MARKETS TRADE FIRM

The Indian equity benchmarks pared early gains but continue trading firm as investors were indulging in heavy buying across the board amid easing worries about the global economy following several central banks taking initiatives to boost liquidity by cutting down borrowing costs. Meanwhile, primary articles inflation for week ended November 19 has come in at 7.74% versus 9.08%, food articles inflation is at 8% versus 9.01% while fuel group inflation is at 15.53% versus 15.49%. On sectoral front, metal and bank stocks, among the severely battered in recent weeks, were among the most impressive gainers in opening trades this morning. Automobile, realty, capital goods, information technology, power and oil stocks were also mostly up with sharp gains. Several stocks from consumer durables, FMCG and healthcare sectors were also trading higher. On the global front, most of the markets in the Asia-Pacific region are trading at multi-month highs amid aggressive buying. Back home, the market breadth favoring the positive trend; there were 1,763 shares on the gaining side against 633 shares on the losing side while 81 shares remained unchanged.
The BSE Sensex is currently trading at 16,538.71, up by 415.25 points or 2.58%. The index has touched a high and a low of 16,718.11 and 16,526.81 respectively. There were 29 stocks advancing against just 1 decline on the index.
The broader indices too pared off some gains; the BSE Mid cap and Small cap indices were trading higher by 1.75% and 1.32% respectively.
Buying was witnessed across the board so there was no loser on the BSE sectoral space, however, the top gaining sectoral indices on the BSE were, Metal up by 4.53%, Bankex up by 3.82%, Auto up by 3.23%, Realty up by 3.08% and CD up by 2.86%.
The top gainers on the Sensex were Sterlite Industries up by 7.30%, Hindalco up by 6.32%, Tata Motors up by 6.23%, ICICI Bank up by 5.72% and Tata Steel was up by 5.38%.  On the flip side, Bharti Airtel down by 1.64% was the lone loser on the Sensex.
Meanwhile, the government's fiscal deficit has risen to Rs 3.07 lakh crore, in the first seven months of current financial year, which is around 74% of the budget estimates, indicating worsening of the India's financial situation.
As per the Controller General of Accounts (CGA) data, the government's fiscal deficit went up to Rs 3.07 lakh crore or 74.4% of the budget estimates at the end of October, as non-tax revenue growth declined. The central government's fiscal deficit gap between overall expenditure and receipts was around 42.6% of the budget estimates in the same period of the last fiscal year. For the current fiscal year, the government has estimated a fiscal deficit of Rs 4.12 lakh core or 4.6% of the Gross Domestic Product (GDP).

This increase in the fiscal deficit is mainly on account of lower mobilization of non-tax revenue compared to April-October 2010, when it had mobilized more than Rs 1.08 lakh crore because of the 3G and BWA spectrum auctioning. On the other hand, in April-October 2011, the total revenue collections stood at around Rs 5.39 lakh crore compared to the budget estimate of Rs 7.89 lakh crore for the 2011-12, which was around 45.5% of the budget estimates. At the end of September, non-tax revenue collection stood at 54.4% of budget estimates, compared to 119% in the same period of last year.

From disinvestments of public sector units, the government has mobilized just Rs 1,145 crore in first seven months of 2011-12, which is far less than the target of Rs 40,000 crore set for current financial year. The disinvestment plan has been affected by the uncertainty in capital market because of the global economic slowdown. Meanwhile, government's revenue deficit, which is difference between revenue earned and expenses in April-October 2011 stood at Rs 2.43 lakh crore or 79% of budget estimates. 
The S&P CNX Nifty is currently trading at 4,953.55, higher by 121.50 points or 2.51%. The index has touched a high and low of 5,011.9 and 4,951.95 respectively. There were 47 stocks advancing against 3 declines on the index.
The top gainers of the Nifty were Sterlite Industries up by 7.50%, SAIL up by 6.23%, Hindalco up by 6.14%, Tata Motors up by 6.05% and ICICI Bank up by 5.94%.
On the flip side, Bharti Airtel down by 1.90%, BPCL down by 1.81% and Dr Reddy's Lab down by 1.45% were the top losers on the index.
Asian markets prolonged their jubilant mood; Shanghai Composite gained 3.26%, Hang Seng surged 5.55% to 19,041.36, Jakarta Composite accumulated 2.44%, KLSE Composite rose 1.52%, Nikkei 225 added 1.75%, Straits Times expanded by 2.42%, Seoul Composite spurted 3.72% and Taiwan Weighted registered gain of 3.98%.