COMMODITIES CALL

SILVER	55467.17	---	54510.83
LONG	54658.43	TARGET	55185.29	ST.LOSS	54413.43
SHORT	54872.58	TARGET	54636.92	ST.LOSS	54982.17
GOLD	29872.1	---	29637.9
LONG	29713.01	TARGET	29816.65	ST.LOSS	29664.82
SHORT	29766.29	TARGET	29682.65	ST.LOSS	29805.18
CRUDE	5087.939	----	5026.061
LONG	5056.048	TARGET	5076.824	ST.LOSS	5046.388
SHORT	5070.232	TARGET	5041.456	ST.LOSS	5083.612
NICKEL	920.5545	----	912.6455
LONG	915.0564	TARGET	918.6383	ST.LOSS	913.3909
SHORT	916.8542	TARGET	914.1123	ST.LOSS	918.1291
COPPER	419.4717	----	413.6283
LONG	416.1735	TARGET	418.3221	ST.LOSS	415.1743
SHORT	417.5098	TARGET	414.9812	ST.LOSS	418.6857
N. GAS	218.1376		211.0624
LONG	214.2463	T	216.7814	ST.LOSS	213.0675
SHORT	215.8747		212.7396	ST.LOSS	217.3325
ALUM	104.322	------	102.678
LEAD	118.5198	-------	116.5802
ZINC	104.8	-----	103.7

COMMODITIES TODAY

SILVER	54939.52	---	54330.48
LONG	54508.17	TARGET	54789.18	ST.LOSS	54377.5
SHORT	54646.39	TARGET	54440.58	ST.LOSS	54742.1
GOLD	30037.01	---	29626.99
LONG	29695.62	TARGET	29918.02	ST.LOSS	29592.2
SHORT	29787.86	TARGET	29683.06	ST.LOSS	29836.6
CRUDE	5132.717	----	5045.283
LONG	5099.121	TARGET	5121.007	ST.LOSS	5088.943
SHORT	5119.403	TARGET	5071.117	ST.LOSS	5141.857
NICKEL	910.9205	----	900.8795
LONG	902.4961	TARGET	907.9843	ST.LOSS	899.9441
SHORT	904.7603	TARGET	902.2321	ST.LOSS	905.9359
COPPER	417.4292	----	412.5708
LONG	414.0036	TARGET	416.2353	ST.LOSS	412.9658
SHORT	415.1061	TARGET	413.4544	ST.LOSS	415.8742
N. GAS	219.8963		213.1037
LONG	213.9428	T	217.8213	ST.LOSS	212.1393
SHORT	215.4346		213.9161	ST.LOSS	216.1407
ALUM	104.8013	------	103.3987
LEAD	118.8756	-------	117.0244
ZINC	104.4028	-----	103.0972

COMMODITIES TODAY

SILVER	54545.96	---	54048.04
LONG	54245.74	TARGET	54441.32	ST.LOSS	54154.79
SHORT	54359.31	TARGET	54156.53	ST.LOSS	54453.61
GOLD	29602.86	---	29399.14
LONG	29502.86	TARGET	29568.01	ST.LOSS	29472.57
SHORT	29549.48	TARGET	29451.54	ST.LOSS	29595.03
CRUDE	5102.838	----	5009.162
LONG	5023.118	TARGET	5075.053	ST.LOSS	4998.968
SHORT	5044.06	TARGET	5021.325	ST.LOSS	5054.632
NICKEL	907.0908	----	888.9092
LONG	899.4828	TARGET	904.4392	ST.LOSS	897.1782
SHORT	903.701	TARGET	894.0646	ST.LOSS	908.1818
COPPER	418.6095	----	407.3905
LONG	414.6434	TARGET	417.2271	ST.LOSS	413.4419
SHORT	417.2817	TARGET	410.838	ST.LOSS	420.2781
N. GAS	213.5809		208.2191
LONG	211.198	T	212.7504	ST.LOSS	210.4762
SHORT	212.444		209.6916	ST.LOSS	213.7238
ALUM	104.0969	------	102.5031
LEAD	118.5147	-------	115.5853
ZINC	104.2728	-----	102.2272

