Similar to previous session's trading pattern, the local bourses, after rising at the onset of trading session have again slipped in negative territory, though the 30 share benchmark index on Bombay Stock Exchange (BSE), Sensex has managed to hold onto its slender gains the widely followed benchmark index on National Stocks Exchange (NSE), Nifty has slipped into the red zone. Meanwhile, the broader indices for the fourth consecutive session are trading buoyant, least bothered by the movements of their larger counterparts. Earlier, the key benchmark indices stroke three-month highs on the back of fresh buying by funds and retail investors despite lacklustre global cues as the Dow closed flat overnight, however, positively trading Asian peers lent some support to the domestic bourses. The Asian indices were mostly positive despite the rate hike by China; in fact, Chinese stocks also rose after a slow start on expectation that the PBOC may not aggressively raise rates after Tuesday's move. However, later with the mood turning somber over the concerns of consistently high crude oil prices led the wary investor's to book out profits as Inflation remains the biggest challenge for equities across the globe, especially in Emerging markets like India with Brent crude hovering around the $120 a barrel mark.
Back on Dalal Street, Stocks from TECk and Banking counters are curtailing the gains of the local bourses, while stocks from Realty, Consumer Durables and Power space together are struggling to keep the momentum on the positive end. The overall market breadth remains in the favour of advances which has outnumbered declines in the ratio of 1743:640, while, 76 shares remained unchanged
The BSE Sensex is currently trading at 19,728.85, up by 42.03 points or 0.21 %. The index has touched a high of 19,811.14 and a low of 19,698.61 respectively. There were 23 stocks advancing against 7 declines on the index.
The broader indices continue to outperform; the BSE Mid cap and Small cap indices surged 0.69% and 1.09% respectively.
The top gaining sectoral indices on the BSE were, Realty up 1.20%, Consumer Durables (CD) up 0.99%, Power up 0.77%, Auto up by 0.75% and Oil & Gas up 0.62%. While, TECk down 0.17%, Bankex down 0.13% were the only losers on the index.
Auto stocks are in demand on reports that auto firms had raised vehicle prices or are considering doing so to partly offset a surge in the cost of raw materials such as steel, aluminum and natural rubber. This is the second price increase by auto makers since January 2011 as costlier raw materials dented their margins.
The top gainers on the Sensex were Reliance Communication up 1.88%, Hindalco Inds up 1.76%, BHEL up 1.57%, Sterlite Inds up 1.07% and Cipla up 0.85%.
Tata Power down 1.29%, Infosys down 0.91%, Bajaj Auto down 0.90%, M&M down 0.69% and JIndalo Steel down by 0.58%, were the major losers on the index.
Meanwhile, India's power sector has seen an addition of a record 15,795 megawatt of generation capacity in the financial year 2010-11, the highest in any one year so far. The country though still continues to face significant shortage in supply-demand of power bridging the same and would require further pick up in pace of capacity addition.
Union Power Minister Sushil Kumar Shinde said on Tuesday that while 12,160 MW of the capacity added in FY11 had already been commissioned, the remainder would start producing power in the next two to six weeks. Expressing satisfaction over performance in terms of capacity addition he added that capacity will have to be added at a faster pace in future. In the fiscal 2009-10, only 9,585 MW of capacity was added.
In the current financial year, the power ministry plans to add more than 28,000 MW of electricity generation capacity. "Over 28,000 MW of power projects are under construction and would be commissioned by March, 2012," Shinde said, adding that the capacity addition would be from all sources of energy - coal, hydro, gas, etc. The highest contribution of 75% would come from coal fired projects while hydro and gas based projects would together contribute the remaining 25%.
In the ongoing Five Year Plan ending March 2012, the power ministry has so far been able to add 34,462 MW. The target for the capacity addition during the Plan was initially set at 78,000 MW but was later lowered by the Planning Commission to 62,000 MW in view of slow speed of commissioning of projects. However, even to achieve the downwardly revised target, the country will need to add at least 28,000 MW in 2011-12, nearly double the record capacity addition seen in last fiscal.
The S&P CNX Nifty is currently trading at 5,895.65, down by 14.40 points or 0.24%. The index has touched a high of 5,944.45 and a low of 5,893.65 respectively. There were 23 stocks advancing against just 27 declines on the index.
The top gainers of the Nifty were Sesa Goa up by 3.18%, Grasim up by 1.62%, IDFC up by 1.50%, BPCL up 1.38%, and GAIL up by 1.35%.
The top losers of the index were Ranbaxy down 1.58%, HDFC Bank down 1.45%, Bharti Airtel down 1.44%, Hindalco Industries down 1.16% and SAIL was down by 1.11%.
Most of the Asian equity indices were trading in the green; Shanghai Composite gained 0.81%, Hang Seng added 0.53%, Jakarta Composite rose 0.26%, Nikkei 225 increased 0.19%, Straits Times was up by 0.31%, Seoul Composite inched up by 0.08% and Taiwan Weighted surged 1.72%.
On the flip side, KLSE Composite was down by 0.15%.
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