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%.