The benchmark equity indices are continuing to trade higher in late morning session due to major buying interests seen in Consumer Durables (CD), realty, Banking and PSU companies. Global markets too remain quite supportive today on the back of short covering, falling crude oil prices was another reason for recovery in domestic markets. Meanwhile, Most of the Asian markets are trading in green while US index futures also showing uptick in trade. Back home, NSE Nifty and BSE Sensex trading near their psychological 5,500 and 18,400 levels respectively .The broader markets were also trading firm; the BSE Mid cap and Small cap indices surged 1.48% and 1.65% respectively. Metal company shares were trading higher following the surge in global metal prices. Welspun corp was the top gainer, up 6.20%, Tata Steel was up 1.80% and Sterlite was up 2.19%.The overall market breadth on BSE was in the favour of advances that lashed declines in the ratio of 1811:754, while, 82 shares remained unchanged.
Oil marketing companies are trading higher after oil prices eased. The Brent crude declined to $107.42 per barrel, to three week low as Japan crisis offset the Middle East unrest. Oil marketing companies, BPCL up 2.45%, HPCL up 1.73% and Indian Oil Corporation was up 1.73%.
The BSE Sensex surged 213.26 or 1.17% at 18,380.90. The index has touched a high of 18,400.55 and a low of 18,263.68 respectively. The BSE Mid cap and Small cap indices surged 1.48% and 1.65% respectively.
The top gaining sectoral indices on the BSE were, Consumer Durable (CD) up by 2.53%, Realty up by 2.17%, Bankex up by 1.78%, PSU up by 1.55 and Power up by 1.47%. While there were no losers on the index.
The top gainers on the Sensex were Reliance Infra up by 4.82%, RCom up 2.87%, DLF up by 2.49%, Sterlite Industries up by 2.25% and ICICI Bank up 2.22% while HUL down by 0.80% and Hero Honda down by 0.24%, were the only losers on the index.
Spicejet is currently trading at Rs. 40.45, up by 1.50 points or 3.85%. In a bid to increase its market share, Indian budget carrier Spicejet will add aircraft and new destinations to its network. In the coming summer schedule, the airline will expand its domestic and international networks. The company will also add five new turboprop aircraft in the coming months to augment its fleet. Spicejet currently operates 153 flights daily to 20 Indian cities with a fleet of 22 Boeing 737-800-737-900ER aircraft. It had also placed an order for 30 Bombardier Q400 turboprop planes to launch services to smaller destinations in the country.
A development which could lead to unfolding of yet another scandal, one more pilot has been arrested for questioning for allegedly using forged mark sheet to acquire an Airlines Transport Pilot License (ATPL) from the country's airline regulator. The pilot in question works with Air India.
Meanwhile, the Central Bureau of Investigation (CBI) and Directorate General of Civil Aviation (DGCA) are probing certain flying schools in the country that allegedly sell flying hours to students enabling them to get commercial pilot licenses (CPL) even if they do not have the planes on which they certify their students have flown.
Further, concerned over instances of use of forged documents to get pilot's licenses, the government has directed investigations into all licenses issued in the past and set up an experts committee to look into the current examination system, as it could threaten to thousands of lives flying through air.
The incidence of forged documents came to light when Capt Gulati, of IndiGo airline landed an aircraft on its nose-wheel, instead of the rear wheels. During the enquiry into the incident, it was found that there had been other instances in the past of her "exhibiting similar deficiencies in landing techniques." Later it was found that Gulati had not passed the pilot examination and fraudulently obtained the license. Hence, an investigation has also been launched for touts who are helping in getting these forged mark sheets and role of insiders 'in the DGCA'' in the fraud.
The S&P CNX Nifty advanced 66.30 points or 1.22% at 5,515.95.The index has touched a high of 5,521.90 and a low of 5,475.95 respectively. The top gainers of the Nifty were Reliance Infra up by 5.08%, Rcom up 2.82%, Axis Bank up 2.73% ,ICICI Bank up 2.54% and Ambuja Cements up 2.51%.
HUL down by 1.07%, GAIL down by 0.47%, Hero Honda down by 0.44% and Cairn was down by 0.04%, were the only losers on the index.
Shares of tyre manufacturers were trading higher, on account of fall in rubber prices. Apollo moved up by 1.30%, MRF surged 2.23%, CEAT advanced 3.67% and JK Tyre and Industries climbed 4.92%.Rubber was cheaper by 15% on Tuesday compared to March 10. International prices slumped from Rs 244.92 per kg on March 10 to Rs 201.38 per kg on Tuesday.
The Asian markets were trading mostly in the green; Shanghai Composite surged 0.88%, KLSE Composite increased 0.14%, Nikkei 225 zoomed 5.89%, Straits Times advanced 0.56%, Seoul Composite climbed 1.82% and Taiwan Weighted climbed 1.09%.
On the flip side, Hang Seng was shed 0.01 % and Jakarta Composite declined 0.65%.
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