FIRM START

Indian markets have made a firm start after consolidating in last two sessions, taking cues from the Asian peers. Though, the US markets closed lower and initially there was gloom in the Asian Pacific region on the lingering concern of US 'Fiscal Cliff' and weak Australian economic growth. However, the domestic markets have made a solid start on a politically crucial day as after a fierce debate in Lok Sabha on the UPA government's decision to allow foreign direct investment or FDI in multi-brand retail there is a vote scheduled in the Parliament today. Back on street, there is across the board buying being seen in the early trade, as along with the front liners, the broader markets too are in demand. Metal pack has taken the lead on the BSE, while the Realty index too was continuing its momentum up along with capital goods and consumer durables. Though there is some weakness on the IT and technology counters.
The BSE Sensex opened at 19,434.85; about 50 points higher compared to its previous closing of 19,348.12, and has touched a high and a low of 19,463.25 and 19,397.98 respectively. The index is currently trading at 19,434.85, up by 86.73 or 0.45%. There were 24 stocks advancing against 6 declines on the index.
The market breadth on the BSE was strongly in favour of advances; there were 1,313 shares on the gaining side against 504 shares on the losing side while 72 shares remain unchanged. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.69% and 0.78% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.54%, Realty up by 1.34%, Capital Goods up by 1.06%, Consumer Durables up by 0.87% and Bankex was up by 0.83%, while IT down by 0.67% and TECk down by 0.63% were the only losers on the BSE.

The top gainers on the Sensex were Sterlite Inds up by 2.62%, Tata Steel up by 2.32%, Hindalco up by 2.05%, Jindal Steel up by 1.38% and Tata Motors was up by 1.36%.

On the flip side, Bharti Airtel down by 1.22%, Infosys down by 1.21%, Tata Power down by 1.03%, Wipro down by 0.77% and TVS down by 0.09% were the top losers on the Sensex.
Meanwhile, in the pre-budget recommendations to the government, the industry body, Assocham President Rajkumar Dhoot has advised raising personal income tax exemption limit to Rs 3 lakh, reducing service tax and excise to 8% from 12% and increase in deduction of interest on housing loan to 5 lakh to revive consumer demand and to boost investment. The pre-budget memorandum for 2013-14 was jointly released by the chamber including President Dhoot, Chairman and Co-Chairman of taxes council Ved Jain and J.K. Mittal and chamber's Secretary-General D.S. Rawat.
Dhoot has also asked for reduction of corporate tax to 25% from 30%, besides demanding grant of infrastructure status to special economic zones and industrial parks. According to Assocham's pre-budget memorandum for 2013-14, the base exemption limit of resident individual below the age of 60 years should be raised to Rs 3 lakh, to incentivize people to come into the tax net, ensure higher collection from greater compliance and encourage consumption and savings.
Moreover, the chamber said the tax base for goods and services has already expanded to generate high revenue and the government can selectively increase customs duty rates to neutralise the effect of lower tax rate of excise duty and service tax. Besides, by increasing customs rates, the government can protect the domestic industry from unfair competition from countries like China.
The S&P CNX Nifty opened at 5,906.60; slightly higher from its previous closing of 5,889.25, and has touched a high and a low of 5,917.80 and 5,906.00 respectively. The index is currently trading at 5,910.50, up by 21.25 points or 0.36%. There were 39 stocks advancing against 11 declines on the index.
The top gainers of the Nifty were Sesa Goa up by 2.75%, Tata Steel up by 2.29%, Hindalco up by 2.18%, JP Associates up by 1.92% and HDFC Bank was up by 1.33%.
On the flip side, Infosys down by 1.78%, Bharti Airtel down by 1.46%, Tata Power down by1.03%, HCL Tech down by 0.96% and Wipro down by 0.89% were the top losers on the Nifty.

All the Asian markets were trading in green, Shanghai Composite was up by 3.01%, Hang Seng was up by 1.35%, Jakarta Composite gained 0.14%, KLSE Composite inched higher by 0.29%, Nikkei 225 was up by 0.48%, Seoul Composite was up by 0.72%, Straits Times was up by 0.42% and Taiwan Weighted gained 0.58%.