The domestic markets are showing some sign of
strength in the mid morning session; however choppiness that is visible
since early morning is restricting any solid upmove in the markets. The
rate sensitives' still continue to hog the limelight, despite getting
the report that RBI has ruled out the possibility of a cut in the cash
reserve ratio in its monetary policy review on January 24, as it may
contradict it's the anti-inflationary stance. The rise in rupee too is
supporting the sentiments of the market, which is trading at its fresh
one month high. While, the realty sector has taken the lead, the retail
stocks are buzzing after the notification of single brand retail that
got approval by DIPP (Department Of Industrial Policy & Promotion).
100% FDI has been allowed in single brand retail via government route.
Above 51% will be mandatory sourcing from SME's. Asian shares were
trading in red after hitting a month high as euro zone struggled to
arrive at a solution over its ongoing debt crisis.
The BSE Sensex is currently trading at 16200.22, up by 35.13 points or 0.22%. The index has touched a high and a low of 16222.37 and 16145.19 respectively. There were 14 stocks advancing against 16 declines on the index.
The broader indices have surged outperforming the benchmarks; the BSE Mid cap index was up by 1.00% while the small cap index was trading up by 1.42%.
Most of the sectoral indices on the BSE were in green, the top performing ones were Realty up by 2.12%, Metal up by 1.20%, Consumer Durables up by 1.16%, Oil & Gas was up by 0.55%, Power was up by 0.32% and Auto was up by 0.28%.
The two laggards in sectoral space were FMCG down by 0.28% and Health care down by 0.17%.
The top gainers of the Sensex were DLF up by 3.09%, Hindalco Inds up by 2.93%, Sterlite Inds up by 2.56%, Hero MotoCorp up by 2.43% and ICICI Bank was up by 1.82%.
On the flip side the top losers were M&M down by 2.23%, Jindal Steel down by 1.32%, Cipla down by 0.96%, Bharti Airtel down by 0.95% and TCS was down by 0.88%.
Meanwhile, the government has finally notified 100 per cent foreign direct investment (FDI) in single brand retail. Currently, only 51 per cent FDI is allowed in single brand retail. The notification was issued soon after the Foreign Investment Promotion Board (FIPB) cleared French retailer Christian Louboutin's proposal to set up retail chains in the country. The 100 per cent ownership of single brand is likely to attract brands including Swedish firm IKEA dealing in furnishing products which has shown keen interest in setting up shops in India with full ownership.
On November 24 last year, the government had allowed 100 per cent FDI in single brand retail and 51 per cent FDI in multi-brand retail. However after political uproar opening up of multi-brand retail was put on hold. The development can also be viewed as a signal on multi-brand retail opening in the near future. Though, the government might not buzz, at least till after the elections in five states.
As per notification, the foreign retailer setting up shop in the single-brand category must source at least 30 per cent from Indian small and medium enterprises (SMEs). Small industries have been defined as those where investment in plant and machinery is up to $1 million (around Rs 5 crore). The compliance of this condition will be ensured through self-certification by the company, to be subsequently checked, by statutory auditors, from the duly certified accounts, which the company will be required to maintain.
'We have now allowed foreign investment up to 100 per cent with the stipulation that in respect of proposals involving FDI beyond 51 per cent there will be mandatory sourcing of at least 30 per cent of the total value of the products sold from Indian small industries/village and cottage industries, artisans and craftsmen. This step will provide stimulus to domestic manufacturing, add value and help in technical upgrade of our local small industry,' Commerce and Industry Minister Anand Sharma said.
The S&P CNX Nifty is currently trading at 4,859.10, up by 9.55 points or 0.20%. The index has touched a high and a low of 4,865.90 and 4,841.60 respectively. There were 26 stocks advancing against 23 declines while one stock remain unchanged on the index.
The top gainers of the Nifty were Hindalco up by 3.53%, DLF up by 3.41%, Sterlite Industries up by 2.92%, Hero MotoCorp was up by 2.75% and IDFC was up by 2.80%.
