Indian equity markets have given up their early gains and are now trading lower by about a quarter percent. The last three day's rally mood fizzled out and profit booking has emerged at the higher levels. Though the broader indices are still trading in green but they too have come off the highs of the day. Bluechips, which have propelled the rally in last few sessions, have taken the back seat today and the investors are opting to take some profit off the table. Realty sector that was the laggard in last session don't seem getting any respite even today and is once again at the bottom of the sectoral table. