Local bourses after getting subdued start have now clawed back substantial ground amidst alternate bouts of buying and selling in blue chip stocks. Gains in the stocks from Realty, Auto and power counters despite cautious undertone in world markets on continued unrest in Libya was helping the markets. On the global front, Asian shares dipped in red, following Wall Street's worst performance since August, and oil trimmed huge gains after the revolt against Libyan leader Muammar Gaddafi cautioned investors on concern of reduced crude output in Africa's third-largest producer. The US future indices were no different, as they too were showing downtick in the screen trade. Back on Dalal Street, losses from Information Tecnology, TECk and consumer Durables were dragging the markets, while stocks from badgered spaces like Realty, Auto and Power showcased convincing performance .In the broader markets, the situation is comparatively better with the smallcap index trading up 0.70% and the midcap index gaining 0.35%, both outperforming the Sensex. The overall market breadth on BSE was in the favour of advances which are outnumbering declines in the ratio of 1435:866, while, 90 shares remained unchanged on the index.
The BSE Sensex is currently trading at 18,327.93, up by 31.77 points or 0.17%. The index has touched a high and a low of 18,364.26 and 18,226.40, respectively. There were 16 stocks advancing against 14 declines on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices were up by 0.35% and 0.70%, respectively.
The top gaining sectoral indices on the BSE were, Realty up by 0.93%, Auto up by 0.73%, Power up by 0.53%, Metal up by 0.47% and Oil & Gas up by 0.33%. While, IT down by 1.07%, TECk down by 0.59 %, CD down by 0.41%, HC down by 0.25% and Bankex down by 0.14%, were the major losers on the index.
The top gainers on the Sensex were Reliance Infra up by 8.47%, HDFC up by 1.99%, Sterlite Industries up by 2.35%, Tata Motors down 1.47% and Reliance Communication was up by 1.42 %.
Infosys down by 1.75 %, SBI down by 1.18 %, Wipro down by 0.98%, BHEL down 0.71% and TCS down by 0.63% were the top losers on the index.
Meanwhile, India's trade with the 10-member Association of Southeast Asian Nations (ASEAN), with which has last year signed a free trade agreement (FTA), was likely to reach $70 billion over the next three years, said Sumanta Choudhuri, joint secretary in the Ministry of Commerce and Industry on Tuesday.
In the last calendar year, India's overall trade with the bloc stood at $50.1 billion, which included $22.3 billion worth Indian exports to the bloc and $27.8 billion worth imports. Choudhuri further added that the two sides were set to organize a five-day business conclave aimed at boosting the bilateral trade and two-way investment activities.
Eight members of the bloc have already implemented the trade treaty while two members - Philippines and Cambodia - are yet to implement the agreement, which is expected to happen soon. Following this, the trade will grow further. The growth in trade during 2010 was nearly 20% compared with the levels of 2009 and as the global economic scenario improves and economic uncertainties go down, the growth will only accelerate going forward.
During the business conclave being organized by the two sides, trade ministers of all the member countries of the ASEAN will lead an official and business delegation. A total of over 500 businesses from various sectors will participate from the ASEAN side. From the Indian side too industry majors will showcase the latest technologies India has been developing. India Inc is hoping to reap substantial opportunities in the conclave.
India is also negotiating a services treaty with the ASEAN following which the country's services sector, the main engine of Indian growth, will be able to explore opportunities in ASEAN members at favourable terms. It has also implemented bilateral trade and investment agreements, broader than the FTA with ASEAN, with some members of the bloc including Singapore, Indonesia and Malaysia.
The S&P CNX Nifty is currently trading at 5,474.20, up by 5.00 points or 0.09%. The index has touched a high of 5,491.35 and a low of 5,446.3. There were 30 stocks advancing against 20 declines on the index.
The top gainers of the Nifty were Reliance Infra up by 8.63%, Reliance Capital up by 3.81%, HDFC up by 2.64%, Sterlite Industries up by 2.53%, and Reliance Power up by 1.58%.
The top losers of the index were Ranbaxy down by 3.00%, Infosys down by 1.78%, IDFC down by 1.26%, SBI down by 1.23%, and Sesa Goa was down by 1.13%.
Asian equity indices were trading mixed; Hang Seng was down by 0.43%, KLSE Composite was down by 0.29%, Nikkei 225 was down by 0.79%, Straits Times was down by 0.35%, Taiwan Weighted was down by 1.64% and Seoul Composite declined 0.74%.
On the flip side, Shanghai Composite gained 0.14%, Jakarta Composite bagged 0.96%.
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