FLAT OPENING

Domestic bourses have made an absolutely flat opening with investors reacting negatively to the Wipro's Q4 numbers and muted FY13 guidance, while global cues remained supportive, providing some strength to local benchmarks. On the global front, Asian shares were exhibiting firm trade at this point of time as firm US corporate earnings, signs of an improving US housing market, and healthy demand for euro zone sovereign debt stoked investors' risk appetite, while focus shifted to the Federal Reserve's meeting. Back home, technology stocks dropped on the back of some unwinding of long positions after yesterday's sharp rally. Wipro tanked 7 percent as its fourth quarter numbers were not too great and its guidance for the first quarter of FY13 is muted. It forecasted IT services revenue at $1.52-1.55 billion for the April-June quarter, a growth of just 0.6 percent sequentially.

On the sectoral front, metal, auto and healthcare remained the top gainers while, software, technology and realty remained the only losers on the index. The broader indices were outperforming benchmarks. The market breadth on the BSE was positive; there were 937 shares on the gaining side against 528 shares on the losing side while 71 shares remained unchanged.

The BSE Sensex opened at 17,225.54; about 18 points higher compared to its previous closing of 17,207.29, and has touched a high and a low of 17,249.61 and 17,174.73 respectively.

The index is currently trading at 17,233.44, up by 26.15 points or 0.15%. There were 21 stocks advancing against 9 declines on the index.

The overall market breadth has made a positive start with 61.00% stocks advancing against 34.38% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 0.39% and 0.50% respectively.

The top gaining sectoral indices on the BSE were, Metal up by 0.74%, Auto up by 0.63%, HC up by 0.59%, Bankex up by 0.37% and Oil and Gas up by 0.33%. While, IT down by 1.45%, TECk down by 0.78% and Realty down by 0.28% were the only losers on the index.

The top gainers on the Sensex were Bharti Airtel up by 2.35%, Bajaj Auto up by 1.79%, Sterlite Industries up by 1.61%, Tata Power up by 1.43% and Jindal Steel up by 1.19%.

On the flip side, Wipro was down by 6.58%, GAIL was down by 2.05%, TCS was down by 1.41%, Infosys was down by 0.71% and Coal India was down by 0.63% were the top losers on the Sensex.

Meanwhile, the government has in principle agreed to deregulate diesel prices. However no details have been given about the time frame and extent of the deregulation.

In a written reply told the Rajya Sabha the government has stated that the decision to decontrol diesel prices has been taken in principle. However, the government added that retail selling prices would be moderated to insulate the common people.

The government has been under increasing pressure to cut its subsidies on fuel, food and fertilizers that are straining its finances.

In June 2010, it lifted control over petroleum prices and said that it will eventually free diesel prices too. But the government has been reluctant to do so as it could drive up inflation as well as result in severe political repercussions.

The S&P CNX Nifty opened at 5,222.20; flat compared to its previous closing of 5,222.65, and has touched a high and a low of 5,236.10 and 5,211.45 respectively.

The index is currently trading at 5,229.95, higher by 7.30 points or 0.14%. There were 36 stocks advancing against 14 declines on the index.

The top gainers of the Nifty were Bharti Airtel up by 2.26%, Sterlite Industries up by 1.80%, Sesa Goa up by 1.78%, Bajaj Auto up by 1.51% and Tata Power up by 1.43%.

Wipro down by 6.49%, TCS down by 2.07%, RPower down by 1.39%, GAIL by 1.34% and Coal India down by 0.69%, were the major losers on the index.

Most of the Asian equity indices were trading in the green; Shanghai Composite was up 7.84 points or 0.33% to 2,396.68, Hang Seng was up 15.95 points or 0.08% to 20,693.11, Nikkei 225 was up 95.42 points or 1.01% to 9,563.46, Straits Times was up 2.79 points or 0.09% to 2,977.16, Seoul Composite was up 4.95 points or 0.25% to 1,968.37 and Taiwan Weighted was up 64.44 points or 0.86% to 7,563.28.

On the flip side, Jakarta Composite was down 7.33 points or 0.18% to 4,163.02 and KLSE Composite was down by 0.81 points or 0.05% to 1,581.47.