Markets trim all the losses; trades in green

Key benchmark equity indices have trimmed all the losses and are trading in the green on the back of positive global cues. While key Asian markets barring Taiwan Weighted, which was down by 0.03%, were trading in the green; the US index futures too were showing an up-tick in screen trade at this point of time. Back home, Realty sector has been the clear leader in boosting the local markets with a gain of more than one and half-a-percent. Information technology, metal and auto counters were also among the major gainers; while oil and gas segment is dragging after Empowered Group of Ministers (EGoM) meet over fuel price hike was postponed by a week. The broader indices are trading higher with BSE Mid cap and Small cap indices gaining 0.58% each. The market breadth on the BSE was in favour of advances in a ratio of 1441:925 while 118 scrips remained unchanged.

The BSE Sensex advanced 53.17 points or 0.29% at 18,565.94. The index has touched a high of 18,580.30 and a low of 18,454.93, respectively.

The BSE Mid cap and Small cap indices gained 0.58% each.

All the sectoral indices on the BSE with an exception of Oil & Gas, which was down by 0.37% were trading in the green. Realty up 1.62%, Information Technology (IT) up 1.07%, Metal up 1.02%, Auto up 0.93% and TECk up 0.84% were the major gainers in the BSE sectoral space.

The top gainers on the Sensex were Hero Honda up 3.88%, DLF up 2.16%, SBI up 1.52%, RCom up 1.43% and Tata Motors up 1.33%.

On the flip side, NTPC down 1.28%, Tata Power down 1.10%, ONGC down 0.90%, ICICI Bank down 0.46% and Bharti Airtel down 0.44% were the major losers on the index.

Meanwhile, India and New Zealand have concluded very successfully the two day talks on the roadmap to propel forward trade and economic relationship between the two nations and accelerate the process of Free Trade agreement (FTA) negotiations. Citing the below potential economic linkages between the two countries, Indian Minister of Commerce and Industry, Anand Sharma and his New Zealand counterpart jointly underscored the need to ramp up the two-way trade between the nations to $3 billion annually by 2014 from the existing $1.2 billion a year, with combined efforts and reduced trade barriers.

Both ministers have committed to an eight to ten months timetable for establishing the Comprehensive Economic Co-operation Agreement (CECA) in trade, investment and services which will be "much more than just a Free Trade Agreement." The Indian commerce minister, who is leading a FICCI business delegation in New Zealand, emphasized upon the trade complementarities in the agricultural sector and stressed upon deepening the relationship between the two countries in the services trade, bilateral investment, innovation and technology transfer. He invited co-operation in the fields of pharmaceuticals, engineering goods, textiles, spice trade and film making.

Sharma indicated that India's service sector constituted a major portion of GDP as well as exports and consequently India hoped that New Zealand would provide a growing market for India's IT enabled service sector. He mentioned that productivity in agriculture in India is still low and accordingly India was looking for technical solutions to enhance its productivity. Sharma noted that India welcomed investment in a broad range of sectors, including agri-processing, food processing, post-harvest technology transfer in refrigeration, cold chains, storage and logistics for minimizing post production losses. He specifically stressed that the Indian pharmaceutical industry has established itself in world markets for its high quality, at the same time ensuring availability of generics in a manner that makes health care more affordable for vulnerable sections of the world population.

India is experiencing a rapid economic growth of around 8% - 9% of each year, while New Zealand struggles to grow by as much as 2% annually. New Zealand's Trade Minister Tim Groser highlighted their nation's interests in enhancing the export of agricultural products, including dairy, horticulture and wine and industrial goods, over and above the traditional export of coking coal and wood from New Zealand to India. New Zealand also wants India to lower tariff barriers that add costs to export items like wool for carpet-making.

The S&P CNX Nifty added 12.75 points or 0.23% at 5554.  The index has touched a high and a low of 5561.90 and 5525, respectively.

The top gainers of the Nifty were Hero Honda up 4.32%, Ranbaxy up 4.05%, DLF up 2.14%, RCom up 1.38% and Jindal Steel up 1.36%.

On the flip side, NTPC down 1.44%, Ambuja Cement down 1.28%, IDFC down 1.19%, Tata Power down 1.11% and ONGC down 1.07% were the major losers on the index.

Rest of the Asian markets barring Taiwan Weighted, which was down by 0.03%, were trading in the green. Shanghai Composite increased 0.08%, Hang Seng advanced 0.08%, Jakarta Composite jumped 0.50%, KLSE Composite climbed 0.90%, Nikkei 225 soared 0.51%, Straits Times surged 0.54% and Seoul Composite zoomed 1.24%.

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