COMMODITIES TODAY

SILVER	55183.41	---	54566.59
LONG	54814.15	TARGET	55054.71	ST.LOSS	54702.28
SHORT	54954.89	TARGET	54701.92	ST.LOSS	55072.52
GOLD	29532.55	---	29335.45
LONG	29403.27	TARGET	29487.49	ST.LOSS	29364.11
SHORT	29448.15	TARGET	29374.73	ST.LOSS	29482.29
CRUDE	5067.559	----	4988.441
LONG	5014.412	TARGET	5049.035	ST.LOSS	4998.312
SHORT	5032.378	TARGET	5003.755	ST.LOSS	5045.688
NICKEL	929.9886	----	916.4114
LONG	918.4524	TARGET	925.9678	ST.LOSS	914.9577
SHORT	921.5006	TARGET	918.1852	ST.LOSS	923.0423
COPPER	431.636	----	425.264
LONG	426.8247	TARGET	429.9591	ST.LOSS	425.3672
SHORT	428.264	TARGET	426.3096	ST.LOSS	429.1728
N. GAS	199.2443		195.7557
LONG	197.4979	T	198.6356	ST.LOSS	196.9689
SHORT	198.3003		196.6426	ST.LOSS	199.0711
ALUM	107.1068	------	105.4932
LEAD	121.8088	-------	119.7912
ZINC	108.3062	-----	106.3938

COMMODITIES TODAY

SILVER	55657.12	---	54302.88
LONG	54573.34	TARGET	55279.39	ST.LOSS	54245.02
SHORT	54875.81	TARGET	54502.57	ST.LOSS	55049.38
GOLD	29604.47	---	29295.53
LONG	29301.48	TARGET	29498.87	ST.LOSS	29209.69
SHORT	29370.73	TARGET	29321.74	ST.LOSS	29393.51
CRUDE	5032.14	----	4983.86
LONG	4984.776	TARGET	5015.632	ST.LOSS	4970.428
SHORT	4995.612	TARGET	4987.956	ST.LOSS	4999.172
NICKEL	914.9707	----	904.6293
LONG	906.3927	TARGET	911.981	ST.LOSS	903.7941
SHORT	908.7251	TARGET	906.0568	ST.LOSS	909.9659
COPPER	428.3761	----	424.2239
LONG	425.6892	TARGET	427.4396	ST.LOSS	424.8752
SHORT	426.6345	TARGET	425.0641	ST.LOSS	427.3648
N. GAS	200.1681		196.8319
LONG	196.8107	T	198.9979	ST.LOSS	195.7936
SHORT	197.5491		197.0819	ST.LOSS	197.7664
ALUM	106.2472	------	105.0528
LEAD	120.9484	-------	119.0516
ZINC	107.8718	-----	106.4282

DIRECTIONLESS

Buoyed by sanguine global cues, Indian benchmarks are trading slightly higher in the Monday's morning session with both the frontline gauges surpassing their crucial 5,950 (Nifty) and 19,700 (Sensex) levels. The US markets extended their gains on the final day of the week on getting better than expected jobs data, unemployment rate too declined, boosting the sentiments of the traders while, most of the Asian equity indices were trading higher in the Monday's morning trade. Meanwhile, Japanese Nikkei hit a fresh 4-1/2 year high as weaker yen fuelled gains in exporters. However, Chinese Shanghai Composite dipped as disappointing economic data fuelled concerns about China's economy.

Back home, gains remain capped as investors opted to stay sideways ahead of IIP data to be released tomorrow and the inflation numbers to be announced later in the week. Buying in aviation stocks too boosted the sentiments. Scrips like Spicejet, Jet Air India and Global Vectra edged higher after the Cabinet Committee on Security (CCS) on March 8, 2013, cleared Flexible Use of Airspace (FUA) by civil and military users. On the sectoral front, healthcare witnessed the maximum gains in trade followed by auto and oil and gas while, metal, capital goods and software remained the top losers on the BSE sectoral space. The broader indices were outperforming benchmarks while, the market breadth on the BSE was positive; there were 1,088 shares on the gaining side against 791 shares on the losing side while 119 shares remain unchanged.

The BSE Sensex opened at 19,679.88; about 3 points lower compared to its previous closing of 19,683.23, and has touched a high and a low of 19,581.95 and 19,477.61 respectively.

The index is currently trading at 19,710.14, up by 26.91 points or 0.14%. There were 16 stocks advancing against 14 declines on the index.

The overall market breadth has made a strong start with 55.28% stocks advancing against 39.84% declines. The broader indices were trading in-line with benchmarks; the BSE Mid cap and Small cap indices rose by 0.30% and 0.34% respectively. 

The top gaining sectoral indices on the BSE were, Health Care up by 0.62%, Auto up by 0.45%, Oil & Gas up by 0.38%, PSU up by 0.34% and Power up by 0.29% while, Metal down by 0.57%, Capital Goods down by 0.45% and IT down by 0.03% were the only losers on the sectoral index.

The top gainers on the Sensex were Sun Pharma up by 2.13%, Mahindra & Mahindra up by 1.96%, Coal India up by 1.61%, HDFC up by 1.17% and Maruti Suzuki up by 0.86%.

On the flip side, Sterlite Industries was down by 1.54%, Hindalco Industries was down by 1.43%, Jindal Steel was down by 1.21%, L&T was down by 1.13% and Tata Steel was down by 0.84% were the top losers on the Sensex.

