The BSE Sensex and NSE Nifty jumped over 1% post the bank regulator Reserve Bank of India (RBI) cut repo rate by 50 basis points to 8%, which was higher than market expectations of 25 basis points, currently down from high point of the day but still trading with strong gains. With this cut, RBI is now leaning towards growth from its strict anti-inflationary stance after a series of rate cuts to stem the rising rate of inflation. Meanwhile RBI has kept the CRR unchanged at 4.74 %. However, benchmarks limited their gains as central bank warned that there is limited scope for further rate cuts. On sectoral front, all the major sectoral indices were in the green except consumer durables. Power sector stocks rallied as public sector Coal India said it will sign a Fuel Supply Agreement with power companies before April 20. On the global front, Asian markets continued to remain weak. Back home, the market breadth favoring the positive trend; there were 1,351 shares on the gaining side against 1,009 shares on the losing side while 110 shares remained unchanged.
The BSE Sensex is currently trading at 17,269.27, up by 118.32 points or 0.69%. The index has touched a high and low of 17,373.28 and 17,103.36 respectively. There were 26 stocks advancing against 4 declining ones on the index.
The broader indices continued to trade in fine fettle; the BSE Mid cap and Small cap indices were up by 0.37% and 0.22% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 1.63%, PSU up by 1.30%, Metal up by 0.97%, Power up by 0.72% and Bankex up by 0.68%. While, Consumer Durable down by 0.95% was the only loser on the index.
The top gainers on the Sensex were ONGC up by 2.97%, Coal India up by 2.59%, Sun Pharma up by 1.83%, DLF up by 1.78% and NTPC up by 1.67%. On the flip side, Infosys down by 0.48%, Reliance Industries down by 0.36%, Maruti Suzuki down by 0.27% and M&M down by 0.04% were the top losers on the Sensex.
Meanwhile, India Inc's mobilization of funds has reduced by a whopping 93.5% in February, 2012 as compared to the last month. According to data released by the Securities and Exchange Board of India (SEBI), India Inc mobilised only Rs 791.8 crore in the primary market through five issues. This is much lesser than Rs 12,126.6 crore mopped up through four issues in January.
SEBI has further stated that, in February, all the issues were equity issues which came to the market after a gap of four months. Of the five equity issues, two issues worth Rs 672.2 crore were mobilised through initial public offer (IPO) and three issues amounting to Rs 119.6 crore were rights issues.
The cumulative amount mobilised for the financial year 2011-12 so far, stood at Rs 44,603.8 crore through 61 issues as against Rs 61,094.0 crore through 77 issues during the corresponding period in 2010-11.
The S&P CNX Nifty is currently trading at 5,223.35, down by 2.85 points or 0.05%. The index has touched a high and low of 5266.60 and 5212.05 respectively. There were 27 stocks advancing against 22 declining ones on the index.
The top gainers of the Nifty were Coal India up by 3.04%, ONGC up by 2.97%, Sun Pharma up by 2.02%, Reliance Infra up by 1.94% and DLF up by 1.78%.
On the flip side, Cairn India down by 1.58%, Siemens down by 0.85%, Reliance Industries down by 0.32%, Infosys down by 0.24% and Maruti Suzuki down by 0.23% were the major losers on the index.
Most of the Asian equity indices were trading in the red; Shanghai Composite declined by 0.49%, Hang Seng slid 0.73%, Straits Times shed 0.51%, Seoul Composite descended by 0.27% and Taiwan Weighted plunged 1.86%.
On the flip side, Jakarta Composite gained 0.17%, KLSE Composite inched up by 0.04% and Nikkei 225 was up by 0.06% were the top gainers amongst the Asian pack.
No comments:
Post a Comment