Domestic benchmarks are trading near its previous close level with negative bias in early morning trade, with the Nifty hovering around the 5,100 mark ahead of July F&O series expiry. On the global front, the US markets end mixed overnight, while Dow made some recovery after three straight days of losses, mainly on a report that the Federal Reserve is moving closer toward further stimulus to support the faltering economy. While, Asian shares steadied on Thursday after bouncing from recent lows as hopes grew for more US stimulus to support growth and new European policy measures to keep the euro zone's debt crisis from deepening further. Back home, unwinding of positions in the stocks being removed from the futures and options segment of NSE were adding pressure, out of the 51 excluded stocks, 44 ended with losses in last session. The sentiments also remained dampen as shares of companies engaged in Aviation sector butchered after the International Air Transport Association said that India's aviation is in a multi-faceted crisis. On the sectoral front consumer durables witnessed the maximum gain in trade followed by auto and fast moving consumer goods while, software, capital goods and technology remained the top losers on the BSE sectoral space. The broader indices were trading mixed. The market breadth on the BSE was positive; there were 798 shares on the gaining side against 576 shares on the losing side while 69 shares remained unchanged.
The BSE Sensex opened at 16,887.84; about 41 points higher compared to its previous closing of 16,846.05, and has touched a high and a low of 16,899.77 and 16,833.22 respectively.
The index is currently trading at 16,843.17, down by 2.88 points or 0.02%. There were 17 stocks advancing against 13 declines on the index.
The overall market breadth has made a positive start with 55.30% stocks advancing against 39.92% declines. The broader indices were trading mixed; the BSE Mid cap was down by 0.28% while Small cap indices rose 0.09%.
The top gaining sectoral indices on the BSE were, CD up by 0.53%, Auto up by 0.33%, FMCG up by 0.32%, Power up by 0.23% and HC up by 0.16%. While, IT down by 0.36%, CG down by 0.35%, TECk down by 0.34%, Oil and Gas down by 0.19% and Metal down by 0.18% were the top losers on the index.
The top gainers on the Sensex were Bajaj Auto up by 1.30%, Maruti Suzuki up by 1.20%, Sun Pharma up by 1.01%, Jindal Steel up by 0.96% and ITC up by 0.57%.
On the flip side, Coal India was down by 0.78%, ONGC was down by 0.65%, Infosys was down by 0.55%, Wipro was down by 0.47% and Tata Steel was down by 0.36% were the top losers on the Sensex.
Meanwhile, Defense Minister A K Antony will now head the reconstituted Empowered Group of Ministers (EGoM) on natural gas and allocation, which will decide if the price of natural gas produced by Reliance Industries (RIL) from KG-D6 fields can be revised before 2014. Antony, who was not a part of the EGoM, has been included following Pranab Mukherjee's resignation from finance ministry for contesting in Presidential election. Minister of State for Finance, Namo Narain Meena on the EGoM will be representing the finance ministry.
RIL has demanded a market price of KG-D6 gas instead of $4.205 per million British thermal unit rate, which was fixed for five years ending March 31, 2014. The company began its output from KG-D6 by April 1, 2009 and it has seen output halve to less than 30 million standard cubic meters per day in past two years. Now the company seeks market price, which will help it to deploy deep sea technologies to exploit difficult sections of the reservoir.
India imports liquefied natural gas (LNG) at three times the price fixed for KG-D6 gas and RIL is seeking that price for the eastern offshore fields. The Oil Ministry is, however, opposed to any revision in rates before timeline is fixed by the EGoM.
Apart from the two ministers, the EGoM also includes Petroleum Minister, Jaipal Reddy, Power Minister, Sushil Kumar Shinde, Fertiliser and Chemicals Minister, M K Alagiri, Law and Justice Minister, Salman Khurshid and Planning Commission deputy chairman, Montek Singh Ahluwalia.
The S&P CNX Nifty opened at 5,126.30; about 17 points higher compared to its previous closing of 5,109.60, and has touched a low of 5,104.45 while high remained its opening.
The index is currently trading at 5,108.40, up by 1.20 points or 0.02%. There were 26 stocks advancing against 25 declines on the index.
The top gainers of the Nifty were Maruti Suzuki up by 1.69%, Ambuja Cement up by 1.55%, Bajaj Auto up by 1.38%, Jindal Steel up by 1.09% and Hindalco up by 0.74%.
On the flip side, PNB down by 0.95%, ONGC down by 0.90%, BPCL down by 0.82%, Coal India down by 0.78% and Infosys down by 0.72%, were the major losers on the index.
Most of the Asian markets were trading in the green; Shanghai Composite was up by 5.14 points or 0.24% to 2,141.29 Hang Seng added 4.80 points or 0.03% to 18,873.18, Nikkei 225 added 23.48 points or 0.28% to 8,389.38, Straits Times was up by 16.37 points or 0.55% to 3,007.29, Kospi Composite gained 6.68 points or 0.38% to 1,775.99 and Taiwan Weighted added 25.10 points or 0.36% to 7,004.23.
On the other hand, Jakarta Composite lost 6.84 points or 0.17% to 3,994.00 and KLSE Composite declined by 4.59 points or 0.28% to 1,630.50.
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