TURN AROUND

Indian equity markets although have been trading lackluster since early deals, the downside of the bourses has been capped on hopes that the European Central Bank (ECB) may employ new tactics to counter the perennial debt crisis. Further, with the positive opening of European markets, recovery of the bourses looks imminent. 30 share barometer index of Bombay Stock Exchange (BSE), Sensex, hovering tad below the previous closing level, is currently holding the 17300 bastion. However, the widely followed 50 share barometer index of National Stock Exchange (NSE), Nifty, too holding near its neutral line, is gyrating sub 5250 crucial mark. Bucking the trend, broader indices are showcasing positive movements.

On the global front, much awaited opening of European markets was a positive one after a media report suggested that the European Central Bank planned to buy unlimited amounts of short-term debt to ease the region's financial crisis. Meanwhile, Asian counterparts too have reversed losses to mostly trade in green.

Sector-wise, Information Technology, Realty and Bankex counters are topping the list of gainers on BSE, while stocks of Fast Moving Consumer Goods, Power and Capital Goods, languishing the bottom, are sustaining the downtrend of Indian equity markets. The overall market breadth on BSE is in the favour of advances which have outnumbered declines in the ratio of 1236:1142, while 147 shares remained unchanged.

The BSE Sensex is currently trading at 17,309.80, down by 3.54 points or 0.02% after touching a high of 17339.25 and low of 17294.74. There were 14 stocks advancing against 16 declines on the index.

The broader indices were trading in green; the BSE Mid cap and Small cap indices were trading higher by 0.15% and 0.12% respectively.

The top gainers on the BSE sectoral space were, IT up by 2.10%, TECk up by 1.49%, Realty up by 0.33%, Bankex up by 0.32% and Health Care up by 0.22%. While FMCG down by 1.44%, Power down by 0.81%, Capital Goods down by 0.79%, Consumer Durable down by 0.51% and Oil & Gas down by 0.41% were the top losers on the sectoral space.

The top gainers on the Sensex were Wipro up by 3.61%, Infosys up by 3.19%, Jindal Steel up by 2.13%, ICICI bank up by 1.36% and Maruti Suuzki up by 1.29%. On the flip side, BHEL down by 3.03%, ITC down by 2.24%, Bharti Airtel  down by 1.61%, Hero MotoCorp down by 0.82% and Bajaj Auto down by 0.62% were the top losers on the Sensex. 

Though India's economic growth has slipped to 5.5% during April-June of 2012-13, advisory firm KPMG opined that India is performing better than many countries. It reaffirmed that in the current environment of global economic slowdown, the most important part is that the country is still growing.

It pointed out that world's largest economy, the US grew at 1.5% in 2011, versus 3.1% in 2010, while, Germany's GDP grew by 3%, though in 2010 it was 3.7%. It emphasized that the focus should be on how this turbulent journey is sailed through, albeit India has touched the lowest Q1 performance in a decade, because of low performance in manufacturing, mining and quarrying.

On maintaining sustainability for the PSUs in the wake of global economic and domestic slowdown, KPMG India Chief Operating Officer Akhil Bansal, suggested that the Public sector should carry little more responsibility than the private sector, to survive during this turbulent time as it's more significant. He also added that collaboration between the PSUs and the private sector will accelerate the development process.

The S&P CNX Nifty is currently trading at 5,223.15, down by 2.55 points or 0.05% after trading in a range of 5,231.05 and 5,217.65. There were 22 stocks advancing against 28 declines on the index.

The top gainers of the Nifty were Wipro up by 3.48%, Infosys up by 2.98%, Ambuja Cements up by 2.80%, Jindal Steel up by 2.00% and JP Associates up by 1.57%. On the flip side, BHEL down by 3.13%, IDFC down by 2.90%, Power Grid down by 2.28%, ITC down by 2.15% and Bharti Airtel down by 1.88% were the major losers on the index.

Most of the Asian indices were trading in green; Nikkei 225 edged higher by 0.01%, Hang Seng index advanced 0.11%, Shanghai Composite added 0.39%, Kospi Composite Index jumped higher by 0.38% and Jakarta Composite rose 0.20% were the gainers On the flip side, Taiwan Weighted declined by 0.55%, Straits Times lowered by 0.30% and KLSE Composite plunged 1.43%.

European markets started off on sanguine note; France's CAC 40 added 0.52%, Germany's DAX rose 0.32% and UK's FTSE 100 advanced 0.25%.