NEGATIVE TERRAIN

Benchmarks holding red mark on the second consecutive day and extended early losses as investors booked profits from recent rallies on concerns over global economic conditions, including rising oil prices. The Nifty came down from 5,500 mark while Sensex holding 18,100 level. On sectoral front oil, FMCG and IT sectors were trading in green rest all were in negative territory. Meanwhile, shares of Sterlite Industries topped the selling list, losing over 4% after sources reclaimed that Sesa Goa will be merged with the company. DLF also fell 2% after initial spike due to selling of apartments in Gurgaon. On the global front, Asian shares and the euro fell on Thursday on concerns about global growth driven by higher oil prices and data showing the euro zone may slip into recession. Back home, the market breadth favoring the negative trend; there were 826 shares on the gaining side against 1,637 shares on the losing side while 106 shares remained unchanged.

The BSE Sensex is currently trading at 18,106.09, down by 39.16 points or 0.22%. The index has touched a high and a low of 18,209.56 and 18,075.61 respectively. There were 9 stocks advancing against 21 declines on the index.

The broader indices slipped deep and fast in red; the BSE Mid cap and Small cap indices declined by 1.00% and 1.15% respectively.

The top gaining sectoral indices on the BSE were Oil and Gas up by 0.86%, FMCG up by 0.65% and IT up by 0.14%. While, Realty down by 3.10%, Metal down by 1.76%, Capital Goods down by 1.00%, CD down by 0.99% and Auto down by 0.80% were the top losers on the index.

The top gainers on the Sensex were HUL up by 1.57%, SBI up by 1.48%, RIL up by 1.12%, BHEL up by 0.64% and Infosys up by 0.33%.

On the flip side, Sterlite Industries down by 4.92%, DLF down by 2.70%, L&T down by 1.85%, Bharti Airtel down by 1.71% and Tata Power down by 1.71% were the top losers on the Sensex.

Meanwhile, describing introduction of Goods and Services Tax (GST) as the most significant reform in the history of indirect taxes in the country, Union Finance Minister Pranab Mukherjee affirmed that once implemented it will bring about a paradigm shift in the arena of indirect taxation. With India being at the door step of implementing the crucial reform, the finance minister remained confident that GST will prove to be a more efficient system of taxation and is likely to give a boost to the tax revenues of the Centre and the States by removing barriers amongst States and converting the entire country into a common market.

Commending the performance of the Central Customs and Excise Department in adapting quickly and successfully to the changing economic environment, the finance minister stated the Central Excise revenue has more than doubled over the last ten years from Rs. 68,282 crore in 2000-01 to Rs 137,427 crore in 2010-11, which is 40% of the total revenue from Indirect Taxes. However, he said that still further efforts are required to ensure to meet the target of indirect tax collections for the current fiscal.

With India's indirect tax collections increasing to Rs 317,233 crore till January 2012 in the current financial year, which is 15% more as compared to the revenues of the corresponding period last year, the government was optimistic that the Budget Estimates for the financial year will be completely met.

The S&P CNX Nifty is currently trading at 5,489.00, lower by 16.35 points or 0.30%. The index has touched a high and a low of 5519.55 and 5481.55 respectively. There were 19 stocks advancing against 31 declines on the index.

The top gainers of the Nifty were BPCL up by 4.22%, PowerGrid up by 2.27%, HUL up by 1.66%, SBI up by 1.61% and Reliance Industries up by 1.27%.

On the flip side, Sterlite Industries down by 4.60%, JP Associate down by 4.31%, Reliance Infra down by 3.17%, DLF down by 2.98% and IDFC down by 2.49%, were the major losers on the index.

Most of the Asian equity indices were trading in the red; Shanghai Composite declined 0.01%, Hang Seng slid 0.70%, Jakarta Composite plunged 0.57%, KLSE Composite inched lower by 0.07%, Straits Times plunged 0.81%, Seoul Composite plummeted 1.03% and Taiwan Weighted descended 0.80%.

On the flip side, Nikkei 225 up by 0.44% was the lone gainer amongst Asian pack.