NARROW RANGE

Following a flat start and subsequent modest up move, the Indian equity markets again drifted lower in the late morning session. Investors were waiting for some major positive trigger globally and locally. The BSE Sensex and NSE Nifty continued their trade in a narrow range around their previous closing values. In currency markets, rupee opened in green on Monday but failed to maintain due to rise in global crude oil prices. On sectoral front, stocks from FMCG sector were mostly trading flat, while select metal, pharmaceuticals, power, realty and oil stocks were up in positive territory with notable gains. Automobile and banking sectors were trading weak on selling pressure. In global markets, Asian shares edged lower on Monday amid slowing global growth. Back home, the market breadth favoring positive trend; there were 1,216 shares on the gaining side against 1,074 shares on the losing side while 115 shares remained unchanged.

The BSE Sensex is currently trading at 17,544.17 down by 13.57 points or 0.08% after touching a high of 17594.55 and low of 17531.10. There were 17 stocks advancing against 13 declines on the index.

The broader indices were trading on a positive note; the BSE Mid cap and Small cap indices was up by 0.18% and 0.24%, respectively.

The top gainers on the BSE sectoral space were, Realty up by 0.93%, Oil & Gas up by 0.64%, CG up by 0.27%, PSU up by 0.26% and TECk up by 0.25%, while Bankex down by 0.61% and Auto down by 0.51% were top losers on the index.

Maruti Suzuki up by 2.28%, Bharti Airtel up by 1.45%, Sterlite Industries up by 1.22%, Sun Pharma up by 1.13% and ONGC up by 0.93% were major gainers on the Sensex, while Hindalco down by 2.16%, Tata Motors down by 2.16%, ICICI Bank down by 1.21%, Hero MotoCorp down by 0.96% and Mahindra & Mahindra down by 0.82% were major losers on the index.

Meanwhile, engineering exports declined by about 16% in June 2012 to $4.5 billion. As per the data of Engineering Export Promotion Council (EEPC), the exports have declined substantially from $5.3 billion in June last year.

The orders from key markets of US and Europe which accounts for over 60% India's total engineering exports have reduced as buyers are retaining low or nil inventory level.

The major Indian engineering export items are transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. As per the report the fall has been in three sectors particularly, Iron and Steel, Aircrafts, Spacecrafts and parts, Ships, Boats and other parts.

During 2011-12, the country's engineering exports grew 17% to $59 billion compared to $49.7 billion in the previous fiscal. During April-June 2012-13, engineering exports dipped about 9% to $14.3 billion compared to the same period last year.

The S&P CNX Nifty is currently trading at 5,319.60, down by 0.80 points or 0.02% after trading in a range of 5,330.05 and 5,313.95. There were 27 stocks advancing against 23 declines on the index.

The top gainers on the Nifty were Maruti up by 2.19%, Bharti Airtel up by 1.58%, Reliance Infra up by 1.58%, DLF up by 1.47% and Sun Pharma up by 1.27%. While, Tata Motors down by 2.11%, Hindalco down by 2.03%, Ranbaxy down by 1.90%, ICICI Bank down by 1.11% and Axis Bank down by 1.07% were top losers on the index.

Mostly Asian indices were trading in red; Kospi Composite Index down 0.64%, Nikkei 225 down 0.05%, Jakarta Composite down by 0.15%, Taiwan Weighted down by 0.06%, Hang Seng index down by 0.29% and  Shanghai Composite down by 0.90% while KLSE Composite up by 0.14% and Straits Times up by 0.15% were only the gainers.