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Indian equity markets recovered lost ground after a weak start and currently edged up into positive territory following some strong buying across the board. Meanwhile, the NSE benchmark clawed back above the 5,000 level, while Sensex gained 59 points. In the currency market, the rupee opened lower amid renewed concerns about the euro zone. On sectoral FMCG, capital goods and information technology stocks were currently trading modestly higher. Pharmaceuticals, power and automobile stocks were also trading off their lows now. Metal, oil and realty stocks continue to trade weak. On the global front, Asian stock markets fell on Wednesday, spooked by disappointing US corporate earnings and fears that political turmoil in debt-crippled Greece is pushing it closer to financial disaster. Back home, the market breadth favoring negative trend; there were 1,042 shares on the gaining side against 1,261 shares on the losing side while 126 shares remained unchanged.

The BSE Sensex is currently trading at 16,605.40, up by 59.22 points or 0.36%. The index has touched a high and low of 16,615.74 and 16,436.41 respectively. There were 13 stocks advancing against 17 declines on the index.

The broader indices, too witnessed profit booking; the BSE Mid cap index up by 0.01% and Small cap index down by 0.17%.

The few gaining sectoral indices on the BSE were, FMCG up by 2.71%, CG up by 1.70%, IT up by 0.89%, TECk up by 0.55% and HC up by 0.42%. While, Realty down by 1.20%, Oil & Gas down by 1.10%, PSU down by 0.51%, Metal down by 0.45% and Bankex down by 0.43% were the top losers on the index.

The top gainers on the Sensex were ITC up by 4.86%, TCS up by 2.55%, BHEL up by 2.48%, L&T up by 2.04% and Wipro up by 1.16%.

On the flip side, DLF down by 2.47%, M&M down by 1.85%, Reliance down by 1.79%, Coal India down by 1.46% and NTPC down by 1.28% were the top losers on the Sensex.

Meanwhile, the industry body FICCI is of the opinion that monopoly of Coal India should be put to an end and the government should allow private participation in the mining of coal. FICCI president R V Kanoria is of the view that power companies are facing acute shortages of coal which is crippling industrial development in the country. Hence, radical steps like allowing private players in coal mining need to be taken to bridge the demand and supply gap.

FICCI has suggested that private players should be allowed in coal mining to accelerate the process and create an atmosphere of healthy completion. Also the government should reduce its stake in PSUs to below 50% which would be sufficient enough for it to be part of all major decision making processes in the company but at the same time would help make PSUs observe basic market discipline.

FICCI has gone ahead and criticized the tariff structure in the country. It has pointed out that distribution is the weakest link in the power sector and populist policies rather than market dynamics rule tariff revisions. As a result the agriculture sector gets its power virtually free whereas the burden is passed on to the industry. Subsidies intended for target groups were enjoyed by all and misused by vested interests.

It is estimated that India will need to import 28% of its coal requirements by the end of the 12th Plan as compared to the current 15%. Import dependence for petroleum products is likely to be as high as 80%. Further, the scenario in natural gas sector is also gloomy. The development of natural gas industry is being foiled by distortions in pricing mechanism. The share of natural gas in the overall energy mix is only 10% against the global average of 24%.    

The S&P CNX Nifty is currently trading at 5006.70, up by 6.75 points or 0.14%. The index has touched a high and low of 5016.25 and 4,959.65 respectively. There were 22 stocks advancing against 28 declines on the index.

The top gainers of the Nifty were ITC up by 5.00%, BHEL up by 2.67%, TCS up by 2.62%, L&T up by 1.80% and BPCL up by 1.75%.

On the flip side, JP Associates down by 3.67%, SAIL down by 2.83%, DLF down by 2.34%, Kotak Bank down by 2.32% and Cairn down by 2.28% were the major losers on the index.

All the Asian equities were exhibiting the choppy trade; Shanghai Composite declined 1.62%, Hang Seng descended 0.82%, Jakarta Composite plunged 1.30%, KLSE Composite slid 0.20%, Nikkei 225 plummeted 1.49%, Straits Times lost 0.71%, KOSPI Composite surrendered 0.85% and Taiwan Weighted skid by 0.93%.