After a firm start, Indian equity markets erased some
early gains and currently trading in a tight range in the late morning
session, despite of positive global cues. Markets remained cautious
about, whether the government will be able to get lawmakers' approval
for policy changes announced this quarter in the winter session of
parliament, which begun today. In currency markets, Indian rupee erased
all early gains and currently trading lower against dollar amid
increasing demand for US currency by importers. On sectoral front, oil,
consumer durables, FMCG, power and automobile stocks were a bit subdued.
Select bank, capital goods, PSU and information technology stocks were
trading higher. In global markets, mostly Asian shares climbed on
positive Chinese manufacturing data, which fed optimism that the global
growth slowdown may have turned a corner. Back home, the market breadth
favoring positive trend; there were 1,240 shares on the gaining side
against 1,073 shares on the losing side while 126 shares remain
unchanged.
The BSE Sensex is currently trading at 18,499.89, up by 39.51 points or 0.21%%, after touching a high and a low of 18,544.08 and 18,466.69 respectively. There were 17 stocks advancing against 13 declines on the index.
The broader indices were in green; the BSE Mid cap and Small cap indices rose by 0.21% and 0.44% respectively.
The top gaining sectoral indices on the BSE were, Bankex up by 0.75%, CG up by 0.62%, TECk up by 0.55%, PSU up by 0.51% and HC up by 0.19% while, CD down 0.46%, OIL & Gas down by 0.33%, FMCG down 0.19%, Power down 0.08% and Auto down 0.02% were top losers on the sectoral space.
The top gainers on the Sensex were SBI up by 1.76%, Infosys up by 1.05%, Bharti Airtel up by 0.08%, L&T up by 0.87% and HDFC Bank up by 0.81%.
On the flip side, Tata Motors was down by 1.49%, Sun Pharma was down by 1.35%, Coal India was down by 0.68%, Tata Power and Hindalco was down by 0.65% were the top losers on the Sensex.
Meanwhile, a week after flop 2G spectrum auction, Planning Commission Deputy Chairman Montek Singh Ahluwalia accepted that it was a mistake to fix such a high reserve price for the 2G spectrum auction, which kept leading telecom companies away from the bidding.
Ahluwalia, who was part of an empowered group of ministers (EGoM) that fixed Rs 14,000 crore as the base price, also has urged the government to relook at the reserve price for the upcoming auction of unsold spectrum during the current financial year. However, deputy commission underscored, that EGoM had lowered the reserve price from Rs 18,000 crore as pegged by the Telecom Regulatory Authority of India (TRAI) to Rs 14,000 crore, which by the end of it yet again turned out to be higher.
Sure that eventually the right price will be discovered, Ahluwalia said that "A healthy auction is key to price discovery," adding that since the Supreme Court has observed that an auction is not necessarily the only option, the Telecom Ministry could propose an alternative, which could be considered on merit.
The major gainers of the Nifty were Axis Bank up by 2.00%, SBI up by 1.79%, Asian Paint up by 1.28%, PNB up by 1.13% and Ambuja Cement up by 1.08%. On the flip side, Ultratech Cement down by 1.68%, Sun Pharma down by 1.47%, Tata Motors down by 1.37%, Siemens down by 1.22% and IDFC down by 1.20%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng gained 0.67%, Jakarta Composite was up by 0.31%, Nikkei 225 surged by 1.56%, Straits Times gained 0.77%, Seoul Composite was up by 0.82% and Taiwan Weighted was higher by 0.24%.
The BSE Sensex is currently trading at 18,499.89, up by 39.51 points or 0.21%%, after touching a high and a low of 18,544.08 and 18,466.69 respectively. There were 17 stocks advancing against 13 declines on the index.
The broader indices were in green; the BSE Mid cap and Small cap indices rose by 0.21% and 0.44% respectively.
The top gaining sectoral indices on the BSE were, Bankex up by 0.75%, CG up by 0.62%, TECk up by 0.55%, PSU up by 0.51% and HC up by 0.19% while, CD down 0.46%, OIL & Gas down by 0.33%, FMCG down 0.19%, Power down 0.08% and Auto down 0.02% were top losers on the sectoral space.
The top gainers on the Sensex were SBI up by 1.76%, Infosys up by 1.05%, Bharti Airtel up by 0.08%, L&T up by 0.87% and HDFC Bank up by 0.81%.
On the flip side, Tata Motors was down by 1.49%, Sun Pharma was down by 1.35%, Coal India was down by 0.68%, Tata Power and Hindalco was down by 0.65% were the top losers on the Sensex.
Meanwhile, a week after flop 2G spectrum auction, Planning Commission Deputy Chairman Montek Singh Ahluwalia accepted that it was a mistake to fix such a high reserve price for the 2G spectrum auction, which kept leading telecom companies away from the bidding.
Ahluwalia, who was part of an empowered group of ministers (EGoM) that fixed Rs 14,000 crore as the base price, also has urged the government to relook at the reserve price for the upcoming auction of unsold spectrum during the current financial year. However, deputy commission underscored, that EGoM had lowered the reserve price from Rs 18,000 crore as pegged by the Telecom Regulatory Authority of India (TRAI) to Rs 14,000 crore, which by the end of it yet again turned out to be higher.
Sure that eventually the right price will be discovered, Ahluwalia said that "A healthy auction is key to price discovery," adding that since the Supreme Court has observed that an auction is not necessarily the only option, the Telecom Ministry could propose an alternative, which could be considered on merit.
In
a bid to prune fiscal deficit, government which was banking on raising
over Rs 40,000 crore from the 2G spectrum auction met with
disappointment. India's telecommunications-spectrum auction for the
1,800-megahertz frequency band, used for basic mobile-telephone services
under the global system for mobile communications technology, received a
subdued response from participants, as this garnered mere Rs 9,407
crore.
S&P CNX Nifty is currently trading at
5,620.70, up by 5.90 points or 0.11%, after touching a high and a low of
5,638.25 and 5,611.55 respectively. There were 27 stocks advancing
against 23 declines on the index. The major gainers of the Nifty were Axis Bank up by 2.00%, SBI up by 1.79%, Asian Paint up by 1.28%, PNB up by 1.13% and Ambuja Cement up by 1.08%. On the flip side, Ultratech Cement down by 1.68%, Sun Pharma down by 1.47%, Tata Motors down by 1.37%, Siemens down by 1.22% and IDFC down by 1.20%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng gained 0.67%, Jakarta Composite was up by 0.31%, Nikkei 225 surged by 1.56%, Straits Times gained 0.77%, Seoul Composite was up by 0.82% and Taiwan Weighted was higher by 0.24%.
On the other hand, Shanghai Composite was down by 0.87% and KLSE Composite declined by 0.17%.
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