Meanwhile, though surging current account deficit is a big problem for now, Planning Commission Montek Singh Ahluwalia believes that India has all the requirements to return to a GDP growth rate of 8-percent in the coming years. While addressing an event he said, 'India has averaged 7.5% growth in the last 10 years. It should have done that for 15 years but it is possible to bring it back to the average performance of the last decade. The target for 2013-14 is 6.5-7% and then accelerate further.

As per Ahluwalia, economic growth is important but that growth should be inclusive and sustainable. By adding further he said that in recent years, India has posted high economic growth, but it was not an inclusive growth and the latest data indicates that the pace of poverty reduction has increased. For the current fiscal, the economy is expected to grow by a little over 5 percent, but it is not a big disaster as the whole world is experiencing a slowing of growth, he added.

On the global scenario, Ahluwalia said, the current state of the economy is challenging, but the global financial system appears to be stabilizing. The focus of government policy is to attract the foreign investment and with the recovery of global economy, the country will re-assure foreign investors as India is a good bet for foreign investment. India has the human resources in place and an expanding private sector, the only problem is the current account deficit, which needs to be contained.

The CNX Nifty opened at 5,946.10; about flat as compared to its previous closing of 5,945.70, and has touched a high and a low of 5,961.80 and 5,946.05 respectively.

The index is currently trading at 5,954.00, up by 8.30 points or 0.14%. There were 27 stocks advancing against 23 declines on the index.

The top gainers of the Nifty were Siemens up by 2.36%, Sun Pharmaceuticals up by 2.15%, Ranbaxy up by 2.08%, M&M up by 1.80% and Coal India up by 1.38%.

On the flip side, JP Associate down by 1.54%, Hindalco down by 1.53%, Sesa Goa down by 1.41%, Jindal Steel & Power down by 1.38% and L&T down by 1.15%, were the major losers on the index.

Most of the Asian equity indices were trading in the green; Hang Seng rose 102.43 points or 0.44% to 23,194.38, Nikkei 225 strengthened 58.46 points or 0.48% to 12,342.08, Straits Times increased 3.93 points or 0.12% to 3,293.46, Taiwan Weighted added 32.14 points or 0.40% to 8,047.28 and Jakarta Composite was up by 1.90 points or 0.04% to 4,876.40.

On the flip side, Shanghai Composite slipped 5.57 points or 0.24% to 2,313.04, KLSE Composite dipped 1.67 points or 0.10% to 1,652.29 and KOSPI Composite was down by 4.84 points or 0.24% to 2,001.17.

MARKETS CONTINUE TO GAIN

Indian equity markets continued trading firm in the late morning session on Friday, amid increased foreign fund inflows. Key equity benchmarks continue to rise and are heading for its biggest weekly gain since the week ended December 1, 2012. The Sensex was up by 146 points, while NSE benchmark Nifty gained over 45 points. Meanwhile, markets were also boosted on expected capital inflows from a government-owned power company's share sale. In currency markets, rupee continued trading higher against greenback amid increasing dollar selling by some banks and exporters. On sectoral front, banking stocks were trading higher, on rate cut expectations from RBI later this month, while technology shares fell on profit-taking. On global front, most Asian markets were trading higher following another record-breaking close for Wall Street's Dow Jones index, while Tokyo rose for a seventh straight session due to weakening yen. Back home, the market breadth favoring positive trend; there were 1,500 shares on the gaining side against 851 shares on the losing side while 104 shares remain unchanged.

The BSE Sensex is currently trading at 19,560.26, up by 146.72 points or 0.76% after trading in a range of 19,581.95 and 19,477.61. There were 22 stocks advancing against 7 declines and one remains unchanged 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 0.72%.

The top gaining sectoral indices on the BSE were, Oil & Gas up by 1.50%, PSU up by 1.36%, FMCG up by 1.25%, Metal up by 1.19% and Power up by 1.14% while, IT down by 0.71% and Teck down by 0.42% were the top losers on the BSE.

The top gainers on the Sensex were Jindal Steel up by 2.99%, Hero MotoCorp up by 2.56%, HDFC up by 2.17%, Gail India up by 2.00% and Tata Steel up by 1.80%.

On the flip side, Infosys was down by 1.32%, Dr Reddys Lab was down by 1.17%, TCS was down by 0.76%, Tata Motors was down by 0.75% and Hindalco was down by 0.40% were the top losers on the Sensex.

Meanwhile, in the first nine months of current financial year, FDI inflows in India registered a sluggish growth to $13.92 billion, a decline of 39%, as against $23 billion in the same period a year ago and $14.93 billion in 2010-11. Sectors, which received foreign inflows, were services, Information and Broadcasting, metallurgical industries, chemicals and textiles.

