The benchmark equity indices have bounced back from the negative to positive terrain in late afternoon session as Investors were taking bullish turns on heavyweight Reliance Industries along with FMCG, technology, power, healthcare and select metal companies' shares. Meanwhile Dow futures and majority of the European markets were also trading in positive. While, most of the regional peers too settled in positive terrain and Japanese market Nikkei surged to 10,398.10 making its highest close since May last year. Rising oil prices particularly drove up resource-related shares at the Tokyo Stock Exchange, but there were gains across the board. Back home the Sensex was trading firm above 20,500 mark and the Nifty was trading above 6,150 level. On the sectoral, Bankex, Auto and public sector undertaking stocks remained subdued at this point of time. The broader market too were trading higher mirroring the benchmark indices at this point of time .The market breadth on the BSE is slightly positive; there were 1551 shares on the gaining side against 1306 shares on the losing side, while 87 shares were unchanged.Banking counters continued to witness hammering from the bears. Segment biggies, ICICI Bank and SBI, were topping the losers list in trade today. Sugar companies rally after government allowed sugar export.
The BSE Sensex increased 24.83 points or 0.45% at 20,585.88. The index touched a high and a low of 20,651.21 and 20,449.01 respectively.
The BSE Mid-cap and Small-cap indices rose 0.11% and 0.34%, respectively.
The main gainers in the BSE sectoral space were FMCG up 1.81% Oil and Gas 1.37%, Health Care up 0.96% , IT up 0.70% and Power up 0.46%.
On the other hand, Bankex down 1.80% Auto down 0.61%, PSU down 0.26%, Consumer Durables down 0.10% and Reality down 0.10% were losers in the BSE sectoral space.
The major gainers on the Sensex were HUL up 3.40%, Reliance Infra up 3.35%, RIL up 2.22%, ITC 2.01% and Cipla 1.61%.
On the flip side, Bajaj Auto down 3.12%, ICICI Bank down 2.51%, SBI down 2.39%, HDFC Bank down 1.67% and Tata Motors down 1.26% were the major losers in the BSE sectoral space
The Indian government has issued the formal notification for export of 5 lakh tonne of sugar. It has asked sugar mills to register themselves for seeking the Release Order for exports under Open General License (OGL). Mills have been allowed to export all forms of sweetener - raw, white and refined, but there will be no export subsidy.
Further, the exports under the OGL can be used for shipping output from the new crop year (beginning Oct 2010). A new factory set up in 2010-11 will not be eligible for the export entitlement. "The export quota of five lakh tonne has been pro-rated among sugar factories by taking into account their three years' average production," read a circular issued by the Agriculture and Food Ministry.
The OGL is a permit under which mills can export sugar without any restriction and conditions. These permits will be issued only to the tune of allowed export quantity, that is 5 lakh tone. However, the export under OGL would be over and above the export obligation of about 1.5 million tonne of sugar via the Advance License Scheme (ALS) and shipments of imported stocks stuck at ports.
Sugar output in the country declined sharply in 2008-09 season forcing the biggest consumer of sweetener and the second largest producer to turn to imports. Production remained down again in the last season on account of poor monsoon. However, this season, there was a substantial increase in sugarcane planting following high sugar prices in 2009 and production is expected to surge to 24.5 million tonne compared with domestic consumption of 23 million tonne.
The S&P CNX Nifty gained 15.35 points or 0.25% to 6172.95. The index touched a high and a low of 6,181.05 and 6,124.40, respectively.
The top gainers on the Nifty were Suzlon up 4.43%, Reliance Infra up 3.53%, HUL up 3.38%, Reliance up 2.29% and Cairn up 2.08%.
The top losers on the index were Bajaj Auto down 3.26%, ICICI Bank down 2.60%, SBI down 2.36%, HDFC Bank down 1.57% and Reliance Communication was down 1.45%.
Majority of the regional peers settled in the green; Shanghai inched up 1.59% ,Hang Seng increased by 0.99%, Jakarta Composite advanced 0.87%, KLSE Composite rose by 1.20%, Straits Times inched 0.45%, Seoul Composite surged 0.73% while Taiwan Weighted trimmed by 0.31%.
The European markets were trading mixed bias. CAC-40 increased 0.17% and FTSE 100 zooms 1.61% increased 1.13% while DAX was down 0.29%.
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