Indian equity benchmarks have made a decent start
with gain of over quarter a percent on Monday ahead of announcement of
industrial output data for the month of September later today. However,
global cues remained unsupportive as the US markets closed flat with a
positive bias on Friday, while, most of the Asian markets were trading
in the red after Japan's economy shrank at the fastest pace since last
year's earthquake; however Chinese market was marginally in green as
overseas shipments increased 11.6 percent from a year earlier.
Back home, sustained buying in most of the key heavyweights along with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to regain their crucial 18,700 and 5,700 mark respectively. Some amount of support also came from telecom space where Idea Cellular, Bharti Airtel and MTNL all edged higher ahead of the start of 2G auction, the government has pushed through the proposal to re-farm spectrum in the 900-MHz band to 1,800 MHz, allowing incumbent operators to keep only 2.5 MHz and has imposed a one-time spectrum charge on incumbent GSM operators for spectrum they hold beyond 4.4 MHz and 2.5 MHz for CDMA players. An auction base price has been fixed at Rs 14,000 crore for five MHz in the 1,800-MHz band.
On the sectoral front, consumer durables witnessed the maximum gain in trade followed by fast moving consumer goods and technology while, metal remained the lone loser on the BSE sectoral space. The broader indices were going neck-to-neck with benchmarks while, the market breadth on the BSE was positive; there were 971 shares on the gaining side against 602 shares on the losing side while 52 shares remain unchanged.
The BSE Sensex opened at 18,691.02; about 8 points higher compared to its previous closing of 18,683.68, and has touched a high and a low of 18,750.92 and 18,687.08 respectively.
The index is currently trading at 18,737.91, up by 54.23 points or 0.29%. There were 21 stocks advancing against 9 declines on the index.
The overall market breadth has made a positive start with 59.75% stocks advancing against 37.05% declines. The broader indices too were trading in-line with benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.41% respectively.
The top gaining sectoral indices on the BSE were CD up by 0.80%, FMCG up by 0.72%, TECk up by 0.71%, Bankex up by 0.61% and IT up by 0.55%. While, Metal down by 0.07% was the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 1.93%, ICICI Bank up by 0.93%, HDFC Bank up by 0.66%, GAIL up by 0.66% and Infosys up by 0.62%.
On the flip side, Tata Steel was down by 1.29%, Coal India was down by 0.51%, Maruti Suzuki was down by 0.47%, Dr Reddy was down by 0.38% and Hero MotoCorp was down by 0.37% were the top losers on the Sensex.
As per the proposal, if clearances were not given by the concerned ministries within a specified time-frame, the projects would be sent to the NIB, which will be chaired by the Prime Minister and the members will constitute the ministers of finance and law. The decision taken by the board on whether the project can proceed will be considered final after that and no ministry will have the power to raise objections.
NIB plan is part of the government's aggressive reforms agenda to stimulate financial growth and it also aims to address a looming industrial complaint that ministerial clearances delay crucial mega projects.
The S&P CNX Nifty opened at 5,688.45; about 2 points higher compared to its previous closing of 5,686.25, and has touched a high and a low of 5,718.90 and 5,688.15 respectively.
The index is currently trading at 5,707.35, up by 21.10 points or 0.37%. There were 39 stocks advancing against 11 declines on the index.
The top gainers of the Nifty were Bharti Airtel up by 2.25%, IDFC up by 1.51%, GAIL up by 1.34%, RInfra up by 0.98% and ICICI Bank up by 0.98%.
On the flip side, Tata Steel down by 1.23%, DLF down by 1.16%, Coal India down by 0.52%, Maruti Suzuki down by 0.48% and Hero MotoCorp down by 0.37%, were the major losers on the index.
Most of the Asian equity indices were trading in red; Jakarta Composite lost 3.89 points or 0.09% to 4,329.61, KLSE Composite was down by 1.92 points or 0.12% to 1,639.16, Nikkei 225 lost 64.31 points or 0.73% to 8,693.29, Straits Times lost 5.54 points or 0.18% to 3,004.00, Kospi Composite declined by 6.79 points or 0.36% to 1,897.59 and Taiwan Weighted was down by 5.01 points or 0.07% to 7,288.02.
On the other hand, Shanghai Composite was up by 5.14 points or 0.25% to 2,074.21 and Hang Seng gained 23.37 points or 0.11% to 21,407.75.
