Indian stocks markets have come off a bit in the early afternoon trades after surging over a percent point and attaining session's top levels. The frontline indices which are currently trading above the psychological 5,300 and 17,700 levels seemed unperturbed by the weak food inflation numbers that were released by the commerce ministry an hour ago and surged higher as investors piled up hefty positions in the badly beaten down Oil and Gas counter. PSU oil marketing companies and oil upstream company ONCG made their presence felt by surging in the range of 1%-2.50% respectively. The bourses also got a boost after index heavyweight Reliance Industries made its presence felt after jumping over two percent points on the back of reports that it has made a natural gas discovery in the very first well drilled on its D9 block in the Krishna Godavari (KG) basin off the east coast of India. Buying interests were also evident in some the defensive FMCG names like ITC and HUL along with software and technology majors like Wipro, Infosys and TCS. However, some profit booking was seen in the defensive healthcare stocks like Cipla and Ranbaxy which gave up over a percent point in the noon trades. The somber opening of the European markets and the recent surge in international crude oil prices applied brakes to the rally in local markets and brought the benchmarks off the high point.
Back home, the broader markets continued to languish in the red terrain with marginal losses, underperforming their larger peers by a fat margin. The markets surged on weak volumes compared to yesterday. The market breadth on the BSE was in favor of declines in the ratio of 1146:1340 while 119 scrips remained unchanged.
The BSE Sensex is currently trading at 17,724.13 up by 173.50 points or 0.99% after trading as high as 17,754.55 and as low as 17,482.21. There were 24 stocks advancing against 6 declines on the index.
The broader indices were trading on a negative note; the BSE Mid cap and Small cap indices fell by 0.02% and 0.08% respectively.
On the BSE sectoral space, Oil & Gas up 1.94%, FMCG up 1.60%, IT up 0.84%, Teck up 0.78% and bankex up 0.57% were the major gainers, while Healthcare down 0.54% and Consumer Durables down 0.18% were the only losers on the index.
The top gainers on the Sensex were ITC up by 2.40%, ONGC up by 2.32%, RIL up by 2.06%, R Com up 1.94% and HUL up 1.41%.
On the flip side, Maruti Suzuki down by 1.49%, Cipla down by 1.44%, Bhel down by 0.76%, Bajaj Auto down by 0.51% and Hindalco down by 0.27% were the top losers on the index.
Food inflation numbers have ricocheted a week after showing some signs of moderation and have added to the pressure on Indian central bank. The inflation numbers remained higher than comfortable levels for a quite a long time now despite the hawkish stances by RBI, which has already raised key policy rates ten times since March last year.
According to the data released by Ministry of Commerce and Industry, the index for Food Articles group rose to 9.13 percent for the week-ended June 11, from 8.96 percent for the previous week due to higher prices of fish-marine (5%), milk (4%), tea and poultry chicken (3% each), jowar and egg (2% each) and moong, fish-inland and fruits & vegetables (1% each).
The index for primary articles group which has the highest weightage of 20.12% in WPI eased to 12.62 percent for the week from 12.86 for the previous week.
The index for 'Non-Food Articles' group eased to 18.43 percent from 20.20 percent for the previous week due to decline in the prices of raw cotton (9%), mesta and sunflower (4% each), raw jute (3%) and castor seed, linseed and fodder (1% each).
The index for Fuel & Power group which carries a weightage of 14.91%, and annual rate of inflation, calculated on point to point basis for this major group remained unchanged at their previous week's level of 159.9 and 12.84 percent for the week ended June 11 against the corresponding day last year.
The S&P CNX Nifty is currently trading at 5,319.10, higher by 40.80 points or 0.77% after trading as high as 5,330.60 and as low as 5,252.25. There were 34 stocks advancing against 16 declines on the index.
The top gainers of the Nifty were ONGC up by 2.68%, ITC up by 2.56%, Reliance up by 2.31%, BPCL up by 2.15% and R Com up by 2.05%.
Maruti down by 1.75%, Cipla down by 1.64%, Sun Pharma down by 1.46%, Sesa Goa down by 1.17% and Ranbaxy down 1.03% were the major losers on the index.
Asian markets are exhibiting mixed trends as Shanghai Composite surged 1.58%, Hang Seng added 0.06%, Jakarta Composite gained 0.12% and Straits Times amassed 0.24%.
On the flipside, KLSE Composite inched down 0.15%, Nikkei 225 eased 0.34%, Seoul Composite declined 0.39% and Taiwan Weighted decreased 0.62%.
The European markets have opened on a weak note as France's CAC 40 eased 0.63%, Germany's DAX shed 0.65% and London's FTSE fell 0.54%.
Unit-8, 3rd Floor, First Mall, The Mall, Ludhiana-141001, Punjab (INDIA).
| To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?TJzsLEwstCyc7OysHMyctEa0jAxMzEwc7Iw=  |
Posts
0 comments:
Post a Comment
Note: only a member of this blog may post a comment.