Respite came to the bourses post two sessions of massacre as barometer gauges found some support at the lower levels on Tuesday. Furthering their hold into the positive terrain, benchmark indices have now swelled in comparison to the early deals as investor's continue to pick up cheap bargains at lower levels. Consumer Durable, Realty and Capital Goods counters could be credited for the thrust of the bourses, inversely, stocks belonging from the Auto counters are acting as the sole loser for the bourses.
Following mixed cues from the global markets in early trades, Indian markets opened on a flat note, but soon the technical buying that emerged at the lower levels, drove the markets higher above the 17300 level (Sensex) and 5300(Nifty) respectively. However, the broader indices, pared some of their early gains.
On the global front, Asian shares dropped after China raised gasoline and diesel prices by the most in two years. China's refiners would now charge 7 percent more for gasoline. However, china's dejected moves came on the back of awe-inspiring close of Wall Street as the S&P 500 extended its rally on Monday to climb within 10 percent of its historic closing high, after Apple said it would pay a $10 billion annual dividend and buy back stock. Meanwhile, the US future indices continued to show a downtick in the screen trade.
Back on the home turf, the BSE Sensex is currently trading at 17,379.20, up by 105.83 points or 0.61%. The index has touched a high and a low of 17,410.13 and 17,245.92 respectively. There were 24 stocks advancing against 6 declines on the index. The overall market breadth on BSE continued to support advances which outclassed declines in the ratio of 1244:807, while 109 shares remained unchanged.
The broader indices too were trading in fine fettle; the BSE Mid cap and Small cap indices were up by 0.47% and 0.51% respectively.
The top gaining sectoral indices on the BSE were, CD up by 1.64%, Realty up by 0.95%, CG up by 0.92%, Metal up by 0.89%, and Bankex up by 0.80%. While, Auto down by 0.54% was the lone loser on the index.
The top gainers on the Sensex were Sterlite Industries up by 1.84%, BHEL up by 1.58%, TCS up by 1.57%, HDFC up by 1.17% and Sun Pharmaceuticals up by 1.05%.
On the flip side, Hero MotoCorp down by 2.08%, Bajaj Auto down by 1.43%, Coal India down by 1.30%, Maruti Suzuki down by 1.00% and Tata Motors down by 0.85%, were the top losers on the Sensex.
Meanwhile, in its bid to bring down state-owned Oil marketing companies' (OMCs) losses that they incur on selling fuel below cost to some extent, the finance ministry decided to give additional subsidy of Rs 15,000 crore for 2011-12 to the oil firms. This compensation is over and above Rs 15,000 crore sanctioned for meeting losses of first quarter ending June 30.
With this, the oil subsidy bill is set to touch over Rs 68,600 crore during current financial year. This is almost half of the total under recovery of Rs 1.37 lakh crore estimated. The OMCs have registered under- recoveries of around Rs 21,374 crore in the July- September quarter and the upstream oil companies like Oil and Natural Gas Corp (ONGC) and Oil India (OIL) are likely to bear good one third or Rs 7,124 crore of the total under- recoveries while the Finance Ministry was asked to make the rest Rs 14,250 crore.
Besides, in the third set of supplementary demands for grants tabled in Parliament on Monday, March 19, 2012, along with additional subsidies for OMCs, the fertilizer industry too was sanctioned an additional subsidy of over Rs 7,200 crore for 2011-12. The total fertilizer subsidy has touched nearly Rs 71,000 crore.
The government has sought approval from Parliament for additional net cash spending of over Rs 42,605 crore during the current financial year ending March 31. However, this additional net cash outgo is unlikely to impact the revised estimate of expenditure given in the Budget tabled on March 16. While the Government's gross additional spending is pegged at Rs 4.30 lakh crore in the third supplementary, Rs 3.87 lakh crore will be generated through enhanced receipts and recoveries.
The S&P CNX Nifty is currently trading at 5,293.20, higher by 36.15 points or 0.69%. The index has touched a high and a low of 5,297.35 and 5,246.95 respectively. There were 38 stocks advancing against 12 declines on the index.
The top gainers of the Nifty were Sterlite Industries up 2.15%, BPCL up by 1.91%, Punjab National Bank up by 1.89%, BHEL up by 1.69% and Sesa Goa up by 1.64%.
On the flip side, Hero MotoCorp down by 1.83%, IDFC down by 1.71%, Bajaj Auto down by 1.33%, Coal India down by 1.22% and Ranbaxy down by 0.95% were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite declined by 0.77%, Hang Seng slid 0.92%, Jakarta Composite edged lower by 0.20%, Seoul Composite lost 0.77% and Taiwan Weighted fell 0.63%.
On the flip side, KLSE Composite gained 0.23% and Straits Times added 0.50%.
Stock markets in Japan remained closed on Tuesday for a national holiday on account of Spring Equinox.
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