Indian frontline equity indices are trading in the green terrain with gains of around a quarter percent as investors piled up positions not only in heavyweight stocks but in the broader markets as well. The benchmarks are hovering comfortably over the psychological 5,550 and 18,550 levels as surge in capital goods and power heavyweights like L&T and NTPC is preventing markets from slipping below the neutral line. However, the high beta Realty index languished at the bottom of the table with 1.03% losses a session after spurting by 2.53%, as real estate major DLF got dragged by 2.12%. While index heavyweight Reliance Industries too failed to make its presence felt as it declined by over half a percent. Leads from markets across the globe remained uninspiring as the Asian equity indices exhibited mixed trends while the European counterparts too got off to a sedate opening, limiting the upside chances for the local bourses. Meanwhile reports from the Ministry of Commerce opined that India's April trade deficit narrowed to $8.98 billion from $11.03 billion in the same period a year earlier, however, the trade deficit rose (month on month) to $8.98 billion in April from $5.6 billion in March.
Back home, the broader markets showed a better performance than their larger peers as the midcap index advanced by 0.59% and the smallcap index climbed 0.80% points. The market breadth on the BSE was in favor of advances in the ratio of 1619:938 while 111 scrips remained unchanged.
The BSE Sensex rose by 57.99 points or 0.31% at 18,561.27. The index touched a high and a low of 18,636.12 and 18,514.66 respectively.
The BSE Mid-cap index advanced 0.59% and Small-cap index climbed 0.80%.
On the BSE sectoral front, Capital Goods up 1.01%, PSU up 0.85%, Power up 0.65%, Teck up 0.63% and IT up 0.43% remained the major gainers.
While, Realty down 1.03%, Consumer Durables down 0.72%, Healthcare down 0.58%, Oil & Gas down 0.23% and FMCG down 0.01% were the only laggards in the BSE sectoral space. The top gainers on the Sensex were NTPC up 2.57%, RCom up 2.01%, Bharti Airtel up 1.87%, L&T up 1.70% and SBI up 1.40%.
On the flip side DLF down 2.12%, Tata Motors down 0.96%, ICICI Bank down 0.89%, Tata Steel down 0.73% and RIL down 0.60% were the major losers on the index.
Indian economic expansion slowed in the January-March quarter mainly on account of weak performance by mining and quarrying, manufacturing, contraction and trade, hotels, transport, and communication. However, for the fiscal year ending March 2011, the gross domestic product (GDP) maintained a robust growth rate, reassuring policy makers that the economy is in good shape despite sustained monetary tightening over the past year.
According to the data released by Central Statistics Office (CSO), India's GDP at factor cost at constant (2004-05) prices for the full fiscal year ended March 31 showed a growth rate of 8.5% over the 8% GDP growth for the year 2009-10. While the quarterly estimates of GDP for the fourth quarter showed a growth rate of 7.8% against 9.4% year-on-year and 8.3% quarter on quarter.
On sectoral basis, farm sector recorded smart growth of 7.5% against 1.1% registered in the same period a year ago, boosted by a good winter harvest, but manufacturing growth figures disappointed as they came in at 5.5% in the three months through March from a year earlier, compared with a 6% gain in the previous quarter and 15.2% year-on-year. The manufacturing activity has been slowed by nine interest rate hikes in the past 15 months to tackle the rampant inflation.
Nonetheless, the GDP figures reflect the resilience of Asia's third-largest economy which has expanded at a swift pace despite the odds that emerged not only from the domestic macro-economic front but also from the global front including turbulences like civil upheaval in the Middle East and North African nations and the Euro-zone debt crisis. Continued domestic demand on the back of rising income levels helped the Indian economy to clock the robust growth, second only to neighboring China among major economies. But the steady growth is expected to give the Reserve Bank of India more confidence to continue raising interest rates to rein in uncomfortably high inflation. The S&P CNX Nifty amassed 14.50 points or 0.26% at 5,574.65. The index touched high and low of 5,595.75 and 5,559.45 respectively.
The top gainers on the Nifty were NTPC up 3.18%, SAIL up 3.13%, Ambuja Cement up 2.52%, R Com up 2.07% and Bharti Airtel up 1.98%.
On the other hand, Ranbaxy down 2.51%, DLF down 2.24%, Sun Pharma down 1.56%, Tata Motors down 1.19% and IDFC down 1.05% were the major losers on the index.
On the Asian front, Shanghai Composite slipped by 0.02%, Hang Seng eased 0.29%, KLSE Composite declined 0.15% and Seoul Composite inched down 0.05%.
On the flipside, Jakarta Composite added 0.27%, Nikkei 225 gained 0.27%, Straits Times climbed 0.57%, and Taiwan Weighted surged 0.82%.
The European markets have opened a flat note with a negative bias as the France's CAC 40 eased 0.05%, Germany's DAX added 0.10% and London's FTSE shed 0.10%.
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/?TJzsLEwstCyc7OysHMyctEa0jAwMTOxs7Iw=  |
Posts
0 comments:
Post a Comment
Note: only a member of this blog may post a comment.