Key benchmark indices, having pared almost all of their gains, are trading around the neutral line at this point of time as rising oil prices weighed on the sentiments following the turmoil in Libya. Both the benchmark indices, BSE Sensex and NSE Nifty are trading below their psychological 18,000 and 5,400 levels. Global investor sentiment however is upbeat today with all the other key Asian markets trading in the green, after G7 nations agreed to intervene to control soaring currency and calm investor sentiments in Japan following the earthquake. US index futures too are showing an uptick in screen trade. Back home, healthcare, fast moving consumer goods, auto, oil & gas and banking counters were the leading gainers in the BSE sectoral space. On the flip side, information technology, realty and technology counters were dragging the markets lower. Mirroring their larger counterparts, the broader markets are also subdued in trade with the BSE mid-cap and small-cap indices losing 0.09% and 0.01%, respectively. The market breadth on the BSE was in favour of declines in the ratio of 1402:1211 while 110 scrips remained unchanged.
The BSE Sensex gained 26.86 points or 0.15% at 17,905.67. The index touched a high and a low of 18,007.73 and 17,792.17, respectively.
The BSE Mid-cap and Small-cap indices lost 0.09% and 0.01%, respectively.
In the BSE sectoral space, Healthcare (HC) up 0.37%, Fast Moving Consumer Goods (FMCG) up 0.32%, Auto up 0.27%, Oil & Gas up 0.27% and Bankex up 0.17% were the major gainers; while Information Technology (IT) down 0.54%, Realty down 0.52% and TECk down 0.37% were the only losers in the BSE sectoral indices.
Meanwhile, the country's largest real estate company - DLF will be launching its luxury homes project 'Bay View' at Marine Drive today. The project which comprises exclusive air-conditioned apartments have prices ranging from Rs 1 crore to Rs 2.8 crore developed in 3.78 acres of land.
The project is in close proximity to the Vallarpadam International Container Terminal and the new Express Highway which connects the container terminal with NH47. The apartments in the complex are in the range of 1300 sq.ft to 2700 sq.ft, approximately and a few exclusive town houses have also been included to cater to very exclusive clients.
The apartments are airy and most of them have east facing entrances to make them Vaastu compliant. The property overlooks the backwaters, harbour and the Bolgatty Island. It also has a 20,000 sq.ft clubhouse with swimming pool, three tier security system with video surveillance, air-conditioned lobbies with lounge seating, convenience store for daily needs, etc. The company is also planning to open an exclusive boutique shopping arcade in the complex.
DLF is primarily in the business of real estate development. It operates in all aspects of real estate development, ranging from acquisition of land, to planning, executing, constructing and marketing of project. The company has reported a net profit of Rs 204.84 crore for the quarter ended December 31, 2010 as compared to a net profit of Rs 224.43 crore for the quarter ended December 31, 2009, down by 8.73%.
The top gainers on the Sensex were HDFC up 1.17%, Jindal Steel up 1.17%, Tata Steel up 1.08%, M&M up 1.02% and Sterlite Inds up 0.98%.
On the flip side, Hindalco Inds down 1.95%, Cipla down 1.31%, RCom down 0.86%, Infosys down 0.80% and Maruti Suzuki down 0.72% were the major losers on the index.
Three persons, including two former directors of Society for Applied Microwave Electronics Engineering and Research (SAMEER), a central government undertaking, have been arrested on charges of irregularities in the supply of modems to the Rs 1,000-crore Akash missile project.
Cases were filed on March 18, 2011 under different sections against former directors of SAMEER, S Karunakaran and KR Kini, after the Anti-Corruption Bureau (ACB) had filed cases under different sections of IPC and Prevention of Corruption Act (PCA). P Rathinavel, director, Sam Shin Precision, Chennai and Bangalore-based Wave Tech Electronics, has been arrested.
SAMEER is an autonomous institution for Research and Development under the Ministry of Communication and Information Technology, Government of India, fully funded by the Ministry and deals with sensitive defence related and other projects.
As per the case, Karunakaran had abused his official position during 2005-2009 and showed undue favour to Sam Shin Precision, and awarded the contract of mass production of Integrated Radio Line Modems (IRLMs) to be used in Akash Missile Programme by Ministry of Defence, eliminating the other eligible government and reputed private companies.
Akash is India's medium range surface-to-air missile developed by the Defence Research and Development Organization (DRDO) and the Bharat Electronics (BEL). Akash has certain unique features like mobility, all-the-way-powered flight till target interception, multiple target handling, digitally-coded command guidance and fully automatic operation.
The S&P CNX Nifty added 7.70 points or 0.14% at 5381.40. The index touched high of 5413.30 and a low of 5348.20, respectively.
The top gainers on the Nifty were Sun Pharma up 2.14%, Dr Reddy's up 1.62%, SAIL up 1.56%, Jindal Steel up 1.44% and M&M up 1.33%.
On the other hand, Ranbaxy Lab down 4.72%, Hindalco Inds down 1.91%, Cipla down 1.28%, RCom down 0.96% and Infosys Tech down 0.84% were the major losers on the index.
Rest of the Asian markets are trading in the green at this point of time. Shanghai Composite added 0.10%, Hang Seng soared 1.33%, Jakarta Composite advanced 0.49%, KLSE Composite rose 0.24%, Seoul Composite gained 1.13%, Straits Times advanced 1.38% and Taiwan Weighted jumped 0.87%.
Stock markets in Japan remain closed on account of Spring Equinox Day holiday.
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