Local equity market after giving away most of early morning gains have now turned choppy and are currently trading with negative bias after eight days of winning streak. Despite positive cues in domestic market like easing food inflation and hopes of strong fourth quarter earnings by corporate, global concerns seem weighing on the equity markets. High oil prices are cause for concern amid persistent turmoil in the MENA. While, the debt issues of peripheral eurozone amidst the reports that Japan may take a while to recover from the March triple whammy seem spilling negative impact over mind of local investor's after the key indices marched ahead triumphantly over the last eight days since the FIIs indulged in persistent buying especially in the latter half of March. On the global front, Asian markets are trading strength to strength, while, US future indices were showcasing mixed trend in the screen trade.
Back home, on the sectoral front losses from stocks from Banking, Information Technology (IT) and TECk counters negated the affect of positive trading stocks from Realty, Metal and Power counters. However, broader indices bucking the trend are out performing their larger peers. The overall market breadth still remains in the favour of advances which are presently outnumbering declines in the ratio of 1446:718, while, 97 shares remained unchanged.
The BSE Sensex is currently trading at 19,437.69, down by 7.53 points or 0.04%. The index has touched a high of 19,562.55 and a low of 19,409.83 respectively. There were 19 stocks advancing against 11 declines on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices surged 0.60% and 0.88% respectively.
The top gaining sectoral indices on the BSE were, Realty up by 1.05%, Metal up by 0.80%, Power up by 0.64%, Capital Goods (CG) up by 0.58% and Fast Moving Consumer Goods (FMCG) up by 0.53%. While Bankex down by 1.19%, Information Technology (IT) down by 0.38%,TECk down by 0.35% and Public Sector Undertaking (PSU) down by 0.18% were the only losers on the index.
The top gainers on the Sensex were Reliance Communication up by 2.88%, BHEL up by 2.09%, Reliance Infra up by 2.06%, Hero Honda up by 1.82% and Hindalco Industries up by 1.65%.
On the flip side, SBI down by 1.56%, ICICI Bank down by 1.42 %, Wipro down by 1.33%, NTPC down by 1.01% and Bharti Airtel down by 0.81% were the top losers on the index.
Meanwhile, India's garment exports have finally started to show some consistent growth after being doldrums throughout the first half of last financial year. Total garment exports from the country registered a growth of 24% to $1.1 billion in the month of February 2011, showed the data compiled by the Apparel Export Promotion Council of India (AEPC) on Thursday.
In the month of February 2011, India's overall apparel exports totaled $938 million. Further, the figure seen in the Feb 2011 month was the highest absolute amount of exports in the last fiscal so far. According to the AEPC, growth has improved in recent months owing to increase in demand from the developed world, particularly the US and European Union.
Looking at the exports to US alone, Indian companies shipped apparels worth $302 million against to the largest economy in the world as compared with $248 million in Jan 2010. Similarly, India's exports to the European Union have also increased by nearly 3%. The US and Europe together accounts for about 65% of India's total garment exports.
On a cumulative basis however, the performance of garment industry continues to remain week due to decline in exports seen in the first half of the fiscal. Over the April-February 2011 period, India's apparel exports have grown at a much slower pace of 2% to $9.8 billion against the same period last year. While overall shipments from the country started to increase by end of 2009, textile exports on started recovery by middle of last calendar year.
The S&P CNX Nifty is currently trading at 5,826.35, lower by 7.40 points or 0.13%. The index has touched a high of 5,860.20 and a low of 5,816.15 respectively. There were 28 stocks advancing against 22 declines on the index.
The top gainers of the Nifty were Reliance Capital up by 3.73%, Reliance Communication up by 3.11%, Ranbaxy up by 2.33%, BHEL up by 2.04% and Sesa Goa up by 1.84%.
PNB down by 2.35%,Wipro down by 1.80%, HCL Technologies down by 1.78%, BPCL down by 1.69% and ICICI Bank down by 1.60%, were the major losers on the index.
Most of the Asian peers were trading in the green. Shanghai Composite was up 0.24%, Hang Seng was up 0.16%, Jakarta Composite was up 0.78%, KLSE Composite was up 0.25%, Nikkei 225 was up 0.04%, Straits Times was up 0.28%, and Seoul Composite was up 0.34%.
On the Flip side, Taiwan Weighted down by 0.15% was the lone looser in the Asian pack.
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