FIRM TADE

Indian equities  continued firm trade in green in the late morning session. While, Asian markets were trading in the green after Japan's cabinet approved a second economic stimulus package, while at the same time nation's industrial production unexpectedly increased since December. Industrial production in October increased 1.8 percent from the previous month, signaling a contraction in the world's third-largest economy may be short lived. Back home, India's gross domestic product (GDP) growth further slowed down to 5.3% in the second quarter (June-September) of 2012-13 compared with three year's low of 5.5 per cent in the first quarter, just in line with expectation. Further, quarterly GDP at factor cost at constant (2004-05) prices for Q2 of 2012-13 is estimated at Rs 12, 93,922 crore as against Rs 12,28,982 crore in Q2 of 2011-12. The traders were seen piling up position in Metal, Power and PSU sector while selling was witnessed in FMCG, Auto and Realty sector. In the scrip specific development, Venus Power surged on getting approval for land acquisition. Unity Infraprojects edged higher on bagging project worth Rs 138.00 crore. BHEL gained on executing orders for two 500 units of Anpara thermal power station. Indoco Remedies jumped on acquiring 60.04% stake in Indoco Industrial Designers & Engineers. PVR soared on inking pact to acquire 69.27% stake in Cinemax. The NSE Nifty and BSE Sensex were managing to hold their psychological 5,800 and 19000 levels. The market breadth on BSE was positive, in the ratio of 1336:876.
The BSE Sensex is currently trading at 19198.76 up by 27.85 points or 0.15% after trading in a range of 19323.52 and 19197.25. There were 17 stocks advancing against 13 declines on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.68% and Small cap index was up by 0.53%.
The top gaining sectoral indices on the BSE were, Metal up by 1.38%, Power up by 0.87%, PSU up by 0.70%, IT up by 0.54% and CD up by 0.46% while, FMCG down by 1.03%, Auto down by 0.69% and Realty down by 0.28%  were only losers on the index.
The top gainers on the Sensex were HDFC up by 3.07%, Jindal Steel up by 3.03%, Sterlite Industries up by 2.85%, BHEL up by 2.38%, and ONGC up by 2.19%.
On the flip side, Tata Motors was down by 1.71%, Hindustan Unilever was down by 1.39%, HDFC Bank was down by 1.16% , Bajaj Auto was down by 1.10%, and Bharti Airtel was down by 1.01% were the top losers on the Sensex.
Meanwhile, Prime Minister-appointed Rangarajan Committee is expected to submit the report on changes in the present regime governing oil and gas exploration contracts as well as gas pricing by the first week of December. The committee is also likely to recommend a pricing formula, though it may refrain from a specific recommendation on the controversial issue of gas produced by Reliance Industries (RIL).

Chaired by C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, the panel was set up in May, to suggest changes in existing oil & gas exploration contracts with energy firms to minimize monitoring of expenditure, fix system to determine domestically produced natural gas price and modify existing profit-sharing mechanism, which, according to the national auditor, favoured private energy firms. However, the six-member Committee was previously to submit report by October 31 but was granted a month's extension.

Moreover, the panel in its draft report suggested for sweeping changes in the present format of Production Sharing Contract (PSC), demanding the government to move to a production-linked payment regime where explorers bid for a percentage of output they would share with the government.  And also the committee will suggest on the structure and basis for pricing of natural gas.  
The S&P CNX Nifty is currently trading at 5,834.80, up by 9.80 points or 0.17% after trading in a range of 5,865.85 and 5,831.85. There were 28 stocks advancing against 21 declines while 1 stock remains unchanged on the index.
The top gainers of the Nifty were Jindal Steel up by 12.50%, HDFC up by 2.97%,BHEL up by 2.84%, HCL Tech up by 2.55%, Hero Moto up by 2.15% and.
On the flip side, Ranbaxy was down by 2.18%, Tata Motors was down by 1.98%, Hindustan Unilever was down by 1.72%, Bharti Airtel was down by 1.36% and  Ultratech Cement was down by 1.29% were the top losers on the Nifty.
The Asian markets were trading in green; Shanghai Composite was up by 10.94 points or 056% to 1,974.43, KLSE Composite up by 4.03 points or 0.25% to 1,611.35, Taiwan Weighted was up by 67.20 points or 0.90% to 7,570.59, Seoul Composite gained 0.62 points or 0.03% to 1,935.26, Nikkei 225 gained 66.01 points or 0.70% to 9,465.92, Straits Times gained 35.73 points or 1.19% to 3,081.51, and Hang Seng was up by 119.31 points or 0.54% to 119.31.
On the other hand, Jakarta Composite was down by 28.21 points or 0.65% to 4,290.88.