Back home, sustained buying in most of the key heavyweights along with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to regain their crucial 18,700 and 5,700 mark respectively. Some amount of support also came from telecom space where Idea Cellular, Bharti Airtel and MTNL all edged higher ahead of the start of 2G auction, the government has pushed through the proposal to re-farm spectrum in the 900-MHz band to 1,800 MHz, allowing incumbent operators to keep only 2.5 MHz and has imposed a one-time spectrum charge on incumbent GSM operators for spectrum they hold beyond 4.4 MHz and 2.5 MHz for CDMA players. An auction base price has been fixed at Rs 14,000 crore for five MHz in the 1,800-MHz band.
On the sectoral front, consumer durables witnessed the maximum gain in trade followed by fast moving consumer goods and technology while, metal remained the lone loser on the BSE sectoral space. The broader indices were going neck-to-neck with benchmarks while, the market breadth on the BSE was positive; there were 971 shares on the gaining side against 602 shares on the losing side while 52 shares remain unchanged.
The BSE Sensex opened at 18,691.02; about 8 points higher compared to its previous closing of 18,683.68, and has touched a high and a low of 18,750.92 and 18,687.08 respectively.
The index is currently trading at 18,737.91, up by 54.23 points or 0.29%. There were 21 stocks advancing against 9 declines on the index.
The overall market breadth has made a positive start with 59.75% stocks advancing against 37.05% declines. The broader indices too were trading in-line with benchmarks; the BSE Mid cap and Small cap indices rose 0.40% and 0.41% respectively.
The top gaining sectoral indices on the BSE were CD up by 0.80%, FMCG up by 0.72%, TECk up by 0.71%, Bankex up by 0.61% and IT up by 0.55%. While, Metal down by 0.07% was the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 1.93%, ICICI Bank up by 0.93%, HDFC Bank up by 0.66%, GAIL up by 0.66% and Infosys up by 0.62%.
On the flip side, Tata Steel was down by 1.29%, Coal India was down by 0.51%, Maruti Suzuki was down by 0.47%, Dr Reddy was down by 0.38% and Hero MotoCorp was down by 0.37% were the top losers on the Sensex.
Meanwhile,
in an attempt to trigger investment growth, the centre has affirmed
that the decision on setting up the National Investment Board (NIB) for
single window clearance for large infrastructure projects is likely in
next two to three weeks. The proposal was mooted by Finance Minister P
Chidambaram at the full meeting of the Planning Commission recently,
amid concerns on long delays in the implementation of large
infrastructure projects.
The NIB is being set up to ensure that the
clearances required for major projects, mainly projects above Rs 1,000
crore investment, would be granted by the relevant ministries without
unnecessary delays. The blueprint for the NIB was already put forth in
the Cabinet meeting in late September, provides the board the power to
overrule other ministries. As per the proposal, if clearances were not given by the concerned ministries within a specified time-frame, the projects would be sent to the NIB, which will be chaired by the Prime Minister and the members will constitute the ministers of finance and law. The decision taken by the board on whether the project can proceed will be considered final after that and no ministry will have the power to raise objections.
NIB plan is part of the government's aggressive reforms agenda to stimulate financial growth and it also aims to address a looming industrial complaint that ministerial clearances delay crucial mega projects.
The S&P CNX Nifty opened at 5,688.45; about 2 points higher compared to its previous closing of 5,686.25, and has touched a high and a low of 5,718.90 and 5,688.15 respectively.
The index is currently trading at 5,707.35, up by 21.10 points or 0.37%. There were 39 stocks advancing against 11 declines on the index.
The top gainers of the Nifty were Bharti Airtel up by 2.25%, IDFC up by 1.51%, GAIL up by 1.34%, RInfra up by 0.98% and ICICI Bank up by 0.98%.
On the flip side, Tata Steel down by 1.23%, DLF down by 1.16%, Coal India down by 0.52%, Maruti Suzuki down by 0.48% and Hero MotoCorp down by 0.37%, were the major losers on the index.
Most of the Asian equity indices were trading in red; Jakarta Composite lost 3.89 points or 0.09% to 4,329.61, KLSE Composite was down by 1.92 points or 0.12% to 1,639.16, Nikkei 225 lost 64.31 points or 0.73% to 8,693.29, Straits Times lost 5.54 points or 0.18% to 3,004.00, Kospi Composite declined by 6.79 points or 0.36% to 1,897.59 and Taiwan Weighted was down by 5.01 points or 0.07% to 7,288.02.
On the other hand, Shanghai Composite was up by 5.14 points or 0.25% to 2,074.21 and Hang Seng gained 23.37 points or 0.11% to 21,407.75.
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