Nifty trades above 5,500; Realty index up more than two percent

Indian equity indices continue to trade in green in late morning session as crude oil prices fell slightly lower to $115 per barrel on euro-zone concerns, boosting the domestic traders' sentiments. Global cues too remain quite supportive though Middle East & North Africa tensions have not eased yet. In the meantime, all other Asian markets except Nikkei   were trading in green taking positive cues from US markets, US index futures were also trading in green. Back home, Realty index surged more than two percent, leading the gainers list in BSE sectoral indices followed by Capital goods, Auto and TECk increased more than one percent. The NSE Nifty and BSE Sensex were trading above their psychological levels of 5,500 and 18,300 levels respectively. The broader indices were performing in line with benchmarks; the BSE Mid cap and Small cap indices surged 0.76% and 0.96% respectively.  The overall market breadth on BSE was in the favour of advances which thrashed declines in the ratio of 1645:869, while, 113 shares remained unchanged.

The BSE Sensex surged 138.27 points or 0.76% at 18,344.43. The index has touched a high of 18,373.97 and a low of 18,286.42 respectively.

The BSE Mid cap and Small cap indices surged 0.76% and 0.96% respectively. 

All the BSE sectoral indices baring Oil &Gas down 0.04% were trading in green, Realty up by 2.79%, Capital goods up by 1.37%, IT up 1.13%, Auto up by 1.01% and TECk up 1%.

The top gainers on the Sensex were Hindalco Industries up by 2.71%,  BHEL up by 2.49%, TCS up by 2.34%, M&M was up by 1.90% and Tata Motors up 1.52%.

On the other hand, Maruti Suzuki down 0.31%, Bajaj Auto  0.22%, HDFC down  0.09% and Reliance Infra  down  0.07% were the only losers on the index.

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 11, 2011, Government of India has approved 14 Proposals of Foreign Direct Investment (FDI) amounting to Rs. 1289.85 crore approximately.

Among those that got the green signal, the biggest one is by the Dhunseri Investments, Kolkata which has been allowed to issue equity shares to the non-resident shareholders consequent upon demerger to the tune of Rs 715 crore. Another major project is by Ghir Investments which got the approval of the FIPB for induction of foreign equity in an investing company. The Mauritius based company proposes to bring in FDI worth Rs 530 crore.

Among others, Gremach Infrastructure Equipments and Projects got the ex-post facto approval for issue of warrants.  The company is engaged in the business of providing equipments on rental for infrastructure projects. Similarly, PCRD Services, Singapore has got approval from the finance ministry to increase the foreign equity percentage in an investing company.

The finance ministry deferred a decision on 27 proposals which include one by Forbo Holding AG, Lindenstrasse, Switzerland to set up a new WoS to undertake the business of manufacturing, sale, distribution, lease, import and export of power transmission belts. Similarly, a proposal by Punj Lloyd for bringing in FDI to undertake additional activities of manufacture, assembly and repair of defence equipment has been postponed too.

The S&P CNX Nifty advanced 37.90 points or 0.69% at 5,518.15.The index has touched a high of 5,528.25 and a low of 5,500.75 respectively.

The top gainers of the Nifty were Hindalco up by 2.67%, BHEL up by 2.47%, TCS up by 2.29%, M&M up by 1.97% and PNB down 1.77%.

GAIL down by 1.25%, DR Reddy down by 0.75%, Cairn India down by 0.56%, Maruti down 0.40% and  ACC down by 0.37% were the major losers on the index.

All other Asian markets  except Nikkei declined 0.15% were trading in the green; Shanghai Composite  gained 0.01%, Hang Seng  added 0.76%, Jakarta Composite surged 1.07%, KLSE Composite tad up 0.03%, Straits Times increased 0.83% , Seoul Composite rose by 0.82% and Taiwan Weighted advanced 0.37%  0.53%.

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