Indian stock markets continue to witness hefty short positions being covered in the afternoon session, a day after marketmen piled up hefty short positions amid the India Mauritius Tax Treaty re-negotiation buzz. Huge buying interests were seen in badly butchered Oil and Gas counter as heavyweight Reliance Industries surged by almost two percent after the recent seven straight session downtrend while the rate sensitive Banking pocket too remained amid the thick of things as majors like HDFC Bank and SBI soared in the session. However, investors did not seem very comfortable holding high beta real estate stocks which traded only with single digit gains. The steady frontline indices are holding on to the psychological 5,300 and 17,700 levels also supported by sanguine leads from markets across the globe. The European markets have got off to a smart opening as concerns about a potential Greek debt default eased and the Asian markets too are exhibiting encouraging trends.
Back home, the broader markets also have recuperated some of the hefty losses incurred on Monday but are underperforming their larger peers by quite a margin. The markets rose on lower volumes compared to yesterday. The market breadth on the BSE was in favor of advances in the ratio of 1446:1011 while 122 scrips remained unchanged.
The BSE Sensex is currently trading at 17,704.63 down by 198 points or 1.13% after trading as high as 17,705.96 and as low as 17,504.27. There were 24 stocks advancing against 6 declines on the index.
The broader indices were trading on a positive note; the BSE Mid cap and Small cap indices advanced by 0.76% and 0.57% respectively.
On the BSE sectoral space, Oil & Gas up 1.48%, Bankex up 1.45%, Metal up 1.30%, FMCG up 1.01% and Auto up 0.89% were the major gainers, while there were no losers on the index.
The top gainers on the Sensex were Hindalco up by 2.38%, R Com up by 2.28%, RIL up by 2.17%, HDFC up 2.05% and Bharti Airtel up 1.98%.
On the flip side, JP Associates down by 1.33%, Wipro down by 1.17%, BHEL down by 0.78%, Cipla down by 0.54% and DLF down by 0.46% were the top losers on the index.
The Consumer Price Index (CPI) stood at 107 points in May 2011, higher by 7% as compared to the base of 100 in 2010 and marginally up by 0.1% from the month of April. According to the data released by the Central Statistics Office, the CPI for rural areas increased by 9% in May, whereas, CPI for urban areas too was higher by 5%. Inflation based on the Consumer Price Index for Agricultural Labourers (CPI-AL) and the Consumer Price Index for Rural Labourers (CPI-RL) stood at 9.63% in May against 9.11% in April. On point-by-point basis, both the indices, CPI-AL and CPI-RL, reported a marginal rise during May.
The CPI measures in index from the monthly changes in the cost of purchasing a fixed representative 'basket' of consumer goods and services. To monitor the price movement government has selected 1,181 villages and 310 towns to collect the data, from all the states and union territories. The new consumer price index was introduced to reflect the real moment of prices at the micro-level and help policymakers like planning commission and RBI in better decision formulation. The CPI have been released for five major groups i.e. food, beverages and tobacco; fuel and light; housing; clothing, bedding and footwear; and miscellaneous items.
The rise in the CPI for the month of May was mainly due to rise in prices of select food items like milk, tobacco, fuel and clothing. At the all-India level, the index for milk rose by 1.8% to 112 points in May against April, indices for pan, tobacco and intoxicants went up by 1.75% in May, while oil and fats were up marginally. However, prices of vegetables fell by 1% in May as compared to April.
Indices for fuel and light was up by 1.85% in May vis-à-vis April to 110 points, indices for Clothing, bedding and footwear increased by 1.78% in May in comparison with April to 114 points and Miscellaneous items increased by 0.94% in May vis-à-vis April to 107 points. The CPI for miscellaneous items was pegged at 107 points on a countrywide basis in May, up marginally from 106 in April.
The S&P CNX Nifty is currently trading at 5,319.25, higher by 61.35 points or 1.17% after trading as high as 5,320.25 and as low as 5,257.00. There were 41 stocks advancing against 9 declines on the index.
The top gainers of the Nifty were IDFC up by 3.39%, Ambuja Cement up by 2.63%, Axis Bank up by 2.43%, HDFC up by 2.36% and Reliance up by 2.35%.
HCL Tech down by 1.75%, JP Associates down by 1.33%, Wipro down by 0.97%, BPCL down by 0.94% and BHEL down 0.67% were the major losers on the index.
All Asian markets have shunned their recent somber run and have bounced back in the session as Shanghai Composite climbed 0.74%, Hang Seng surged 1%, Jakarta Composite soared 1.10%, KLSE Composite added 0.03%, Nikkei 225 jumped 1.13%, Straits Times amassed 1.01% and Seoul Composite accumulated 1.41% and Taiwan Weighted advanced 0.78%.
The European markets have opened on a positive note as France's CAC 40 rose 0.67%, Germany's DAX added 0.65% and London's FTSE gained 0.51%.
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