After making a positive opening, Indian equities
pared gains but continued firm trade in green in the late morning
session. While, most of the Asian equity indices were trading in the
green at this point of time. Japanese market has taken the lead as
weaker yen boosted the outlook for country's exporters. Back home,
traders were seen piling up position in PSU, Bankex and Tech sector
while selling was witnessed in Oil & Gas sector. State Bank of
India, NTPC, Bharat Heavy Electricals, Gail (India), Punjab National
Bank and Rural Electrification Corporation, from PSU pack were seen
trading in green. Infosys, Bharti Airtel, Wipro, HCL Tech and Zee
Entertainment Enterprises from Tech pack were seen trading in green.
However Oil & Gas stocks - RIL, ONGC, Cairn India, BPCL and HPCL
were capping the markets' gains.
In the scrip specific development, Ashok Leyland rose on unveiling new fuel efficient engine technology. Crompton Greaves edged higher on inaugurating JIT manufacturing line. SpiceJet gained on plan to raise capital through preferential allotment. Maruti Suzuki soared on plan to set up new manufacturing unit in Gujarat.
The NSE Nifty and BSE Sensex were managing to hold their psychological 5,600 and 18500 levels. The market breadth on BSE was positive, advances: declines in the ratio of 1197:1036.
The index is currently trading at 18504.12, up by 43.74 points or 0.24%. There were 19 stocks advancing against 11 declines on the index.
The broader indices were in green; the BSE Mid cap and Small cap indices rose 0.30% and 0.55% respectively.
The top gaining sectoral indices on the BSE were, PSU up by 0.65%, Bankex up by 0.61%, Tech up by 0.53%, Realty up by 0.40% and HC up by 0.39% while, OIL and gas down by 0.33%, remained the lone loser on the index.
The top gainers on the Sensex were SBI up by 1.05%, Infosys up by 0.80%, Bharti Airtel up by 0.78%, HDFC bank up by 0.70% and Maruti Suzuki up by 0.67%.
On the flip side, Sun Pharma was down by 1.34%, Tata Motors was down by 1.17%, RIL was down by 0.60%, TCS and Coal India was down by 0.55% were the top losers on the Sensex.
The index is currently trading at 5,622.85, up by 8.05 points or 0.14%. There were 29 stocks advancing against 21 declines on the index.
The top gainers of the Nifty were Ambuja Cement up by 1.86%, Axis Bank up by 1.79%, Asian Paint up by 1.56%, SBI up by 1.06% and ACC up by 0.95%. On the flip side, Ultratech Cement down by 1.37%, Sun Pharma down by 1.36%, Tata Motors down by 1.15%, BPCL down by 0.96% and TATA Power down by 0.75%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng gained 0.74%, Jakarta Composite was up by 0.31%, Nikkei 225 surged by 1.23%, Straits Times gained 0.81%, Seoul Composite was up by 0.95% and Taiwan Weighted was higher by 0.29%.
On the other hand, Shanghai Composite was down by 0.53% and KLSE Composite declined by 0.17%.
In the scrip specific development, Ashok Leyland rose on unveiling new fuel efficient engine technology. Crompton Greaves edged higher on inaugurating JIT manufacturing line. SpiceJet gained on plan to raise capital through preferential allotment. Maruti Suzuki soared on plan to set up new manufacturing unit in Gujarat.
The NSE Nifty and BSE Sensex were managing to hold their psychological 5,600 and 18500 levels. The market breadth on BSE was positive, advances: declines in the ratio of 1197:1036.
The index is currently trading at 18504.12, up by 43.74 points or 0.24%. There were 19 stocks advancing against 11 declines on the index.
The broader indices were in green; the BSE Mid cap and Small cap indices rose 0.30% and 0.55% respectively.
The top gaining sectoral indices on the BSE were, PSU up by 0.65%, Bankex up by 0.61%, Tech up by 0.53%, Realty up by 0.40% and HC up by 0.39% while, OIL and gas down by 0.33%, remained the lone loser on the index.
The top gainers on the Sensex were SBI up by 1.05%, Infosys up by 0.80%, Bharti Airtel up by 0.78%, HDFC bank up by 0.70% and Maruti Suzuki up by 0.67%.
On the flip side, Sun Pharma was down by 1.34%, Tata Motors was down by 1.17%, RIL was down by 0.60%, TCS and Coal India was down by 0.55% were the top losers on the Sensex.
Meanwhile,
stressing the need to shift focus on growth from the current
inflation-fighting mode, Economist Jagdish Bhagwati, demanded for
realignment in the monetary policy stance adopted by the Reserve Bank.
In the October policy, RBI for the second time this year revised upwards
its inflation forecast to 7.5 percent by March-end.RBI has been blaming
the high fiscal deficit driven by subsidies for the sticky inflation
and asked the government to offer a clear fiscal road map. Amidst March
2010 and October 2011, RBI had been solely focusing on inflation
fighting through 13 rate hikes. But over three years of inflation
fighting has not yielded the desired results as it come down from
double-digits primarily due to seasonal factors, especially growth.
Further, Bhagwati added that 1991 reforms have helped in boosting growth
which has given the resources that can now be allocated towards social
welfare.
Moreover, amid the debate over organic versus
genetically modified crops, he stressed on the need to adopt the latter,
in spite of the concerns voiced by environmentalists and also a case
for bringing down tariffs, citing the highly elevated tariffs of around
12 percent in the manufacturing sector which makes Indian goods
uncompetitive in the international market. The index is currently trading at 5,622.85, up by 8.05 points or 0.14%. There were 29 stocks advancing against 21 declines on the index.
The top gainers of the Nifty were Ambuja Cement up by 1.86%, Axis Bank up by 1.79%, Asian Paint up by 1.56%, SBI up by 1.06% and ACC up by 0.95%. On the flip side, Ultratech Cement down by 1.37%, Sun Pharma down by 1.36%, Tata Motors down by 1.15%, BPCL down by 0.96% and TATA Power down by 0.75%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng gained 0.74%, Jakarta Composite was up by 0.31%, Nikkei 225 surged by 1.23%, Straits Times gained 0.81%, Seoul Composite was up by 0.95% and Taiwan Weighted was higher by 0.29%.
On the other hand, Shanghai Composite was down by 0.53% and KLSE Composite declined by 0.17%.
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