Though, no separate data has been maintained on investment by the overseas Indians but as per the RBI, India received $22.45 billion in 2009-10 and $26.73 billion in 2008-09 from them.

Last year, with a view to increase FDI inflows, the government had liberalized the foreign direct investment policy and relaxed FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.

The CNX Nifty is currently trading at 5,909.10 up by 45.80 points or 0.78% after trading in a range of 5,914.15 and 5,883.00. There were 43 stocks advancing against 7 declines on the index.

The top gainers of the Nifty were BPCL up by 4.02%, Jindal Steel & Power up by 2.86%, Hero MotoCorp up by 2.44%, GAIL up by 2.23% and HDFC up by 2.23%.

On the flip side, Infosys down by 1.32%, Dr Reddy's Laboratories down by 1.03%, TCS down by 0.68%, Tata Motors down by 0.65% and DLF down by 0.48% were the major losers on the index.

Most Asian equity indices were trading in the green; Shanghai Composite up by 0.23%, Hang Seng surged 1.70%, Jakarta Composite strengthened 0.47%, KLSE Composite 0.06%, Nikkei 225 soared 2.64%, KOSPI Composite was up by 0.08% and Taiwan Weighted was up by 0.69%.

On the flip side, Straits Times slipped 0.20% was the only loser.

POSITIVE MOMENTUM

Owing to the positive momentum that persisted through the week Indian benchmarks gained about half a percent in the late morning session and also on hopes that the Reserve Bank of India may announce a rate cut in its policy review later this month. The positively trending Asian bourses added to the confidence of the traders. Sentiments got some support on hopes of growth recovery in US after the number of Americans who filed for unemployment benefits declined to a six-week low, showing further improvement in the labour market. On the global front, Asian markets too were trading in fine fettle at this point of time led by over two percent surge in Japanese market as revised fourth-quarter gross domestic product figures of the country showed the economy returned to growth.

Back home, the traders were seen piling up positions in Oil & Gas, PSU and Metal, while selling was seen in IT and Tech sector. In scrip specific actions, M&M gained after Nashik plant workers ended their strike. L&T jumped after the company signed an agreement with CMI Energy for extension of its licence territory to sell small heat recovery steam generators to South East Asia and the Middle East. Peninsula Land surged on report that the Aditya Birla Group's real estate fund is close to buying a 50% stake in the company's 30-acre township project in Pune for over Rs. 115 crore. Shares of Rashtriya Chemical Fertilisers soared as the company launched its one-day offer for sale (OFS) at Rs 45 per share. Utility vehicles maker M&M rose on reports that the hike in excise duty on SUVs will not apply to sub-Rs. 10 lakh vehicles.

Meanwhile, the NSE Nifty and BSE Sensex were trading just above their psychological 5900 and 19500 levels respectively. 

The market breadth on BSE was showing positive trend with advances to declines in ratio of 1407: 688.

The BSE Sensex is currently trading at 19561.68, up by 148.14 points or 0.76% after trading in a range of 19581.95 and 19477.61. There were 25 stocks advancing against 5 declines on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.75% and Small cap index was up by 0.83%.

The top gaining sectoral indices on the BSE were, Oil & Gas up by 1.67%, PSU up by 1.35%, Metal up by 1.28%, FMCG up by 1.07% and Consumer Durables up by 1.04%.while, IT down by 0.71% and Tech down by 0.41%were the losers on the BSE.

The top gainers on the Sensex were Jindal Steel up by 3.35%, Hero MotoCorp up by 2.26%, HDFC up by 2.09%, Tata Steel up by 2.07% and Gail India up by 2.02%.

On the flip side, Infosys was down by 1.25%, Dr Reddys Lab was down by 0.88%, Tata Motors was down by 0.82% , TCS was down by 0.78% and Bajaj Auto was down by 0.20% were the top losers on the Sensex.

Meanwhile, the Government said that it will reduce outgo on subsides from 2.6 percent of GDP in 2011-12 to 1.5 percent by the end of 12th Five Year Plan (2012-17) through various reforms. The Government has also said that pre-determined limits would be set for subsidies. The expenditures on subsidies during the 11th Plan (2007-12) increased by 207 percent from around Rs 70,926 crore to Rs 2,17,941 crore in 2011-12.

Government feels that the high outgo on subsidies hurts the inclusive growth and it should be contained within pre-determined limits. With this move, the government will also achieve its fiscal deficit targets. The Finance Ministry has pegged the overall fiscal deficit in 2013-14 at 4.8 percent lower than the estimated 5.2 percent of GDP in current financial year.

Further, the government has said that reducing subsidies will not hurt the poor as some subsidies under the proposed Food Security Act will be pre-determined and others such as on fertilisers can be redesigned to serve their purpose at less cost. Subsidies on petroleum products which are untargeted and do not benefit the poor would need to be reduced. The government has made a provision of Rs 2, 31,084 crore on account of subsidy outgo in the Budget for 2013-14.  

