Indian equity markets have made a good start and the
major indices are trading up by about a percent in early trade tracking
positive Asian markets. Though on the domestic front there is still no
way out of the logjam in Parliament on the controversial issue of FDI in
multi-brand retail, as the all party meet ended inconclusive yesterday.
There were some hopes alive as the UPA allies will meet today to
discuss how the logjam in Parliament can be resolved, however the
government has reiterated that giving in to the oppositions demand for a
vote in Parliament on an executive decision will set a bad precedent.
Back on the street, there is all green on the sectoral front with
banking stocks taking the lead, closely followed by FMCG and realty, IT
sector too was trading high despite rupee gaining some strength against
dollar after Euro zone finance ministers and the IMF clinched agreement
on reducing Greece's debt. The telecom stocks too are buzzing after the
RBI relaxed ECB norms for the successful bidders of the 2G auction held
recently.
The market breadth on the BSE was positive; there were 1,172 shares on the gaining side against 402 shares on the losing side while 62 shares remain unchanged.
The BSE Sensex opened at 18,616.55; about 80 points higher compared to its previous closing of 18,537.01, and has touched a high and a low of 18,735.96 and 18,616.55 respectively. The index is currently trading at 18,725.62, up by 188.61 or 1.02%. All 30 stocks of the index were trading in green.
The overall market breadth has made a positive start with 71.64% stocks advancing against 24.57% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.71% and 0.78% respectively.
The top gaining sectoral indices on the BSE were, BANKEX up by 1.27%, CG up by 0.97%, FMCG up by 0.97%, Realty up by 0.94% and Metal up by 0.85%.
The top gainers on the Sensex were HDFC Bank up by 2.28%, HDFC up by 2.19%, Sterlite Inds up by 1.88%, ONGC up by 1.18% and ICICI Bank up by 1.17%. While, there were no losers on the index.
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 opened at 5,658.50; about 23 points higher as compared to its previous closing of 5,635.90, and has touched a high and a low of 5,695.10 and 5,658.00 respectively.
The index is currently trading at 5,690.80, up by 54.90 points or 0.97%. All 50 stocks were advancing on the index.
On the other hand, Seoul Composite gained 17.21 points or 0.90% to 1,925.26, Nikkei 225 gained 28.47 points or 0.30% to 9,417.77, Straits Times gained 4.78 points or 0.14% to 3,008.58, and Hang Seng was up by 28.90 points or 0.13% to 21,890.71.
The market breadth on the BSE was positive; there were 1,172 shares on the gaining side against 402 shares on the losing side while 62 shares remain unchanged.
The BSE Sensex opened at 18,616.55; about 80 points higher compared to its previous closing of 18,537.01, and has touched a high and a low of 18,735.96 and 18,616.55 respectively. The index is currently trading at 18,725.62, up by 188.61 or 1.02%. All 30 stocks of the index were trading in green.
The overall market breadth has made a positive start with 71.64% stocks advancing against 24.57% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.71% and 0.78% respectively.
The top gaining sectoral indices on the BSE were, BANKEX up by 1.27%, CG up by 0.97%, FMCG up by 0.97%, Realty up by 0.94% and Metal up by 0.85%.
The top gainers on the Sensex were HDFC Bank up by 2.28%, HDFC up by 2.19%, Sterlite Inds up by 1.88%, ONGC up by 1.18% and ICICI Bank up by 1.17%. While, there were no losers on the index.
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 opened at 5,658.50; about 23 points higher as compared to its previous closing of 5,635.90, and has touched a high and a low of 5,695.10 and 5,658.00 respectively.
The index is currently trading at 5,690.80, up by 54.90 points or 0.97%. All 50 stocks were advancing on the index.
The
top gainers of the Nifty were JP Associate up by 2.64%, HDFC Bank up by
2.28%, HDFC up by 2.26%, BPCL up by 1.65% and Sesa Goa up by 1.55%.
The Asian markets were trading mixed; Shanghai
Composite was down by 19.26 points or 0.95% to 1,998.20, KLSE Composite
down by 8.15 points or 0.51% to 1,599.73, Jakarta Composite was down by
11.55 points or 0.21% to 4,365.12 and Taiwan Weighted was down by 0.44
points or 0.01% to 7,406.67. On the other hand, Seoul Composite gained 17.21 points or 0.90% to 1,925.26, Nikkei 225 gained 28.47 points or 0.30% to 9,417.77, Straits Times gained 4.78 points or 0.14% to 3,008.58, and Hang Seng was up by 28.90 points or 0.13% to 21,890.71.
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