Local equities after extending rally on Thursday ahead of the long weekend are now trading range bound. Though, the buying by funds and retail investors spurred by a normal monsoon forecast and firm Asian bourses is helping the local bourses captivate their forts but the mood has turned slightly cautious ahead of the Q4 result of the key index heavyweight--Reliance Industries (RIL) and Tata Consultancy, to be announced later in the day. Barring Infosys, results so far from the Indian companies have been largely in line with estimates with HCL Technologies beating market expectations. In the global action, markets across Asia have advanced, tracking a solid rally on Wall Street. Meanwhile, Crude oil has risen for a third straight day amid increasing signs that the global economy is doing well. Back home, bulls have controlled the entire BSE sectoral front, however, stocks from Metal, Banking and Information Technology are doing their best to keep up the market spirits high. The benchmark 50 scrip index, Nifty is at sniffing distance of 5900 mark, while the 30 share barometer index, Sensex too trades comfortably above the 19500 mark. The broader indices are also contributing to the session gains are trading up by 0.50% each. The overall market breadth on BSE was in the favour of advances which have outnumbered declines in the ratio of 1502:587 shares, while, 95 shares remained unchanged.
The BSE Sensex is currently trading at 19,593.93, up by 122.95 points or 0.63%. The index has touched a high and a low of 19,635.49 and 19,561.51 respectively. There were 24 stocks advancing against 6 declines on the index.
The broader indices too were trading in the green; the BSE Mid cap and Small cap indices gained 0.51% and 0.55% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.21%, Bankex up by 0.59%, IT up by 0.57%, CG up by 0.47% and Realty up by 0.45%, while there were no losers on the index.
The top gainers on the Sensex were Hero Honda up by 2.51%, Sterlite Industries up by 2.47%, HDFC up by 2.17%, Jindal Steel up by 1.77% and HDFC Bank was up by 1.62%.
On the flip side, Bharti Airtel down by 1.77%, Bajaj Auto down by 0.78%, M&M down by 0.64%, Tata Motors down by 0.55% and NTPC down by 0.27% were the top losers on the index.
Meanwhile, rubber production in the country increased by over 7% in the month of March, ending the positive fiscal on a strong note even as the prices of the commodity continue to hover around the record highs seen in recent months. Rubber has remained in a bullish zone for several months as global demand-supply equation remains tight.
According to the data compiled by the Rubber Board of India, total natural rubber production in March 2010 stood at 54,400 tonne. On a financial year basis, total production in the April-March 2011 period stood at 2,77,095 tonne as against 2,11,290 tonne in the previous fiscal, thus recording a growth of over 3%. The increase came mainly in the second half of the financial year as farmers increased tapping in response to strong prices.
Domestic consumption on the other hand has increased by little over 2% compared with last financial year to 9,49,205 tonne. This has come as a surprise during the last year, production of the automotive tyres increased by 23% while exports increased by 20%. Since tyre industry consumers nearly half the rubber produced in the country, total consumption growth should have been higher. However, it is possible that other rubber consuming industries cut down on consumption given the high prices.
According to the rubber Board, stock situation is also comfortable and there was no need to worry by the tyre industry. Board's data suggests that opening stock of rubber in 2011-12 stood at 2,77,095 tonne compared with a corresponding figure of 2,11,290 tonnes at the start of last financial year. In this wake, even though prices may remain high, supply should not be a major issue, the Rubber Board said.
Analysts expect that while some correction in near term was possible from highly elevated levels, overall, the prices of natural rubber may continue to remain strong through most of the 2011. This is because global supplies are unlikely to show substantial increase as aging problem of rubber trees has intensified in many producing countries. Only when new trees come under tapping by next year, a structural change in supply curve is possible. Till then, increase in supply will only come from intensified tapping of existing trees, which may be sufficient to dent prices much.
The S&P CNX Nifty opened at 5,882.85; about 31 points higher compared to its previous closing of 5,851.65, and has touched a high and a low of 5,894.05 and 5,870.25 respectively.
The index is currently trading at 5,879.70, up by 28.05 points or 0.48% and has touched a high and low of 5,894.05 and 5,870.25 respectively. There were 32 stocks advancing against 18 declines on the index.
The top gainers of the Nifty were Hero Honda up by 2.55%, Sterlite Industries up by 2.12%, HDFC up by 1.96%, HDFC Bank up by 1.78% and Jindal Steel up by 1.77%.