The CNX Nifty is currently trading at 5,908.35 up by 45.05 points or 0.77% after trading in a range of 5,914.15 and 5,883.00. There were 43 stocks advancing against 7 declines on the index. The top gainers of the Nifty were BPCL up by 3.78%, Jindal Steel & Power up by 3.31%, GAIL up by 2.44%, Hero MotoCorp up by 2.41%, and HDFC up by 2.16%.

On the flip side, Infosys down by 1.22%, Dr Reddy's Laboratories down by 0.77%, TCS down by 0.56%, DLF down by 0.43%, Bajaj-Auto down by 0.27% and were the major losers on the index.

All Asian equity indices were trading in the green; Hang Seng surged 400.70 points or 1.76% to 23,172.14, Jakarta Composite strengthened 23.02 points or 0.47% to 4,871.32, KLSE Composite rose 0.93 points or 0.06% to 1,65186, Nikkei 225 soared 288.17 points or 2.40% to 12,255.87 and Taiwan Weighted was up by 48.98 points or 0.62% to 8,009.49.

On the flip side, Shanghai Composite declined 4.29 points or 0.18% to 2,320.00, Straits Times slipped 3.57 points or 0.11% to 3,292.76 and KOSPI Composite was down by 2.36 points or 0.12% to 2,002.04.

COMMODITIES TODAY

USDINR	5476.697	-----	5436.303
SILVER	54977.13	---	54370.87
LONG	54755.4	TARGET	54899.85	ST.LOSS	54688.23
SHORT	54895.3	TARGET	54553.65	ST.LOSS	55054.17
GOLD	29565.95	---	29236.05
LONG	28824.27	TARGET	29307.45	ST.LOSS	28599.59
SHORT	28893.41	TARGET	29116.62	ST.LOSS	28789.61
CRUDE	5016.586	----	4953.414
LONG	4969.562	TARGET	5000.196	ST.LOSS	4955.317
SHORT	4983.86	TARGET	4964.026	ST.LOSS	4993.083
NICKEL	913.3515	----	905.4485
LONG	908.2851	TARGET	911.5857	ST.LOSS	906.7503
SHORT	910.0851	TARGET	907.0645	ST.LOSS	911.4897
COPPER	429.1274	----	425.8726
LONG	426.7467	TARGET	428.2976	ST.LOSS	426.0255
SHORT	427.4858	TARGET	426.4349	ST.LOSS	427.9745
N. GAS	199.6507		192.5493
LONG	193.6024	T	197.5426	ST.LOSS	191.7701
SHORT	195.1592		193.459	ST.LOSS	195.9499
ALUM	107.4782	------	106.0218
LEAD	121.7061	-------	119.5939
ZINC	108.7	-----	107.3

NORTHWARD JOURNEY CONTINUES

Northward journey continued for fourth consecutive session on Friday with both the key domestic indices re-conquering their crucial 5,900 (Nifty) and 19,550 (Sensex) levels. Sentiments remained jubilant tailing firm close in US markets overnight on getting an upbeat weekly jobless claims report and ahead of the widely-watched monthly government jobs data.  Meanwhile, jobless claims, declining for the second straight week, fell 7,000 to a seasonally adjusted 340,000. Asian markets too were trading in fine fettle at this point of time led by over two percent surge in Japanese market as revised fourth-quarter gross domestic product figures of the country showed the economy returned to growth.

Back home, sentiments got buttressed after Moody's Analytics, an arm of the global ratings agency Moody's forecasted that India's economic growth in 2013 will be 6.2% from 5.1% in 2012. It said that the worst may be over for the Indian economy with the December quarter likely the bottom of the economic cycle. Banking sector continued to remain on buyers' radar on hopes that the Reserve Bank of India may announce a rate cut in its policy review later this month.

On the sectoral front, oil and gas witnessed the maximum gain in trade followed by public sector undertaking and consumer durables while, software and technology remained the only losers on the BSE sectoral space. The broader indices too were going neck-to-neck with benchmarks while, the market breadth on the BSE was positive; there were 1,339 shares on the gaining side against 590 shares on the losing side while 69 shares remain unchanged.

The BSE Sensex opened at 19,478.67; about 65 points higher compared to its previous closing of 19,413.54, and has touched a high and a low of 19,581.95 and 19,477.61 respectively.

The index is currently trading at 19,558.94, up by 145.40 points or 0.75%. There were 26 stocks advancing against 4 declines on the index.

The overall market breadth has made a strong start with 66.74% stocks advancing against 29.67% declines. The broader indices were trading in-line with benchmarks; the BSE Mid cap and Small cap indices rose by 0.72% and 0.90% respectively. 

