Indian equity markets have got a positive start of
the F&O expiry week, though the trade turned choppy after the good
opening with some drag coming from the PSU and realty sector. However,
the overall market mood remains firm and the broader markets are showing
greater enthusiasm than the benchmarks. Metal pack led by gain in
Hindalco and Tata Steel has adequately supported the markets from
slipping down. Though, rupee has stabilized in early trade but IT and
Tech sector stocks were still showing upmove. The major buzz is in non
sectoral gauge 'Aviation' where all the companies are flying high. Jet
Airways has surged by another 12% on a possible deal with Middle-Eastern
carrier Etihad Airways, while the other major carrier Spice Jet too has
gained over 10% on report of promoter stake reduction, the beleaguered
Kingfisher airlines too was trading high after giving a debt reduction
plan to the lenders. Though, the marketmen are still cautious ahead of
an all-party meet to break logjam in Parliament over the government's
decision to allow foreign investment (FDI) in retail.
The market breadth on the BSE was positive; there were 1,121 shares on the gaining side against 661 shares on the losing side while 88 shares remain unchanged.
The BSE Sensex opened at 18,574.36; about 67.79 points higher compared to its previous closing of 18,506.57, and has touched a high and a low of 18,590.33 and 18,535.63 respectively. The index is currently trading at 18,557.84, up by 51.27 or 0.28%. There were 20 stocks advancing against 10 declines on the index.
The overall market breadth has made a positive start with 60.06% stocks advancing against 35.19% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.51% and 0.54% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.01%, TECK up by 0.83%, IT up by 0.69%, HC up by 0.68% and FMCG up by 0.56%. While, PSU down by 0.28%, Realty down by 0.09% and Bankex down by 0.06% were the only losers on the index.
The top gainers on the Sensex were Tata Steel up by 2.10%, Sterlite Inds up by 1.71%, Hindalco up by 1.62%, Tata Power up by 1.37% and Bharti Airtel up by1.36%.
On the flip side, Mahindra & Mahindra was down by 1.54%, Sun Pharma was down by 0.92%, Maruti Suzuki was down by 0.48%, ICICI Bank was down by 0.42% and BHEL was down by 0.24% were the top losers on the Sensex.
Meanwhile, amid the talks of rising fiscal deficit, C Rangarajan, Chairman of the Prime Minister's Economic Advisory Council has given some comfort to the concerns and has said that India's current account deficit should come down to around 3.5 per cent of the gross domestic product (GDP) by the end of this fiscal, aided by factors such as lower gold imports, better capital inflows and no major increase in oil prices. In 2011-12, India's current account deficit rose to 4.2 per cent of the GDP. He has also said that efforts were also on to keep the current account deficit around the manageable level of 2.5 per cent of the GDP in the medium term.
Earlier, he had reiterated that the government will make all efforts to restrict fiscal deficit to 5.3 per cent of GDP for the current financial year, he said that "I think our attempt will be to see that we remain as close as possible to revised fiscal deficit that has been indicated by the finance ministry."
The index is currently trading at 5,638.00, up by 11.40 points or 0.20%. There were 30 stocks advancing against 20 declines on the index.
The top gainers of the Nifty were Tata Steel up by 1.97%, Hindalco up by 1.62%, Asian Paint up by 1.59%, Bharti Airtel up by 1.33% and Tata Power up by 1.32%.
On the flip side, Mahindra & Mahindra down by 1.48%, Ultratech Cement down by 1.23%, Sun Pharma down by 0.91%, Ambuja Cement down by 0.79% and Ranbaxy down by 0.54%, were the major losers on the index.
Most of the Asian markets were trading in green; Shanghai Composite was down by 0.82 points or 0.04% to 2026.57, Hang Seng declined by 1.60 points or 0.01% to 21,912.38, KLSE Composite down by 2.34 points or 0.14% to 1,611.98.
On the other hand, Seoul Composite gained 1.50 points or 0.08% to 1,913.17, Jakarta Composite was up by 6.53 points or 0.15% to 4,355.34, Nikkei 225 gained 61.08 points or 0.65% to 9,428.18, Straits Times gained 13.96 points or 0.46% to 3,002.70, and Taiwan Weighted surged by 55.95 points or 0.75% to 7,382.49.
