The markets continue to trade in the negative territory on the back of disappointing Infosys results. Also, the WPI based inflation for the month of March 2011, which has come to 8.98% compared with 8.31% in the previous month is weighing on the sentiments. Rest of the Asian markets are also trading in the red after China reported that inflation increased faster than estimated, increasing speculation that the government will need to do more to contain growth. Nuclear crisis in Japan also weighed on the sentiments of the investors across the globe. US index futures too were trading in the red at this point of time. Back home, on the sectoral front, information technology, oil & gas, power and fast moving consumer goods segments are the major laggards, dragging the markets into the red; while capital goods, auto, banking, consumer durables and metal counters are the only gaining sectors in the BSE sectoral space. However, the broader markets are holding their neck in the green; the BSE mid cap and small cap indices rose 0.30% and 0.44% respectively. The market breadth on the BSE remained in favour of advances in the ratio of 1364:1176 while 118 scrips remained unchanged.
The BSE Sensex dropped 171.85 points or 0.87% at 19,525.01. The index has touched a high of 19,700.96 and a low of 19,474.35 respectively.
The BSE Mid cap and Small cap indices rose 0.30% and 0.44% respectively.
The top losers on the BSE sectoral indices were Information Technology (IT) down 5.18%, TECk down 3.77%, Oil & Gas down 1.03%, Power down 0.61% and Fast Moving Consumer Goods (FMCG) down 0.42%.
On the flip side, Capital Goods up 0.59%, Auto up 0.56%, Bankex up 0.43%, Consumer Durables (CD) up 0.41% and Metal up 0.05% were the only gainers in the BSE sectoral indices.
The top gainers on the Sensex were JP Associates up 3.26%, Hero Honda up 3.03%, L&T up 1.68%, Hindalco Inds up 1.55% and Bharti Airtel up 1.42%.
On the flip side, Infosys down 7.50%, Wipro down 4.27%, TCS down 1.99%, ONGC down 1.68% and NTPC down 1.60% were the major losers on the index.
The Indian government on Thursday indicated that while the formation of the competition commission of India (CCI) was aimed at ensuring ethical business play and controlling monopolies and restrictive trade practices, it will take care of legitimate concerns of India Inc on road blocks to mergers and acquisition (M&A). Corporate affairs minister Murli Deora said in this connection that government was aware of concerns expressed by the industry and will ensure that competition rules do not lead to unnecessary red tape. He explicitly stated that final rules for M&A could include a minimum threshold for reporting buying of assets including shares by firms, a proposal that has seen strong backing by forms across various industries.
Deora has also convened a meeting with industry leaders on 25th April at Mumbai to ensure that concerns of the corporate world are accommodated while framing competition rules. The meeting has been called after he had discussion with corporate affairs secretary D K Mittal and Chairman of CCI Dhanendra Kumar on concerns raised by the India Inc on regulations of merger and acquisition by the Commission. The minister assured that there would be no disruption in the activities of corporate India when the new norms kick in at the start of June.
He also assured that there will be wide consultations with India Inc through proposed interactive meetings at Mumbai, Bangaluru, Ahmedabad, Hyderabad, Chennai, Kolkata and Delhi and his ministry will ensure a smooth transition from 1st June, 2011 regarding regulation of merger and acquisition in the country. The move, according to analysts, will make India at par with other economies including China and Brazil where such regulations have already come into force.
The S&P CNX Nifty dipped 46.20 points or 0.78% at 5865.30. The index has touched a high and a low of 5907.35 and 5847.20 respectively.
The top gainers of the Nifty were JP Associates up 3.41%, Hero Honda up 3.28%, Hindalco Inds up 1.62%, L&T up 1.45% and Bharti Airtel up 1.39%.
On the flip side, Infosys down 7.58%, Siemens down 5.19%, Wipro down 3.95%, HCL Tech down 2.48% and ONGC down 1.87% were the major losers on the index.
Rest of the Asian markets except Jakarta Composite, which was up by 0.05%, were trading in the red. Shanghai Composite dipped 0.23%, Hang Seng dropped 0.08%, KLSE Composite tumbled 0.32%, Nikkei 225 plunged 0.56%, Straits Times declined 0.25%, Seoul Composite slipped 0.18% and Taiwan Weighted plummeted 0.96%.
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