The top gaining sectoral indices on the BSE were, Oil & Gas up by 1.41%, PSU up by 1.17%, Consumer Durables up by 0.98%, FMCG up by 0.96% and Bankex up by 0.89% while, IT down by 0.34% and Teck down by 0.13% were the only losers on the sectoral index.

The top gainers on the Sensex were Hero MotoCorp up by 2.40%, ONGC up by 2.23%, Jindal Steel up by 2.23%, HDFC up by 2.19% and Gail India up by 1.90%.

On the flip side, Infosys was down by 0.99%, Dr Reddys Lab was down by 0.84%, Tata Motors was down by 0.31% and TCS was down by 0.31% were the top losers on the Sensex.

Meanwhile, the government is expected to get around Rs 23,000 crore by levying one-time spectrum fee on existing operators for holding radiowaves beyond a prescribed limit. The government had issued notices to telecom companies including Bharti Airtel, Vodafone and BSNL, MTNL and Idea Cellular for the excess spectrum they hold beyond the prescribed limit. The operators were given the option to give up spectrum beyond 4.4 MHz if they did not wish to pay the charges.

State-owned BSNL will have to pay around Rs 6,912 crore, Bharti Airtel - Rs 5,201 crore, Vodafone - Rs 3,599 crore, MTNL - Rs 3,205 crore and Idea Cellular - Rs 1,882 crore. To be more precise, the government is likely to get Rs 4,251.83 crore from retrospective charges, Rs 18,925.82 crore from prospective charges. In all Rs 23,177.65 crore is expected from levy of one-time spectrum fee.

Earlier, for pan-India operations, telecom firms were given 4.4 MHz spectrum with license for Rs 1,658 crore and later were permitted to get another 1.8 MHz on fulfillment of certain subscriber-base criteria. However, in November, the government decided that the telecom operators will have to pay charges for holding spectrum above 6.2 MHz retrospectively, for the period of July 2008 to January 1, 2013. For spectrum above 4.4 MHz, they would have to pay for the remaining period of their licences starting January 1, 2013.

There is no respite for the telecom operators, being under the anvil from time and again. However given the option to forfeit the spectrum beyond 4.4 MHz if they did not wish to pay the charges, the operators have reluctantly agreed to pay.

The CNX Nifty opened at 5,883.65; about 20 points higher as compared to its previous closing of 5,863.30, and has touched a high and a low of 5,914.15 and 5,883.00 respectively.

The index is currently trading at 5,909.30, up by 46.00 points or 0.78%. There were 44 stocks advancing against 6 declines on the index.

The top gainers of the Nifty were BPCL up by 2.98%, Hero MotoCorp up by 2.35%, Jindal Steel & Power up by 2.27%, ONGC up by 2.26% and HDFC up by 2.22%.

On the flip side, DLF down by 0.98%, Infosys down by 0.94%, Dr Reddy's Laboratories down by 0.77%, Tata Motors down by 0.23% and TCS down by 0.22%, were the major losers on the index.

All Asian equity indices were trading in the green; Hang Seng surged 262.61 points or 1.15% to 23,034.05, Jakarta Composite strengthened 31.13 points or 0.64% to 4,879.43, KLSE Composite rose 1.61 points or 0.10% to 1,652.54, Nikkei 225 soared 253.46 points or 2.12% to 12,221.54 and Taiwan Weighted was up by 55.55 points or 0.70% to 8,016.06.

On the flip side, Shanghai Composite declined 4.29 points or 0.18% to 2,320.00, Straits Times slipped 5.92 points or 0.18% to 3,292.62 and KOSPI Composite was down by 2.87 points or 0.14% to 2,001.53.

MARKETS FIRM UP

Indian equity markets added gains to continue firm trade above neutral line in the late afternoon session on account of buying in front line counters and taking cues from European counterparts. The sentiments turned optimistic after Moody's Analytics stated that the worst is over for India. Conceding that 2012 was a tough year for India, it has forecast that economic growth will bounce back to around 7% from 2014. The sentiments got further push after Deputy Chairman of the Planning Commission Montek Singh Ahluwalia stated that the country has all the requirements to return to a GDP growth rate of 8% in the coming years while simultaneously highlighted that the current account deficit is a big problem right now. The investors have now started eyeing key inflation and industrial output data scheduled next week that will be crucial ahead of the RBI's policy review on March 19 which will provide further direction to the market. Also, any additional government fiscal measures too will boost the sentiments of the market-participants at D-street. Traders were seen piling some position in IT, Capital Goods and TECk sector while selling was witnessed in Metal, Consumer Durables and Oil & Gas sector.

On the global front, the Asian markets were trading on a mixed note while the European markets were trading on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 5,800 and 19,200 levels respectively. The market breadth on BSE was negative in the ratio of 1259:1407 while 119 scrips remain unchanged.

