Indian equities pared gains but continued firm
trade in green in the late morning session. While, most of the Asian
markets were trading in the green on hope that Greece can avoid a
near-term bankruptcy, with euro-zone finance ministers meeting later in
the day. Back home, traders were seen piling up position in Metal, TECk
and CD sector while selling was witnessed in PSU, Realty, Bankex sector.
In the scrip specific development, Jet Airways edged higher on reports
of a stake sale to Etihad Airways. Metal stocks were trading in green as
LMEX, a gauge of six metals traded on the London Metal Exchange gained
1.18% on Friday, 23 November 2012. GlaxoSmithKline Consumer Healthcare
locked at upper circuit on reporting that company's foreign parent
GlaxoSmithKline Plc plans to raise its stake in the Indian firm to 75%
from 43.16% through an open offer.
Further, SBI rose on inking pact with Sohan Lal Commodity Management. Tata Steel gained on plans to improve competitiveness of its UK operations. VA Tech Wabag soared on bagging order worth Rs 217 crore. Vascon Engineers surged on securing contract worth Rs 313.87 crore. Sesa Goa gained on plans to start importing iron ore for feeding pig iron plant in Goa. RIL rose on plans of entering Venezuela's oil and gas upstream space.
The NSE Nifty and BSE Sensex were managing to hold their psychological 5,600 and 18500 levels. The market breadth on BSE was positive, advances: declines in the ratio of 1352:929.
The index is currently trading at 18548.70, up by 42.13 points. There were 20 stocks advancing against 10 declines on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.54% and 0.68% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.02%, TECk up by 0.96%, CD up by 0.92%, HC up by 0.88% and IT up by 0.83%. While, PSU down by 0.45%, Realty down by 0.16% and Bankex down by 0.11% were the only losers on the index.
The top gainers on the Sensex were Sterlite Inds up by 2.39%, Tata Steel up by 2.06%, Dr Reddys Lab up by 1.63%, Hindalco up by 1.48%, and Hindustan Unilever up by1.37%.
On the flip side, Mahindra & Mahindra was down by 2.11%, NTPC was down by 0.82%, Sun Pharma was down by 0.66%, BHEL was down by 0.62% and HDFC was down by 0.44% were the top losers on the Sensex.
Meanwhile, ahead of the release of GDP figures for second quarter on November 30, by the Central Statistical Organisation (CSO), the Finance Minister P Chidambaram has indicated that growth of the economy slowed to 5.5 percent in July-September quarter of the current fiscal from 6.9 percent during the same period last year.
The growth remained 5.5 percent in first quarter too and the FM stated that 'When our growth declined to 5.5 percent in the first quarter of this financial year, and when growth is likely to be around 5.5 percent in the second quarter of this financial year, it goes without saying that we face a difficult situation.'
Lots of international and local agencies have scaled down the growth target of the Indian GDP; even the Reserve Bank has scaled down India's economic growth prospects for the fiscal to 5.8 percent from 6.5 percent. Chidambaram has called upon the banks to play an active role in reviving the economy and has said that there is a need to find innovative ways to increase output of goods and services to overcome the difficult economic situation.
The top gainers of the Nifty were Tata Steel up by 1.89%, Sesa Goa up by 1.69%, Hindalco up by 1.53%, Asian paint up by 1.43% and Dr Reddys Lab up by 1.37%.
On the flip side, Mahindra & Mahindra down by 1.93%, Ultratech cement down by 1.58%, Ambuja cement down by 1.25% BPCL down by 0.95%, and BHEL down by 0.76%, were the major losers on the index.
Most of Asian markets were trading in green; Seoul Composite gained 0.01%, Jakarta Composite was up by 0.15%, Nikkei 225 gained 0.77%, Straits Times gained 0.60%, and Taiwan Weighted surged by 1.00%.
On the other hand, Shanghai Composite was down 0.11%, Hang Seng up by 0.02%, KLSE Composite down by 0.14%.
Further, SBI rose on inking pact with Sohan Lal Commodity Management. Tata Steel gained on plans to improve competitiveness of its UK operations. VA Tech Wabag soared on bagging order worth Rs 217 crore. Vascon Engineers surged on securing contract worth Rs 313.87 crore. Sesa Goa gained on plans to start importing iron ore for feeding pig iron plant in Goa. RIL rose on plans of entering Venezuela's oil and gas upstream space.
The NSE Nifty and BSE Sensex were managing to hold their psychological 5,600 and 18500 levels. The market breadth on BSE was positive, advances: declines in the ratio of 1352:929.
The index is currently trading at 18548.70, up by 42.13 points. There were 20 stocks advancing against 10 declines on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.54% and 0.68% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.02%, TECk up by 0.96%, CD up by 0.92%, HC up by 0.88% and IT up by 0.83%. While, PSU down by 0.45%, Realty down by 0.16% and Bankex down by 0.11% were the only losers on the index.
The top gainers on the Sensex were Sterlite Inds up by 2.39%, Tata Steel up by 2.06%, Dr Reddys Lab up by 1.63%, Hindalco up by 1.48%, and Hindustan Unilever up by1.37%.
On the flip side, Mahindra & Mahindra was down by 2.11%, NTPC was down by 0.82%, Sun Pharma was down by 0.66%, BHEL was down by 0.62% and HDFC was down by 0.44% were the top losers on the Sensex.
Meanwhile, ahead of the release of GDP figures for second quarter on November 30, by the Central Statistical Organisation (CSO), the Finance Minister P Chidambaram has indicated that growth of the economy slowed to 5.5 percent in July-September quarter of the current fiscal from 6.9 percent during the same period last year.
The growth remained 5.5 percent in first quarter too and the FM stated that 'When our growth declined to 5.5 percent in the first quarter of this financial year, and when growth is likely to be around 5.5 percent in the second quarter of this financial year, it goes without saying that we face a difficult situation.'
Lots of international and local agencies have scaled down the growth target of the Indian GDP; even the Reserve Bank has scaled down India's economic growth prospects for the fiscal to 5.8 percent from 6.5 percent. Chidambaram has called upon the banks to play an active role in reviving the economy and has said that there is a need to find innovative ways to increase output of goods and services to overcome the difficult economic situation.
However,
regarding fiscal deficit he said that the government would stick to the
borrowing programme announced in the Union Budget for the current
financial year and will remain in the limit of the budgeted Rs 5.7 lakh
crore for the entire financial year.
The S&P CNX Nifty is currently trading at
5,635.20, up by 8.60 points or 0.15%. There were 32 stocks advancing
against 18 declines on the index. The top gainers of the Nifty were Tata Steel up by 1.89%, Sesa Goa up by 1.69%, Hindalco up by 1.53%, Asian paint up by 1.43% and Dr Reddys Lab up by 1.37%.
On the flip side, Mahindra & Mahindra down by 1.93%, Ultratech cement down by 1.58%, Ambuja cement down by 1.25% BPCL down by 0.95%, and BHEL down by 0.76%, were the major losers on the index.
Most of Asian markets were trading in green; Seoul Composite gained 0.01%, Jakarta Composite was up by 0.15%, Nikkei 225 gained 0.77%, Straits Times gained 0.60%, and Taiwan Weighted surged by 1.00%.
On the other hand, Shanghai Composite was down 0.11%, Hang Seng up by 0.02%, KLSE Composite down by 0.14%.
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