Benchmark equity indices continue to trade higher on the back of positive global cues. While other key Asian markets were mostly trading in the green; the US index futures too were trading in the positive territory. Back home, on the sectoral front, while banking, realty, oil & gas, PSU and healthcare stocks garnered the interest of the investors, stocks from the auto and consumer durables sectors were at the receiving end. Broader markets have also extended their gains in the afternoon trade with BSE mid-cap and small-cap indices gaining around 0.94% and 0.78%, respectively. The market breadth on the BSE was in favour of advances in the ratio of 1558:830 while 99 scrips remained unchanged. On the earnings front, shares of Tata Motors are under pressure after its Q4 results failed to impress investors. The company's net profit for the year ended March 31, 2011 has dropped by 19.11% to Rs 1811.82 crore as compared to Rs 2240.08 crore for the year ended March 31, 2010. Further, Hindalco Inds is up after its subsidiary -- Novelis announced robust earnings. Meanwhile, Reliance Infrastructure and Reliance Power's shares are trading firm ahead of Q4 results.
The BSE Sensex climbed 170.61 points or 0.95% at 18,215.25. The index has touched a high of 18,225.88 and a low of 18,087.16, respectively.
The BSE Mid cap and Small-cap indices gained 0.94% and 0.78%, respectively.
The top gainers in the BSE sectoral space were Bankex up 1.86%, Realty up 1.49%, Oil & Gas up 1.22%, PSU up 0.86% and Healthcare (HC) up 0.85%; while Auto down 1.04% and Consumer Durables (CD) down 0.78% were the only losers in the BSE sectoral space.
The top gainers on the Sensex were Hindalco Inds up 3.88%, ICICI Bank up 3.45%, DLF up 2.45%, RCom up 2.42% and JP Associates up 2.39%.
On the flip side, Tata Motors down 5.86%, Hero Honda down 1.09%, HUL down 1%, Tata Steel down 0.77% and Maruti Suzuki down 0.46% were the major losers on the index.
Meanwhile, the government has decided to extend the deadline for sugar mills to apply for permits to export sugar under the open general license scheme (OGL) by 15 days. Hence, for those mills exporting their own sugar, the new deadline will be June 2 for applying for permit to Food Ministry; while deadlines for factories sourcing sugar from third party is June 17. Earlier, for mills exporting their own sugar, the food ministry had set the May 18 deadline and for factories sourcing sugar from third party, the deadline was June 2. However, the government has decided not to give any further extensions on this front.
Meanwhile, the Food Ministry on April 19 had notified exports of 5 lakh tonne of sugar under Open General License (OGL), out of which 51,500 tonne were reserved for neighboring countries and the quota of 4,48,500 tonne was allocated to mills based on the average production for three years. The permission was given to 83 mills.
The government had come to the decision of allowing sugar exports under OGL as the domestic sugar production is expected to outstrip demand after a gap of two years. Further, the retail prices of sugar have also declined sharply in the national capital to Rs 30-32 per kg from nearly Rs 50 per kg in January last year.
The sugar production of India - the world's second largest producer after Brazil is estimated to rise to 24.5 million tonne (MT) in the 2010-11 sugar year (October-September) from 19 MT in the previous year; while the country's annual demand is pegged at 22 MT.
The S&P CNX Nifty jumped 47.20 points or 0.87% at 5459.55. The index has touched a high and a low of 5462.90 and 5413.60, respectively.
The top gainers on the Nifty were RPower up 4%, Hindalco Inds up 3.91%, ICICI Bank up 3.59%, IDFC up 3.18% and RCom up 2.93%.
On the flip side, Tata Motors down 5.85%, Gail down 1.78%, Ambuja Cement down 1.70%, HUL down 1.70% and Hero Honda down 1.69% were the major losers on the index.
Rest of the Asian markets were mostly trading in the green. Hang Seng soared 0.71%, Jakarta Composite jumped 0.21%, KLSE Composite advanced 0.49%, Straits Times climbed 0.83%, Seoul Composite rose 0.38% and Taiwan Weighted added 0.25%; while Shanghai Composite declined 0.51% and Nikkei 225 dipped 0.31%.
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