The BSE Sensex is currently trading at 19,276.61, up by 24.00 points or 0.12% after trading in a range of 19,283.64 and 19,212.92. There were 11 stocks advancing against 19 declines on the index.

The broader indices continued to hang in green albeit with marginal gains; the BSE Mid cap and Small cap indices were trading up by 0.12% and 0.39% respectively.

The top gaining sectoral indices on the BSE were, IT up by 1.29%, Capital Goods up by 1.28%, Teck up by 1.01%, Realty up by 0.91% and Health Care up by 0.46% while, Metal down by 0.87%, Consumer Durable down by 0.75%, Oil & Gas down by 0.72%, PSU down by 0.48% and FMCG down by 0.25% were the top losers on the BSE.

The top gainers on the Sensex were Hero MotoCorp up by 3.69%, BHEL up by 1.90%, Wipro up by 1.90%, TCS up by 1.67% and Sun Pharma up by 1.62%.

On the flip side, Jindal Steel down by 2.83%, Hindustan Unilever was down by 1.74%, Tata Motors down by 1.49%, Tata Steel down by 1.15% and Coal India was down by 1.06% were the top losers on the Sensex.

Meanwhile, the government has proposed an increase of over 124 per cent in Gross Budgetary Support (GBS) to Rs 35.68 lakh crore for Central Plan in the 12th plan period (2012-17) as compared to the 11th five year plan.  For the Central Sector and Centrally Sponsored Schemes in the 12th Plan, an increase of 132.12 per cent is projected to Rs 27.11 lakh crore, versus realization of Rs 11.68 lakh crore in the 11th Plan. Central Assistance to State Plan is projected to increase by 103.53 per cent at Rs 8.57 lakh crore, over realization of Rs 4.21 lakh crore in the previous Plan.

While, the National Development Council (NDC) approving the draft 12th Plan, which aims at achieving 8 per cent average growth rate during 2012-17. The Plan aims to generate 50 million non-farm work opportunities and will give priorities to high employment generating labour-intensive industries like food processing, textile, leather goods, gems and jewellery. 

The 12 Plan also emphasizes on creation of appropriate skill sets among the rural migrant and urban poor to make growth inclusive and will also provide nurturing, protective and safe environment for women to facilitate their entry into public spaces.

The CNX Nifty is currently trading at 5,819.80, up by 1.20 points or 0.02% after trading in a range of 5,824.15 and 5,801.30. There were 22 stocks advancing against 28 declines on the index.

The top gainers of the Nifty were Hero MotoCorp up by 3.85%, DLF up by 2.44%, BHEL up by 2.00%, L&T up by 1.91% and Wipro up by 1.73%.

On the flip side, Jindal Steel & Power down by 2.83%, HUL down by 1.73%, IDFC down by 1.65%, Tata Motors down by 1.58% and Reliance Infra down by 1.50% were the major losers on the index.

Most Asian equity indices were trading mixed; Jakarta Composite jumped 0.07%, Taiwan Weighted was up by 0.13%, Nikkei 225 added 0.30% and Straits Times was up by 0.06%

On the flip side, Shanghai Composite declined 0.98%, KLSE Composite slipped 0.11%, Hang Seng decreased 0.03%, and KOSPI Composite declined 0.81%.  

The European markets were trading in green; France's CAC 40 added 0.54%, Germany's DAX ascended 0.09% and United Kingdom's FTSE 100 jumped by 0.14%.

TIGHT BAND

Indian equity markets are trading marginally lower in the late morning session on Thursday, amid alternate bouts of buying and selling. Moving in a tight range, BSE benchmark - Sensex fell by almost 20 points, while NSE benchmark Nifty down by 6.85 points, as investors booked profits after two sessions of gains. Meanwhile, investors were awaiting for some measure trigger like rate-cut in the next monetary policy, in order to warrant any strong buying. In currency markets, rupee recovered marginally against greenback on dollar selling by some banks. On sectoral front, metal stocks were mostly trading down snapping early sessions rally. Oil, FMCG and automobile stocks were also quite subdued amid lackluster trades. Select information technology, capital goods, realty, power and healthcare stocks were trading in positive territory with smart gains. On the global front, most Asian markets were trading down as investors focused on meetings of the central banks in Britain and the euro zone for signs of more policy stimulus. Back home, the market breadth favoring positive trend; there were 1,183 shares on the gaining side against 1,170 shares on the losing side while 113 shares remain unchanged.

The BSE Sensex is currently trading at 19,232.00, down by 20.61 points or 0.11% after trading in a range of 19,275.61 and 19,212.92. There were 11 stocks advancing against 19 declines on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.03% and Small cap index was up by 0.19%.

