LOOSING STREAK HALTED

Snapping their four-sessions losing streak, key domestic bourses have rebounded making a gap up opening on Tuesday following firm cues from Asian counters. The sentiments also got some support as the Indian rupee recovered sharply, appreciating 41 paise to 54.88 a dollar. On the global front, all the Asian equity indices were trading in the positive terrain at this point of time on optimism that China along with other nations will stimulate the economies. China has decided to encourage foreign investment into industries including high-end manufacturing, technology and new energy. Though, the US markets closed lower overnight, with two of three benchmark indexes off for a seventh in eight sessions, after the International Monetary Fund reduced its global economic outlook. Back home, sustained buying in most of the key heavyweights along with broader indices supported BSE's -- Sensex -- and NSE's -- Nifty -- to regain their crucial 17,200 and 5,200 mark respectively. On the sectoral front, BSE healthcare, realty, FMCG, metal, banking, oil and gas, technology and PSU indices have surged by about a percent each. In fact, all the major BSE sectoral indices are trading in green zone. Meanwhile, sugar stocks continued rally for second consecutive day after the government imposed 10 percent import duty on sugar as the country has surplus domestic production. The broader indices too were trading on a firm note. The market breadth on the BSE was positive; there were 1035 shares on the gaining side against 555 shares on the losing side while 73 shares remained unchanged.

The BSE Sensex opened at 17,176.93; about 73 points higher compared to its previous closing of 17,103.31, and has touched a high of 17,236.08 while low remain its opening.

The index is currently trading at 17,212.63, up by 109.32 points or 0.64%. There were 27 stocks advancing against just 3 declines on the index.

The overall market breadth has made a strong start with 62.24% stocks advancing against 33.37% declines. The broader indices too were trading firm note; the BSE Mid cap and Small cap indices rose 0.46% and 0.49% respectively.

The top gaining sectoral indices on the BSE were, HC up by 1.40%, Realty up by 1.00%, Metal up by 0.73%, FMCG up by 0.69% and Bankex was up by 0.63%. While, there were no losers on the index.

The top gainers on the Sensex were Sun Pharma up by 2.33%, Dr Reddy up by 1.97%, Bharti Airtel up by 1.41%, Hindalco up by 1.39% and Tata Power was up by 1.14%. While, TCS down 1.16%, Bajaj Auto down 1.06% and Gail India down by 1.01% remained the few losers on the Sensex.

Meanwhile, the Prime Minister, Manmohan Singh has expressed his dissatisfaction with the UPA's most ambitious project, Mahatma Gandhi National Rural Employment Guarantee (NREGA) that it is 'not in good shape'. The PM urged the Planning Commission Deputy Chairman, Montek Singh Ahluwalia to address the issue of delayed payment to workers under the programme at the earliest and to carry out simultaneous audits for rural development schemes.

Despite the hitches in the implementation of the scheme, the PM remained positive about the broader achievement of the scheme. He pointed out that nearly 5.50 crore families or about one in four rural households were given over 250 crore person-days of work under the scheme. This constitutes nearly 51% of workers from SC/ST families and 47% women, highlighting greater inclusiveness of the scheme, he added.

Further, he added that NREGA which had helped the rural India in coping with the frequent distress and natural disasters could act as a 'silver bullet' for India's rural renewal.

The S&P CNX Nifty opened at 5,228.05; about 31 points higher compared to its previous closing of 5,197.25, and has touched a high and a low of 5,236.70 and 5,220.65 respectively.

The index is currently trading at 5,227.80, higher by 30.55 points or 0.59%. There were 42 stocks advancing against 8 declines on the index.

The top gainers of the Nifty were Sun Pharma up by 2.08%, Dr Reddy up by 1.78%, Ranbaxy up by 1.53%, Hindalco up by 1.44% and Bharti Airtel up by 1.42%.

On the flip side, BPCL down by 1.70%, Bajaj Auto down by 1.68%, GAIL down by 1.25%, TCS down by 0.88% and HCL Tech down by 0.69% remained the top losers on the index.

All the Asian equity indices were trading in the green; Shanghai Composite was up by 13.19 points or 0.61% to 2,161.15, Hang Seng index surged by 293.61 points or 1.54% to 19,414.95, Jakarta Composite added 15.53 points or 0.38% to 4,063.89, KLSE Composite was up by 8.52 points or 0.52% to 1,645.21, Nikkei was up by 50.40 points or 0.58% to 8,774.52, Straits Times gained 21.89 points or 0.73% to 3,020.64, Seoul Composite was up by 9.32 points or 0.54% to 1,827.57 and Taiwan Weighted rose 9.56 points or 0.13% to 7,099.60.