Indian equity indices have sustained the uptrend in the Wednesday afternoon session as the resilient benchmarks are showing no signs of capitulation despite accumulating over 1,100 (Sensex) and 300 (Nifty) points in last five session of trade. The benchmarks are looking set to snap the June series futures and options contracts on a positive note after registering losses in the two previous series. The encouraging food inflation numbers have buoyed domestic sentiments and helped the key indices to float comfortable above the psychological 18,750 and 5,600 levels. While positive opening of European markets along with sanguine leads from the Asian counterparts have done their bit to support domestic investors' conviction. Optimism was spurred after the Greek Parliament's approval of the austerity plan ahead of a second vote for the implementation of the measures scheduled later in the day. Local sentiments also remained positive as FIIs have turned net buyers since Thursday, indicating that interest of foreign funds are not fading any time soon. Heavy buying was witnessed in the defensive FMCG, High beta - Realty and rate sensitive Banking names while profit booking was evident in few Healthcare, Technology and Automobile stocks.
Moreover, the broader markets too traded on a positive note, in tandem with their larger peers in the afternoon session. The market breadth on BSE was in favor of advances in the ratio of 1427:1164 while 134 scrips remained unchanged.
The BSE Sensex is currently trading at 18,763.86 up by 70 points or 0.37% after trading as high as 18,823.06 and as low as 18,723.72. There were 22 stocks advancing against 8 declines on the index.
The broader indices were trading on a positive note; the BSE Mid cap and Small cap indices advanced by 0.24% and 0.44% respectively.
On the BSE sectoral space, Consumer Durables up 1.60%, FMCG up 0.87%, Realty up 0.73%, Bankex up 0.60% and Metal up 0.46% were the major gainers, while Healthcare down 0.36%, Teck down 0.32%, Auto down 0.16% and Power down 0.1% were the only losers on the index.
The top gainers on the Sensex were JP Associates up by 3.21%, HUL up by 2.27%, SBI up by 1.72%, Jindal Steel up 1.39% and Hero Honda up 1.17%.
On the flip side, Bharti Airtel down by 2.06%, Cipla down by 1.40%, ONGC down 1.33%, Wipro down 1.07% and Tata Motors down 1.04% were the major losers on the index.
Meanwhile, the food inflation numbers have shown some signs of cooling in the week ended June 18 and has drifted below the 8% levels, a week after convalescing over 9% levels. However, the Fuel & Power group index edged higher after remaining at unchanged levels in the week ended June 11. Though the inflation numbers continue to hover above the Reserve Bank of India's comfort levels, it is expected to shoot up further to double digits as the government in its recent move, to trim down the under recoveries of oil companies hiked prices of petroleum products.
According to the data released by Ministry of Commerce and Industry, the index for Food Articles group rose to 7.78 percent for the week-ended June 18, from 9.13 percent for the previous week due to lower prices of poultry chicken (4%), masur (3%), tea, condiments & spices and jowar (2% each) and arhar, mutton and fish-inland (1% each).
The index for primary articles group which has the highest weightage of 20.12% in WPI cooled to 11.84 percent for the week from 12.62 for the previous week.
The index for 'Non-Food Articles' group eased to 17.91 percent from 18.43 percent for the previous week due to lower prices of flowers and raw cotton (3% each), cotton seed (2%) and raw jute, soyabean and raw silk (1% each).
The index for Fuel & Power group which carries a weightage of 14.91%, rose to 12.98 percent for the week against 12.84 recorded in the previous week due to higher prices of aviation turbine fuel (3%), naphtha (2%) and furnace oil (1%).
The S&P CNX Nifty is currently trading at 5,617.75, higher by 17.30 points or 0.31% after trading as high as 5,637.45 and as low as 5,606.55. There were 28 stocks advancing against 22 declines on the index.
The top gainers of the Nifty were JP Associates up by 3.40%, SAIL up by 2.16%, HUL up by 2.15%, Cairn up by 1.90% and SBI up by 1.89%.
Bharti Airtel down by 2.10%, Ranbaxy down by 2.04%, ONGC down by 1.81%, Cipla down by 1.52% and Sesa Goa down 1.24% were the major losers on the index.
Asian markets are exhibiting positive trends as Shanghai Composite surged 1.07%, Hang Seng soared 1.45%, Jakarta Composite jumped 1.27%, Nikkei 225 added 0.19%, Straits Times increased 1.06%, Seoul Composite advanced 0.30% and Taiwan Weighted climbed 0.92%.
On the flipside, KLSE Composite eased 0.01%.
The European markets have opened on an optimistic note as France's CAC 40 added 0.51%, Germany's DAX advance 0.31% and London's FTSE rose 0.45%
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