Positive local as well as global cues fuel markets

Benchmark equity indices continued to move forward on the back of sustained buying in several blue chip stocks. The tension in the local markets eased out after the Congress and the Dravida Munnettra Kazhagam (DMK) reopened dialogue on the contentious seat-sharing issue for the Tamil Nadu elections. Earlier, the DMK had threatened the government that it would withdraw all its Union Ministers but the resignations were put on hold following a request by Union Finance Minister Pranab Mukherjee to wait for one more day to sort out the differences. On the global front, firming trend on other Asian bourses due to easing oil price pressures also influenced the trading sentiments back home. Further, the US index futures too were showing an up-tick in screen trade. On the Dalal-Street, all the sectoral indices were trading in the green. Technology segment was leading the pack of gainers followed by information technology, consumer durables, banking and realty. Broader markets were also trading firm, midcap and small-cap indices were up 0.85% and 0.78%, respectively. The market breadth on the BSE was in favour of advances in the ratio of 1681:890 while 112 scrips unchanged.

The BSE Sensex surged 179.11 points or 0.98% at 18,401.78. The index touched a high and a low of 18,455.76 and 18,266.62, respectively.

The BSE Mid-cap and Small-cap indices added 0.85% and 0.78%, respectively.

All the sectoral indices were trading in the green. TECk up 1.59%, Information Technology (IT) up 1.57%, Consumer Durables (CD) up 1.18%, Bankex up 1.15% and Realty up 1.11% were the major gainers in BSE sectoral space. 

Meanwhile, auto major Tata Motors is planning to launch Tata Indica Vista EV, an electric car based on its largest-selling Indica platform, in the UK, Norway and Denmark soon. First showcased at the Geneva Motor Show last year, the Indica Vista EV has been in the pipeline for a while now.   

The electric motor of the Vista produces 75 bhp and can do a speed of 128 kph. The Vista EV can go 200 kms on a single charge and it takes 8 hours for the battery to recharge. Though cost of the car was an issue earlier, with Government announcing subsidies the final price tag might be lower than what was thought earlier i.e. Rs 5-6 lakh.

The company gave a sneak preview of the futuristic hybrid diesel plug-in technology with its Range-e concept that will debut in Land Rover vehicles sometime in 2013.

The top gainers on the Sensex were JP Associates up 3.04%, Rel Infra up 2.49%, ONGC up 2.31%, Bharti Airtel up 2.30% and Tata Motors up 2.28%.

Hero Honda down 1.20%, Maruti Suzuki down 0.56%, ITC down 0.17%, Hindalco Inds down 0.10% and L&T down 0.10% were the only losers on the index.

A court of enquiry has been set up by Air Force against Wing Commander A.K. Thakur in order to probe the case in which he took bribe from foreign aviation manufacturing companies to facilitate prominent static display of their aircraft during the recently concluded Aero-India 2011 exposition.

A.K. Thakur, a transport aircraft pilot who was among IAF officers deployed to oversee the arrangements at the airshow, was allegedly caught demanding and accepting Rs 20,000 from the French company officials for helping them display their aircraft prominently during the four-day held in Bangalore in mid-February.

The enquiry is being headed by a group captain rank officer. It would investigate whether Thakur had similarly received bribes from other companies at the show. Meanwhile, Thakur has confessed to his crime after being apprehended. A likely punishment would be a summary dismissal of the accused if the court of inquiry upheld the charges against him. 

The S&P CNX Nifty soared 46.35 points or 0.85% to 5509.50. The index touched a high and a low of 5526.15 and 5464.75, respectively. 

The top gainers on the Nifty were JP Associates up 3.28%, ONGC up 2.52%, Rel Infra up 2.44%, Tata Motors up 2.35% and Bharti Airtel up 2.28%.

Hero Honda down 1.53%, Cairn India down 1.36%, L&T down 0.54%, Dr Reddy's down 0.47% and GAIL down 0.46% were the major losers on the index.

Rest of the Asian markets were trading mostly higher in trade today at this point of time; Hang Seng increased 1.19%, KLSE Composite added 0.29%, Nikkei 225 advanced 0.19%, Straits Times gained 0.82%, Seoul Composite rose 0.81% and Taiwan Weighted soared 0.39%; while, Shanghai Composite declined 0.19% and Jakarta Composite trimmed 0.09%.

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