On the other hand, M&M down by 2.16%, Jindal Steel down by 1.38%, Power grid down by 1.22%, Grasim down by 1.135 and Cairn down by 1.12% were the top losers on the index.
The BSE Sensex is currently trading at 16200.22, up by 35.13 points or 0.22%. The index has touched a high and a low of 16222.37 and 16145.19 respectively. There were 14 stocks advancing against 16 declines on the index.
The broader indices have surged outperforming the benchmarks; the BSE Mid cap index was up by 1.00% while the small cap index was trading up by 1.42%.
Most of the sectoral indices on the BSE were in green, the top performing ones were Realty up by 2.12%, Metal up by 1.20%, Consumer Durables up by 1.16%, Oil & Gas was up by 0.55%, Power was up by 0.32% and Auto was up by 0.28%.
The two laggards in sectoral space were FMCG down by 0.28% and Health care down by 0.17%.
The top gainers of the Sensex were DLF up by 3.09%, Hindalco Inds up by 2.93%, Sterlite Inds up by 2.56%, Hero MotoCorp up by 2.43% and ICICI Bank was up by 1.82%.
On the flip side the top losers were M&M down by 2.23%, Jindal Steel down by 1.32%, Cipla down by 0.96%, Bharti Airtel down by 0.95% and TCS was down by 0.88%.
Meanwhile, the government has finally notified 100 per cent foreign direct investment (FDI) in single brand retail. Currently, only 51 per cent FDI is allowed in single brand retail. The notification was issued soon after the Foreign Investment Promotion Board (FIPB) cleared French retailer Christian Louboutin's proposal to set up retail chains in the country. The 100 per cent ownership of single brand is likely to attract brands including Swedish firm IKEA dealing in furnishing products which has shown keen interest in setting up shops in India with full ownership.
On November 24 last year, the government had allowed 100 per cent FDI in single brand retail and 51 per cent FDI in multi-brand retail. However after political uproar opening up of multi-brand retail was put on hold. The development can also be viewed as a signal on multi-brand retail opening in the near future. Though, the government might not buzz, at least till after the elections in five states.
As per notification, the foreign retailer setting up shop in the single-brand category must source at least 30 per cent from Indian small and medium enterprises (SMEs). Small industries have been defined as those where investment in plant and machinery is up to $1 million (around Rs 5 crore). The compliance of this condition will be ensured through self-certification by the company, to be subsequently checked, by statutory auditors, from the duly certified accounts, which the company will be required to maintain.
'We have now allowed foreign investment up to 100 per cent with the stipulation that in respect of proposals involving FDI beyond 51 per cent there will be mandatory sourcing of at least 30 per cent of the total value of the products sold from Indian small industries/village and cottage industries, artisans and craftsmen. This step will provide stimulus to domestic manufacturing, add value and help in technical upgrade of our local small industry,' Commerce and Industry Minister Anand Sharma said.
The S&P CNX Nifty is currently trading at 4,859.10, up by 9.55 points or 0.20%. The index has touched a high and a low of 4,865.90 and 4,841.60 respectively. There were 26 stocks advancing against 23 declines while one stock remain unchanged on the index.
The top gainers of the Nifty were Hindalco up by 3.53%, DLF up by 3.41%, Sterlite Industries up by 2.92%, Hero MotoCorp was up by 2.75% and IDFC was up by 2.80%.
On the other hand, M&M down by 2.16%, Jindal Steel down by 1.38%, Power grid down by 1.22%, Grasim down by 1.135 and Cairn down by 1.12% were the top losers on the index.
Most
of the Asian markets were trading down; Seoul Composite was down 7.86
points or 0.42% to 1,845.36, Jakarta Composite was down 17.78 points or
0.45% to 3,921.06, Hang Seng was down by 18.51 points or 0.10% to
18,985.77 and Shanghai Composite was down by 17.26 points or 0.76% to
2,268.48.
On the flip side, Nikkei 225 was up 7.84 points or
0.09% to 8,430.10, Straits Times was up 4.86 points or 0.18% to
2,724.69 and Taiwan Weighted was up by 12.98 points or 0.18% to
7,191.85. 
No comments:
Post a Comment