The market breadth on the BSE was positive; there were 1,121 shares on the gaining side against 661 shares on the losing side while 88 shares remain unchanged.
The BSE Sensex opened at 18,574.36; about 67.79 points higher compared to its previous closing of 18,506.57, and has touched a high and a low of 18,590.33 and 18,535.63 respectively. The index is currently trading at 18,557.84, up by 51.27 or 0.28%. There were 20 stocks advancing against 10 declines on the index.
The overall market breadth has made a positive start with 60.06% stocks advancing against 35.19% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.51% and 0.54% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.01%, TECK up by 0.83%, IT up by 0.69%, HC up by 0.68% and FMCG up by 0.56%. While, PSU down by 0.28%, Realty down by 0.09% and Bankex down by 0.06% were the only losers on the index.
The top gainers on the Sensex were Tata Steel up by 2.10%, Sterlite Inds up by 1.71%, Hindalco up by 1.62%, Tata Power up by 1.37% and Bharti Airtel up by1.36%.
On the flip side, Mahindra & Mahindra was down by 1.54%, Sun Pharma was down by 0.92%, Maruti Suzuki was down by 0.48%, ICICI Bank was down by 0.42% and BHEL was down by 0.24% were the top losers on the Sensex.
Meanwhile, amid the talks of rising fiscal deficit, C Rangarajan, Chairman of the Prime Minister's Economic Advisory Council has given some comfort to the concerns and has said that India's current account deficit should come down to around 3.5 per cent of the gross domestic product (GDP) by the end of this fiscal, aided by factors such as lower gold imports, better capital inflows and no major increase in oil prices. In 2011-12, India's current account deficit rose to 4.2 per cent of the GDP. He has also said that efforts were also on to keep the current account deficit around the manageable level of 2.5 per cent of the GDP in the medium term.
Earlier, he had reiterated that the government will make all efforts to restrict fiscal deficit to 5.3 per cent of GDP for the current financial year, he said that "I think our attempt will be to see that we remain as close as possible to revised fiscal deficit that has been indicated by the finance ministry."
Rangarajan
also said that the rupee will continue to remain around its current
levels as capital inflows, which are likely to pick up in the second
half of the current fiscal, will prevent the rupee from depreciating
further. He expressed his hopes that the government will use all policy
instruments, including managing the food grain market, and fiscal and
monetary measures to tame inflation. He further said that "We can see an
improved performance for the manufacturing sector in the second half of
the year. Some recent decisions relating to FDI as well as pricing of
petroleum products should help change the investment sentiment. One the
whole, the growth in the current year may stay between 5.5 and 6 per
cent."
The S&P CNX Nifty opened at 5,648.65; about
22.05 points higher as compared to its previous closing of 5,626.60, and
has touched a high and a low of 5,649.20 and 5,630.90 respectively. The index is currently trading at 5,638.00, up by 11.40 points or 0.20%. There were 30 stocks advancing against 20 declines on the index.
The top gainers of the Nifty were Tata Steel up by 1.97%, Hindalco up by 1.62%, Asian Paint up by 1.59%, Bharti Airtel up by 1.33% and Tata Power up by 1.32%.
On the flip side, Mahindra & Mahindra down by 1.48%, Ultratech Cement down by 1.23%, Sun Pharma down by 0.91%, Ambuja Cement down by 0.79% and Ranbaxy down by 0.54%, were the major losers on the index.
Most of the Asian markets were trading in green; Shanghai Composite was down by 0.82 points or 0.04% to 2026.57, Hang Seng declined by 1.60 points or 0.01% to 21,912.38, KLSE Composite down by 2.34 points or 0.14% to 1,611.98.
On the other hand, Seoul Composite gained 1.50 points or 0.08% to 1,913.17, Jakarta Composite was up by 6.53 points or 0.15% to 4,355.34, Nikkei 225 gained 61.08 points or 0.65% to 9,428.18, Straits Times gained 13.96 points or 0.46% to 3,002.70, and Taiwan Weighted surged by 55.95 points or 0.75% to 7,382.49.
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