POSITIVE START

Shrugging off subdued global cues, key domestic bourses have made a positive start as investors remained little optimistic amid expectation that the apex bank will be going for another rate cut amid slowing growth. On the global front, overnight, US stocks slipped in light trading while, Asian markets were trading marginally lower on worries of global economic deceleration, and awaiting Chinese trade data due later in the day that could set the tone for risk appetite. Back home, Nifty is continuous making attempt to regain the 5,300 level amid broad-based buying. Meanwhile, direct tax collections, net of refunds, increased by 47.2 per cent to Rs 84,273 crore during April-June 2012-13, against Rs 57,267 crore in the corresponding period of last financial year. Moreover, monsoon, which came late, seems to be advancing gradually to cover most parts of the country. The meteorological department officials predicted that medium rainfall will continue for the coming two to three days all over the city. On the sectoral front, realty witnessed the maximum gain in trade followed by auto and consumer durables while, power remained the lone loser on the BSE sectoral space. The broader indices too were trading on a firm note. The market breadth on the BSE was positive; there were 1,115 shares on the gaining side against 479 shares on the losing side while 55 shares remained unchanged.

The BSE Sensex opened at 17,431.68; about 40 points higher compared to its previous closing of 17,391.98, and has touched a high and a low of 17,473.72 and 17,424.29 respectively.

The index is currently trading at 17,450.85, up by 58.87 points or 0.37%. There were 24 stocks advancing against 6 declines on the index.

The overall market breadth has made a strong start with 67.62% stocks advancing against 29.05% declines. The broader indices too were trading on firm note; the BSE Mid cap and Small cap indices rose 0.57% and 0.48% respectively.

The top gaining sectoral indices on the BSE were, Realty up by 0.85%, Auto up by 0.75%, CD up by 0.71%, TECk up by 0.61% and IT up by 0.60%. While, Power down by 0.07% remained the lone loser on the index.

The top gainers on the Sensex were Tata Motors up by 1.46%, Hero MotoCorp up by 0.97%, Tata Steel up by 0.90%, Cipla up by 0.79% and TCS up by 0.79%.

On the flip side, Tata Power down by 1.18%, NTPC down by 0.47%, Maruti Suzuki down by 0.45%, ITC down by 0.26% and Sun Pharma down by 0.17% remained the top losers on the Sensex.

Meanwhile, Mamata Banerjee, the Trinamool Congress (TMC) supremo remained unconvinced despite the Chief Economic Adviser of Finance Ministry, Kaushik Basu advocating that FDI in retail will be a win-win situation for the economy.

The praising words and advice on macro-economic issues by Basu failed to dilute the opposition's stand on opening up of multi-brand retail sector to FDI in West Bengal. The proposal was stalled after the Trinamool, UPA's key partner; along with some opposition parties opposed the move.

Banerjee has been opposing FDI in retail, as she expressed fears that it would affect the livelihood of nearly 5 crore people.

The S&P CNX Nifty opened at 5,286.60; about 14 points lower compared to its previous closing of 5,275.15, and has touched a high and a low of 5,296.55 and 5,284.55 respectively.

The index is currently trading at 5,292.00, higher by 16.85 points or 0.32%. There were 37 stocks advancing against 13 declines on the index.

The top gainers of the Nifty were JP Associates up by 1.94%, Asian Paints up by 1.54%, Tata Motors up by 1.31%, HCL Tech up by 1.24% and Cairn up by 1.21%.

On the flip side, Tata Power down by 1.13%, Grasim down by 0.91%, IDFC down by 0.78%, NTPC down by 0.59% and BHEL down by 0.43% remained the top losers on the index.

Most of the Asian equity indices were trading in the red; Shanghai Composite slumped 7.88 points or 0.36% to 22162.93, Hang Seng index fell 58.66 points or 0.30% to 19369.43, Jakarta Composite slide 3.75 point or 0.09% to 3981.26, Nikkei dipped 23.02 points or 0.26% to 8875.24, Kospi Composite lost 9.85 points or 0.54% to 1826.40 and Taiwan Weighted Index slumped 67.69 points or 0.93% to 7242.94.

On the other hand, KLSE Composite climbed 1.95 points or 0.12% to 1622.69 and Straight Times was up by 10.21 points or 0.34% to 2939.03.