Siemens down by 1.46%, BPCL down by 1.15%, Bharti Airtel down by 1.10%, Kotak Bank down by 1.04% and Gail India down by 0.84%, were the top losers on the index.
Asian markets were trading mostly in the green; Shanghai Composite gained 0.69%, Hang Seng rose 0.85%, Nikkei 225 surged 1.08%, Straits Times jumped 0.97%, Seoul Composite zoomed 1.26%and Taiwan Weighted was trading higher by 1.75%.
On the flip side, Jakarta Composite declined 0.09% and KLSE Composite dropped 0.06%.
The BSE Sensex is currently trading at 19,593.93, up by 122.95 points or 0.63%. The index has touched a high and a low of 19,635.49 and 19,561.51 respectively. There were 24 stocks advancing against 6 declines on the index.
The broader indices too were trading in the green; the BSE Mid cap and Small cap indices gained 0.51% and 0.55% respectively.
The top gaining sectoral indices on the BSE were, Metal up by 1.21%, Bankex up by 0.59%, IT up by 0.57%, CG up by 0.47% and Realty up by 0.45%, while there were no losers on the index.
The top gainers on the Sensex were Hero Honda up by 2.51%, Sterlite Industries up by 2.47%, HDFC up by 2.17%, Jindal Steel up by 1.77% and HDFC Bank was up by 1.62%.
On the flip side, Bharti Airtel down by 1.77%, Bajaj Auto down by 0.78%, M&M down by 0.64%, Tata Motors down by 0.55% and NTPC down by 0.27% were the top losers on the index.
Meanwhile, rubber production in the country increased by over 7% in the month of March, ending the positive fiscal on a strong note even as the prices of the commodity continue to hover around the record highs seen in recent months. Rubber has remained in a bullish zone for several months as global demand-supply equation remains tight.
According to the data compiled by the Rubber Board of India, total natural rubber production in March 2010 stood at 54,400 tonne. On a financial year basis, total production in the April-March 2011 period stood at 2,77,095 tonne as against 2,11,290 tonne in the previous fiscal, thus recording a growth of over 3%. The increase came mainly in the second half of the financial year as farmers increased tapping in response to strong prices.
Domestic consumption on the other hand has increased by little over 2% compared with last financial year to 9,49,205 tonne. This has come as a surprise during the last year, production of the automotive tyres increased by 23% while exports increased by 20%. Since tyre industry consumers nearly half the rubber produced in the country, total consumption growth should have been higher. However, it is possible that other rubber consuming industries cut down on consumption given the high prices.
According to the rubber Board, stock situation is also comfortable and there was no need to worry by the tyre industry. Board's data suggests that opening stock of rubber in 2011-12 stood at 2,77,095 tonne compared with a corresponding figure of 2,11,290 tonnes at the start of last financial year. In this wake, even though prices may remain high, supply should not be a major issue, the Rubber Board said.
Analysts expect that while some correction in near term was possible from highly elevated levels, overall, the prices of natural rubber may continue to remain strong through most of the 2011. This is because global supplies are unlikely to show substantial increase as aging problem of rubber trees has intensified in many producing countries. Only when new trees come under tapping by next year, a structural change in supply curve is possible. Till then, increase in supply will only come from intensified tapping of existing trees, which may be sufficient to dent prices much.
The S&P CNX Nifty opened at 5,882.85; about 31 points higher compared to its previous closing of 5,851.65, and has touched a high and a low of 5,894.05 and 5,870.25 respectively.
The index is currently trading at 5,879.70, up by 28.05 points or 0.48% and has touched a high and low of 5,894.05 and 5,870.25 respectively. There were 32 stocks advancing against 18 declines on the index.
The top gainers of the Nifty were Hero Honda up by 2.55%, Sterlite Industries up by 2.12%, HDFC up by 1.96%, HDFC Bank up by 1.78% and Jindal Steel up by 1.77%.
Siemens down by 1.46%, BPCL down by 1.15%, Bharti Airtel down by 1.10%, Kotak Bank down by 1.04% and Gail India down by 0.84%, were the top losers on the index.
Asian markets were trading mostly in the green; Shanghai Composite gained 0.69%, Hang Seng rose 0.85%, Nikkei 225 surged 1.08%, Straits Times jumped 0.97%, Seoul Composite zoomed 1.26%and Taiwan Weighted was trading higher by 1.75%.
On the flip side, Jakarta Composite declined 0.09% and KLSE Composite dropped 0.06%.
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