The Indian equity markets have made a start in green, taking positive cues from global markets. The US markets went for a rally on the very first trading day of the new year on the back of good economic reports, while all the Asian equity indices barring Jakarta Composite were trading in the positive terrain at this point of time. Back Home some selling pressure in the early trade led the benchmarks into the red. Though the BSE's -- Sensex -- was trading comfortably higher from its psychological level of 20,500 while, NSE's -- Nifty -- was trading tad low from its crucial 6,150 level. On the sectoral front, fast moving consumer goods witnessed the maximum gain in trade while, oil and gas and software were the other top gainers in trade, on the other hand banking was the feeling the maximum selling pressure followed by auto and realty on the BSE sectoral space. The broader indices were outperforming benchmarks. Index heavyweight Reliance Industries was trading with a gain of about a percent after a news that it is working on an ambitious two-year plan to overhaul its global image. The market breadth on the BSE was positive; there were 1,184 shares on the gaining side against 663 shares on the losing side while 61 shares remained unchanged.
The BSE Sensex opened at 20,617.38; about 56 points higher compared to its previous closing of 20,561.05, and has touched a high and a low of 20,651.21 and 20,528.11 respectively. The index is currently trading at 20,528.11, down by 32.94 points or 0.16%. There were 15 stocks advancing against 14 declines while one stock remained unchanged on the index.
The overall market breadth has made a positive start with 62.05% stocks advancing against 34.75% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 0.08% and 0.30% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.70%, Oil and Gas up by 0.65%, IT up by 0.34%, TECk up by 0.09% and CD was up by 0.07%. While, Bankex down by 1.32%, Auto down by 0.36%, Realty down by 0.27%, PSU down by 0.16%, and Metal down by 0.13%, were the lone major losers on the index.
The top gainers on the Sensex were NTPC up by 1.36%, Wipro up by 1.10%, Reliance Industries up by 0.98%, Jindal Steel up by 0.97% and HUL was up by 0.96%.
SBI down by 1.81%, ICICI Bank down by 1.45%, HDFC Bank down by 1.32%, Relaince Communication down by 1.28% and Bharti Airtel down by 1.02%, were the top losers on the index were.
Meanwhile, the Reserve Bank of India has commenced the 53rd round of the Industrial Outlook Survey (IOS) for reference period January-March 2011. The Reserve Bank is conducting the Industrial Outlook Survey on a quarterly basis since 1998. This survey gives an insight into the perception of the public and private limited companies engaged in manufacturing activities about their own performance and prospects. The survey also covers the non-financial private and public limited companies with a good size/industry representation. The survey provides useful forward looking inputs for policymakers, analysts and businesses.
The assessment of business sentiments for the current quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters covering overall business and financial situations, demand indicators, price and employment expectations, profit margins, etc.
In this survey, manufacturing companies will be approached by the Centre for Research Planning and Action, New Delhi, which has been mandated to conduct the survey for this quarter on behalf of the Reserve Bank of India. However, the other manufacturing companies who are not approached by the agency can also participate in this survey by downloading the survey schedule from the Reserve Bank's website.
The salient features of this survey results at the aggregate level are published in Monthly Bulletin of the Reserve Bank. The results of the 51st round of the survey indicated that the Indian manufacturing sector took further steps of recovery pointing towards economic growth. Production and new business continued to grow markedly which is also reflected in the increase in work-force. Meanwhile, the input price pressure eased noticeably and the manufacturers exhibited more optimism about their profits. Moreover, the Business Expectation Index, which acts as a barometer of the overall health of the sector, posted 119.0 for the assessment quarter and 126.5 for the ensuing quarter - its highest reading since April-June 2007 quarter.
The S&P CNX Nifty opened at 6,172.75; about 15 points higher compared to its previous closing of 6,157.60, and has touched a high and a low of 6,181.05 and 6,141.35 respectively. The index is currently trading at 6,144.15, down by 13.45 points or 0.22%. There were 18 stocks advancing against 32 declines on the index.
The top gainers of the Nifty were Cairn up by 1.21%, NTPC up by 1.06%, HUL up by 1.05%, Wipro up by 1.02% and Reliance Industries up by 0.84%.
The top losers of the index were RCom down by 2.19%, Reliance Capital down by 2.15%, SBI down by 1.81%, ICICI Bank down by 1.73% and HDFC Bank was down by 1.40%.
Asian equity indices were trading in the green; Shanghai Composite was up 35.78 points or 1.27% to 2,843.86, Hang Seng was up 116.67 points or 0.50% to 23,552.72, KLSE Composite was up 13.72 points or 0.89% to 1,547.14, Nikkei 225 was up 177.54 points or 1.74% to 10,406.46, Straits Times was up 16.76 points or 0.52% to 3,252.53, Seoul Composite was up 8.22 points or 0.40% to 2,078.30 and Taiwan Weighted was up 11.14 points or 0.12% to 9,036.44.
On the flip side, Jakarta Composite was marginally down by 0.15 points to 3,727.37.
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