The domestic markets are firmly holding their gains in the mid morning session, the good going is getting all-round support with IT and technology stocks leading the pack. The global cues remain sanguine for the local markets as other Asian markets have strengthened further, however the fund buying has provided the maximum fillip to the local markets and the BSE Sensex is comfortably trading above the 18500 mark while the NSE Nifty has scaled past 5550 mark. The inflation numbers again returning to the double digit has hardly made any impact on the rate sensitives and they are moving higher for the second consecutive day. The PSU oil marketing companies too are not looking in a mood to give up despite the continuous rise in international crude prices and the governments not in mood to go for a price hike nod. The good part of the day's rally is that the broader indices too have participated equally. Sectorally, IT and Tech have gained over two percent till now, National Association of Software and Services Companies (Nasscom) President Som Mittal has said that the information technology industry is likely to register an overall growth of 16-18 per cent in the next financial year, while the industry is set to register an 18.7 per cent growth in the current fiscal in spite of concerns over the European markets.
The BSE Sensex is currently trading at 18,535.89, up by 185.15 points or 1.01%. The index has touched high of 18,548.57 and a low of 18,480.69 respectively. There were 28 stocks advancing against just 2 declining ones on the index.
The broader indices too are performing well in the trade; the BSE Mid cap and Small cap indices gained 0.81% and 0.92% respectively.
The top gaining sectoral indices on the BSE were, IT up by 2.36%, TECk up by 2.01%, Capital Goods (CG) up by 1.46 %, Consumer Durable (CD) up by 0.92% and Realty was up by 0.87%. While there were no losers on the index.
The top gainers on the Sensex were Infosys up by 2.57%, Reliance Infra up by 2.25%, L&T up by 2.16%, DLF up by 2.03% and Wipro was up by 2.02%, while, Cipla down by 0.29% was the lone loser on the index.
Meanwhile, Deputy Governor of the Reserve Bank of India (RBI) said on Thursday that the sudden reversal in non-food manufacturing inflation in the month of February was a key concern for the Indian central bank which so far has only been worried about the elevated levels of food and primary goods' inflation.
In an interview given to a business news channel, Gokarn said that the RBI has been trying to do a balancing act between growth and inflation and has so far been successful in not disrupting growth prospects while tightening the monetary stance. However, he added that there is a need to be watchful the emerging inflationary trends, particularly the unexpected jump in manufacturing inflation is quite concerning.
In the month of February, WPI inflation in the primary articles declined from 17.28% to 14.79% while the same in the food commodities also came down from nearly 15% to about 10%. However, in case of manufacturing commodities, inflation went up from 3.75% to 4.94%. This indicates that while improved supply of food and other primary commodities in wake of a strong Kharif harvest has eased prices, the strong domestic demand scenario in case of manufactured products is causing supply bottlenecks.
Further, manufacturing inflation sans manufactured food items, generally called as core inflation, showed even sharper increase in February. The core inflation increased from around 4% to 6%, clearly indicating that capacities were coming under pressure. What is worse is that as the central bank continues to tighten its monetary policy to fight inflation, it will have a dampening impact on investment and capital formation. This will in turn slow down the adjustment in capacities to surging demand and thereby growth in the economy.
The S&P CNX Nifty is currently trading at 5,576.15, higher by 53.75 points or 0.97%. The index has touched a high of 5,588.70 and a low of 5,560.95 respectively. There were 42stocks advancing against 8 declines on the index.
The top gainers of the Nifty were HCL Tech up by 3.27%, Infosys up by 2.75%, Wipro up by 2.17%, L&T up by 2.08% and DLF up by 1.99%.
GAIL down by 0.95%, Ranbaxy down 0.87%, BPCL down 0.48%, Cairn India down 0.37% and Cipla down by 0.33%, were the major losers on the index.
All the Asian equity indices were trading in the green; Shanghai Composite was up by 1.07%, Hang Seng was up by 0.93%, Jakarta Composite up by 0.01%, KLSE Composite up by 0.20%, Nikkei 225 was up by 0.85%, Straits Times was up by 0.75%, Seoul Composite was up by 0.80% and Taiwan Weighted was up by 0.51%.
The BSE Sensex is currently trading at 18,535.89, up by 185.15 points or 1.01%. The index has touched high of 18,548.57 and a low of 18,480.69 respectively. There were 28 stocks advancing against just 2 declining ones on the index.
The broader indices too are performing well in the trade; the BSE Mid cap and Small cap indices gained 0.81% and 0.92% respectively.
The top gaining sectoral indices on the BSE were, IT up by 2.36%, TECk up by 2.01%, Capital Goods (CG) up by 1.46 %, Consumer Durable (CD) up by 0.92% and Realty was up by 0.87%. While there were no losers on the index.
The top gainers on the Sensex were Infosys up by 2.57%, Reliance Infra up by 2.25%, L&T up by 2.16%, DLF up by 2.03% and Wipro was up by 2.02%, while, Cipla down by 0.29% was the lone loser on the index.
Meanwhile, Deputy Governor of the Reserve Bank of India (RBI) said on Thursday that the sudden reversal in non-food manufacturing inflation in the month of February was a key concern for the Indian central bank which so far has only been worried about the elevated levels of food and primary goods' inflation.
In an interview given to a business news channel, Gokarn said that the RBI has been trying to do a balancing act between growth and inflation and has so far been successful in not disrupting growth prospects while tightening the monetary stance. However, he added that there is a need to be watchful the emerging inflationary trends, particularly the unexpected jump in manufacturing inflation is quite concerning.
In the month of February, WPI inflation in the primary articles declined from 17.28% to 14.79% while the same in the food commodities also came down from nearly 15% to about 10%. However, in case of manufacturing commodities, inflation went up from 3.75% to 4.94%. This indicates that while improved supply of food and other primary commodities in wake of a strong Kharif harvest has eased prices, the strong domestic demand scenario in case of manufactured products is causing supply bottlenecks.
Further, manufacturing inflation sans manufactured food items, generally called as core inflation, showed even sharper increase in February. The core inflation increased from around 4% to 6%, clearly indicating that capacities were coming under pressure. What is worse is that as the central bank continues to tighten its monetary policy to fight inflation, it will have a dampening impact on investment and capital formation. This will in turn slow down the adjustment in capacities to surging demand and thereby growth in the economy.
The S&P CNX Nifty is currently trading at 5,576.15, higher by 53.75 points or 0.97%. The index has touched a high of 5,588.70 and a low of 5,560.95 respectively. There were 42stocks advancing against 8 declines on the index.
The top gainers of the Nifty were HCL Tech up by 3.27%, Infosys up by 2.75%, Wipro up by 2.17%, L&T up by 2.08% and DLF up by 1.99%.
GAIL down by 0.95%, Ranbaxy down 0.87%, BPCL down 0.48%, Cairn India down 0.37% and Cipla down by 0.33%, were the major losers on the index.
All the Asian equity indices were trading in the green; Shanghai Composite was up by 1.07%, Hang Seng was up by 0.93%, Jakarta Composite up by 0.01%, KLSE Composite up by 0.20%, Nikkei 225 was up by 0.85%, Straits Times was up by 0.75%, Seoul Composite was up by 0.80% and Taiwan Weighted was up by 0.51%.
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