The top gaining sectoral indices on the BSE were, IT up by 1.38%, Teck up by 1.03%, Capital Goods up by 0.64%, Realty up by 0.50% and Healthcare up by 0.34% while, Metal down by 1.49%, Oil & Gas down by 0.73%, Auto down by 0.51%, PSU down by 0.38% and FMCG down by 0.25% were the top losers on the BSE.

The top gainers on the Sensex were Hero MotoCorp up by 3.13%, Sun Pharma up by 1.92%, Wipro up by 1.72%, TCS up by 1.55% and BHEL up by 1.45%.

On the flip side, Jindal Steel was down by 2.80%, Hindalco Industries was down by 2.31%, Tata Steel was down by 2.01%, Tata Motors was down by 1.86% and  Sterlite Industries was down by 1.36% were the top losers on the Sensex.

Meanwhile, the government is expected to get around Rs 23,000 crore by levying one-time spectrum fee on existing operators for holding radiowaves beyond a prescribed limit. The government had issued notices to telecom companies including Bharti Airtel, Vodafone and BSNL, MTNL and Idea Cellular for the excess spectrum they hold beyond the prescribed limit. The operators were given the option to give up spectrum beyond 4.4 MHz if they did not wish to pay the charges.

State-owned BSNL will have to pay around Rs 6,912 crore, Bharti Airtel - Rs 5,201 crore, Vodafone - Rs 3,599 crore, MTNL - Rs 3,205 crore and Idea Cellular - Rs 1,882 crore. To be more precise, the government is likely to get Rs 4,251.83 crore from retrospective charges, Rs 18,925.82 crore from prospective charges. In all Rs 23,177.65 crore is expected from levy of one-time spectrum fee.

Earlier, for pan-India operations, telecom firms were given 4.4 MHz spectrum with license for Rs 1,658 crore and later were permitted to get another 1.8 MHz on fulfillment of certain subscriber-base criteria. However, in November, the government decided that the telecom operators will have to pay charges for holding spectrum above 6.2 MHz retrospectively, for the period of July 2008 to January 1, 2013. For spectrum above 4.4 MHz, they would have to pay for the remaining period of their licences starting January 1, 2013.

There is no respite for the telecom operators, being under the anvil from time and again. However given the option to forfeit the spectrum beyond 4.4 MHz if they did not wish to pay the charges, the operators have reluctantly agreed to pay.

The CNX Nifty is currently trading at 5,811.75 down by 6.85 points or 0.12% after trading in a range of 5,820.55 and 5,801.30. There were 16 stocks advancing against 34 declines on the index.

The top gainers of the Nifty were Hero MotoCorp up by 3.20%, Sun Pharma up by 1.93%, Wipro up by 1.69%, DLF up by 1.63% and BHEL up by 1.58%.

On the flip side, Jindal Steel & Power down by 2.79%, Hindalco down by 2.36%, Tata Steel down by 1.98%, Cairn down by 1.94% and Sesa Goa down by 1.88% were the major losers on the index.

Most Asian equity indices were trading in red; Jakarta Composite jumped 0.12%, Nikkei 225 added 0.17% and Taiwan Weighted was up by 0.13%.

On the flip side, Shanghai Composite declined 1.46%, KLSE Composite slipped 0.07%, Hang Seng decreased 0.21%, Straits Times declined 0.12% and KOSPI Composite was down by 0.87%.

COMMODITIES TODAY

USDINR	5487.235	-----	5456.765
SILVER	55700.81	---	54699.19
LONG	54964.74	TARGET	55444.26	ST.LOSS	54741.76
SHORT	55190.89	TARGET	54870.57	ST.LOSS	55339.84
GOLD	29796.95	---	29523.05
LONG	29569.8	TARGET	29717.78	ST.LOSS	29500.99
SHORT	29631.7	TARGET	29560.92	ST.LOSS	29664.61
CRUDE	4987.822	----	4904.178
LONG	4949.249	TARGET	4974.378	ST.LOSS	4937.564
SHORT	4968.539	TARGET	4926.61	ST.LOSS	4988.036
NICKEL	916.9449	----	908.0551
LONG	912.1281	TARGET	915.2661	ST.LOSS	910.669
SHORT	914.1613	TARGET	910.1833	ST.LOSS	916.011
COPPER	429.6458	----	425.4542
LONG	427.5915	TARGET	428.9298	ST.LOSS	426.9692
SHORT	428.5523	TARGET	426.534	ST.LOSS	429.4908
N. GAS	194.4598		188.5402
LONG	192.3969	T	193.7408	ST.LOSS	191.772
SHORT	193.7959		190.372	ST.LOSS	195.388
ALUM	107.1993	------	105.7007
LEAD	120.7118	-------	118.4882
ZINC	109.3185	-----	107.0815