MARKETS HOLD ON THE GAINS

Indian equities continued to trade in fine fettle on back of strong buying in frontline counters in the late morning session. While, most of the Asian markets were trading in the green after Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt. Traders were seen piling up position in Realty, Bankex and CD sector. In the scrip specific development, Jet Airways was trading in red after the company denied media reports that it may sell its stake to Etihad Airways. Further, Symphony rose on plan to increase its cooler range. Biocon soared on entering into academic partnership with Trinity College of Dublin. Tata Steel surged on plan to commission first phase of the Kalinganagar project. IndusInd Bank jumped on plans to raise up to $360 million by share sale. Aptech gained on offering IT career courses in Nepal. Muthoot Finance edged higher on the buzz of applying for white label ATMs license.
The NSE Nifty and BSE Sensex were managing to hold their psychological 5,700 and 18700 levels. The market breadth on BSE was positive, in the ratio of 1436:702.
The BSE Sensex is currently trading at 18766.68 up by 229.67 points or 1.24% after trading in a range of 18767.79 and 18616.55. All 30 stocks of the index were trading in green.
The broader indices were trading in green; the BSE Mid cap index was up by 0.89% and Small cap index was up by 0.69%.
The top gaining sectoral indices on the BSE were, Realty up by 1.27%, Bankex up by 1.51%, CD up by 1.18%, FMCG up by 1.17% and CG up by 1.15%.
The top gainers on the Sensex were HDFC up by 2.73%, HDFC Bank up by 2.65%, Jindal Steel up by 2.46%, Bajaj Auto up by 1.70% and Sterlite Industries up by 1.63%. While, there were no losers on the index.
Meanwhile, the ailing Indian Capital Goods industry has got a voice, as the Minister of Heavy Industry and Public Enterprises Praful Patel has pitched for incentivizing capital goods, particularly for exports. The minister said that strengthening of manufacturing sector, particularly the capital goods sector would bring down the heavy dependence on imports.

Praful Patel cited the example of China which provide support to its capital goods sector and said that 'we certainly have a case for incentivizing exports of capital goods what we produce in the country. Other countries are doing it.' He further stated 'Look at the defence industry, where we have to import almost everything, which entail a huge outgo of resources. We have to develop such facilities domestically and it is possible given our raw material base and talented pool of technocrats.'

The statement came in wake of engineering exports declining by about 10 per cent to $27.81 billion in the first half of the current fiscal due to slowdown in major western economies. The minister also called for support to the domestic manufacturing industry and said that there is a need for India to emerge as a manufacturing hub for capital goods industry not only for meeting domestic demand but also for exports. Though, the minister also emphasized that for the capital goods industry to grow it is important to have uninterrupted power supply and quality inputs like steel.
The S&P CNX Nifty is currently trading at 5,701.25, up by 65.35 points or 1.16% after trading in a range of 5,703.75 and 5,658.00. There were 48 stocks advancing against 2 declines on the index.
The top gainers of the Nifty were JP Associate up by 3.59%, HDFC Bank up by 2.82%, HDFC Bank up by 2.70%, Jindal Steel up by 2.54% and BPCL up by 2.35%.On the flip side, Power Grid down by 0.58% and Sun Pharma down by 0.01%, were only the losers on the index.
Most of the Asian equity indices were trading in the green; Kospi Composite up by 0.17%, Straits Times up by 0.20%, Nikkei 225 up by 0.55%, Taiwan Weighted up by 0.18%, and Hang Seng up by 0.16% While, Jakarta Composite  down by 0.29%, KLSE Composite down by 0.51% and Shanghai Composite was down by 0.94% were the losers.