DIRECTIONLESS

Bourses have enticed some additional weakness as market men have preferred going light ahead of the release of March month's inflation figures, key print providing cues on central bank's stance in its Annual monetary . Inflation is expected to be flat for March, giving RBI some room to ease rates. The growth for this financial year is expected to be 6.9 per cent, and for next year 7 to 7.5 per cent, spurred by infrastructure spending both by private sector and the government. However, sustained selling by funds, triggered by a weak trend on Asian bourses, has also played its part behind the dullness of Indian equity markets.

Rising concerns about Europe, where bond yields in Spain and Italy - two of the bigger economies- have been rising and a slowdown in China, where the economy grew at the slowest in nearly three years, are some of the global headwinds which are lingering in the mind of the already vigilant investor's.

Back on the home turf, however, stocks from rate sensitive's counter- Realty and Bankex along with defensive Health Care counters are limiting the downside of the bourses. Rate Sensitive have rallied on 25 basis point rate cut hope by Reserve Bank of India (RBI) -its first in three years, when it unveils its monetary policy review tomorrow.

The 30 share barometer index of Bombay Stock Exchange (BSE)-Sensex- gyrating in a tight band is currently laying beneath its 17100 psychological level, while the widely followed 50 share index of National Stock Exchange(NSE)-Nifty-is also positioned below its 5250 bastion. The broader, however, have managed to gain traction. The overall market breadth on BSE is in the favour of advances which have thumped declines in the ratio of 1337:749, while 94 shares remained unchanged.

The BSE Sensex is currently trading at 17,064.83, down by 29.68 points or 0.17%. The index has touched a high and low of 17,107.34 and 17,010.16 respectively.   There were 12 stocks advancing against 17 declines on the index, while 1 stock remained unchanged.

The broader indices continue to hold their neck in green; the BSE Mid cap and Small cap indices were trading up by 0.56% and 0.58% respectively.

The top gaining sectoral indices on the BSE were, Realty up by 1.17%, Bankex up by 0.69%, Health Care (HC) up by 0.44%, Fast Moving Consumer Goods (FMCG) up by 0.35%, Capital Goods (CG) up by 0.25%. While, Information Technology (IT) down by 0.82%, TECK down by 0.69%, Oil and Gas down by 0.56% and Metal down by 0.54%, were the top losers on the index.

The top gainers on the Sensex were SBI up by 1.92%, DLF up by 1.29%, Tata Power up by 0.87%, Maruti Suzuki up by 0.85% and Cipla up by 0.68%.

On the flip side, Sterlite Industries down by 1.22%, Mahindra & Mahindra down by 1.18%, Wipro down by 1.15%, Hindalco Industries down by 1.04% and  RIL was down by 0.90% were the top losers on the Sensex.

Meanwhile, Oil companies have cut jet fuel prices by a marginal 0.25% following some declines in benchmark international rates. However, the reduction comes after three consecutive rounds of price hikes. Even though the reduction is small, it will bring in some relief to the cash-strapped airlines given the fact that jet fuel constitutes 40% of an airline's operating cost.

The price of aviation turbine fuel (ATF), or jet fuel, in Delhi has been reduced by Rs 169.3 per kilolitre (kl), to Rs 67,631 effective from Sunday midnight. The reduction comes on back of steep hikes in rates effected on March 1, March 16, and April 1. ATF rates were increased by 3.2% on March 1, Rs 1,298.88 per kl on March 16 and by another 2.8% on April 1.

Jet fuel was priced at Rs 62,557.12 per kl before the three price increases. In Mumbai, jet fuel will now cost Rs 68,631 per kl against Rs 68,806.82 per kl earlier. The three fuel retailers -IOC, Hindustan Petroleum and Bharat Petroleum - revise jet fuel prices every fortnight, usually on the 1st and 16th of every month, based on the average international price in the preceding fortnight.

The S&P CNX Nifty is currently trading at 5,203.95, down by 3.50 points or 0.07%. The index has touched a high and low of 5,212.20 and 5,183.50 respectively. There were 24 stocks advancing against 25 declining one's on the index, while 1 stock remained unchanged.

The top gainers of the Nifty were SBI up by 1.93%, JP Associate up by 1.75%, Axis bank up by 1.60%, Ranbaxy up by 1.47% and DLF up by 1.36%.

On the flip side, Ambuja Cement down by 1.96%, Sterlite Industries down by 1.78%, Sesa Goa down by 1.61%, Hindalco Industries down by 1.44% and Infosys down by 1.25% were the major losers on the index.

Most of the Asian equity indices were trading in the red; Shanghai Composite declined by 0.22%, Hang Seng slid 0.70%, Jakarta Composite descended by 0.25%, KLSE Composite shed 0.21%, Nikkei 225 plunged 1.58%, Seoul Composite plummeted 0.88% and Taiwan Weighted was down by 0.78%.