Indian equity indices have pared some of their early gains in the early noon session though are still trading up by over half a percent, hovering around the psychological 18,350 and 5,500 levels. Strong rally in the badly butchered rate sensitive counters like Banking and Automobile, has helped the frontline indices to shrug off the nine day declining streak and trade in the green terrain. The crash in international crude oil prices which plunged to their lowest level in more than a month along with a broad based sell-off in commodities gave some respite to local investors. However, the initial sanguinity seems to be easing a bit as hefty bouts of profit booking was witnessed in the ADA group stocks like R Infra, RCom, and Reliance Capital while selling also has intensified in FMCG major ITC and Metal heavyweights like Sterlite and Hindalco. Moreover, the domestic benchmarks have managed to buck the somber trend from the Asian counterparts but a mixed opening of European peers has weighed down the local sentiment to a little extent.
Meanwhile, the broader markets which reeled under heavy selling pressure in last few sessions are witnessing some buying interests though not inline to the gains of their larger peers. The midcap index has added 0.22% while the smallcap index is trading with 0.36% gains. The market breadth on the BSE was strongly in favor of advances in the ratio of 1518:1000 while 98 scrips remained unchanged.
The BSE Sensex advanced 133.94 points or 0.74% at 18,281.50. The index touched a high and a low of 18,480.93 and 18,281.50 respectively.
The BSE Mid-cap index gained 0.22% and Small-cap index climbed 0.36%.
On the BSE sectoral front, Bankex up 2.04%, Auto up 1.73%, Capital Goods up 1.01%, IT up 0.89% and Realty up 0.64% were the major gainers.
On the flipside, FMCG down 0.99% and Metal down 0.44% were the only laggards in the space.
The top gainers on the Sensex were ICICI Bank up 4.15%, M&M up 3.05%, Tata Motors up 2.91%, BHEL up 2.52% and DLF up 2.16%.
On the flip side Bharti Airtel down 3.17%, R Infra down 2.70%, Sterlite Industries down 1.76%, R Com down 1.46% and ITC down 1.18% were the major losers on the index.
Meanwhile, after evaluating the progress of various captive coal blocks, government has decided to revoke the allotment of 14 Coal blocks and 1 lignite captive coal block for slow implementation or non-implementation of mining projects. The Coal Ministry had issued show cause notices to 84 coal block allocatees and 4 lignite block allocattees last year for not developing the same within stipulated time and sought explanation as to why blocks should not be cancelled.
According to an official statement, the coal ministry panel under the Chairmanship of Special Secretary (Coal), based on the responses of the allocattees, recommended de-allocation of two coal blocks allotted to private companies, 12 coal blocks allotted to Government companies, five of which were allotted to state-run National Thermal Power Corporation (NTPC) and one lignite block allotted to a private company.
The five blocks that were earlier awarded to NTPC and stand deallocated as of now include Chatti Bariatu, Chatti Bariatu (S), Kerandari, Brahmani and Chichiro Patsimal. The committee has recommended no action against 20 coal blocks falling under 'No-Go-Area'/wild life corridor area as classified by the Ministry of Forest and Environment.
The blocks recommended for de-allocation with regards to government companies other than NTPC are -Gondulpara of Tenughat Vidyut Nigam Limited/Damodar Valley Corporation; Saria Khoyatand of Bihar Rajya Khanij Bikas Nigam Limited; Banhardih of Jharkhand State Electricity Board; Anesatta-palli, Punukula Chilka and Pengadappa of APGENCO and Saharpur jamar-pani of Damodar Valley Corporation. Two blocks allotted to private companies recommended for deallocation are Bhandak West of Shree Baidyanath Ayurved Limited and Warora West (N) of Bhatia International Limited. The Lignite block recommended for deallocation is Lunsara block allocated to V S Lignite.
The Committee has also recommended deduction of bank guarantee in case of 15 allocattees (private companies) for failing to achieve commencement of production as per the letter of allotment. The Committee has also recommended issue of warning to 29 coal block allocattees and three lignite block allocattees for bringing their blocks into production at the earliest.
The S&P CNX Nifty climbed by 57.80 points or 1.06% at 5,517.65. The index touched high and low of 5,535.50 and 5,477.55, respectively.
The top gainers on the Nifty were ICICI Bank up 4.05%, M&M up 3.25%, Tata Motors up 2.90%, Axis Bank up 2.71% and BHEL up 2.54%.
On the other hand, R Infra down 3.39%, Bharti Airtel down 3.16%, Reliance Capital down 2.14%, RCom down 2.08% and Sesa Goa down 1.89% were the major losers on the index.
On the Asian front Shanghai Composite shed 0.25%, Hang Seng fell 0.48%, Jakarta Composite declined 0.43%, KLSE Composite slipped 0.46% and Straits Times sank 0.53%, Seoul Composite receded 1.52% and Taiwan Weighted wilted 0.46%.
The European markets have opened a mixed note as the France's CAC 40 fell 0.15%, Germany's DAX rose 0.36% and London's FTSE 100 added 0.12%
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