The Benchmark equity indices are trading choppy in the late-morning session as funds and retail investors are looking cautious ahead of December month F&O expiry. Meanwhile majority of the regional peers too were trading in red. On the other hand Dow futures was showing uptick in the screen trade at this point of time. Back home in sectoral space Reality, Metal, Healthcare (HC), TECk and Information Technology (IT) stocks were inching higher in trade whereas, Oil & Gas, Capital Goods (CG), Auto, Public Sector Undertaking (PSU) and Bankex were subdued in trade. Though the broader indices were trading higher. The market breadth on the BSE was positive; there were 1333 shares on the gaining side against 1163 shares on the losing side while 120 shares were unchanged. The BSE Sensex and the NSE Nifty were hovering around the psychological 20,000 and 6,000 levels.
The BSE Sensex rose 20.02 points or 0.10% to 20,048.95. The index touched a high and a low of 20,090.41 and 20,008.16, respectively.
The BSE Mid-cap and Small-cap indices gained 0.06% and 0.39%, respectively.
The main gainers in the BSE sectoral space were Reality up 0.78%, Metal up 0.59%, Healthcare (HC) up 0.57%, TECk up 0.51% and Information Technology (IT) up 0.41%.
Whereas, Oil & Gas down 0.41%, Capital Goods (CG) down 0.24%, Auto down 0.18%, Public Sector Undertaking (PSU) down 0.15% and Bankex down 0.10% were the losers in the BSE sectoral space.
The major gainers on the Sensex were Wipro up 1.74%, RCom up 139%, Cipla up 1.11% , Bharti Airtel up 1.20%, and HDFC Bank up 0.84%.
The major losers on the index were Tata Motors down 1.86%, ONGC down 0.63%, ICICI Bank down 0.60%, HUL down 0.56% and RIL down 0.41%.
Sugar futures resumed trading after 19 months on Monday on the commodity exchanges and saw strong volumes. The trading has resumed at a time when the country is facing high food inflation that has refused to come down swiftly despite a very strong Kharif (simmer sown) crop this year. However, the government feels that with reasonably comfortable domestic supply situation, futures trading will not have major impact on prices of the sweetener.
India, the largest sugar consumer country in world and also the second-largest producer after Brazil, had earlier banned the trading in sugar futures in May 2009 when the prices surged due to a production shortfall. The ban that was initially imposed for seven months was later extended until the end of September 2010. It was allowed to lapse in September this year after it became clear that domestic production of the sweetener will be more than sufficient for local demand.
India's sugar output this year is expected to be about 24.5-25 million tone according to the Indian Sugar Mills Association (ISMA), substantially higher than the previous year's about 19 million tonne and more than enough to meet the country's annual consumption of about 23 million tonne. However, globally, production is expected to fall due to weather related issues faced by some of the key producers.
As a result, the outlook of the commodity remains mixed. While strong domestic production will keep prices in India down, shortfall in global markets and high prices in international markets, coupled with exports can push domestic prices high as well. Overall, the price movement will depend on the extent to which the government allows exports. It has already given a green signal for 0.5 million tonne of exports under the open general license (OGL). However, industry insiders feel that there will be surplus of around 1-1.5 million tonne in the domestic market at least.
The S&P CNX Nifty increased 1.30 points or 0.02% to 5,999.40. The index touched a high and a low of 6,010.90 and 5,986.85, respectively.
The top gainers on the Nifty were Wipro up 1.73%, Ranbaxy up 1.53%, RCom up 1.39%, SesaGoa up 1.09% and Reliance Capital up 0.96%.
The top losers on the index were Tata Motors down 1.69%, Axis Bank down 1.18%, ICICI Bank down 0.76%, ONGC down 0.73% and BPCL down 0.66%.
The regional peers are trading mixed. Shanghai Composite trimmed 0.74%, Hang Seng dropped0.91%, Nikkei 225 shed 0.61% and Taiwan Weighted declined 0.24% while Jakarta Composite advanced 1.12%, KLSE Composite gained 0.59%, Straits Times added 0.38% and Seoul Composite jumped 0.55%.
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