 2.42% to 1,870.64
and Taiwan Weighted was up by 102.98 points or 1.48% to 7,055.19.
Stock markets in China and Japan remained closed for extended New Year's holiday. 
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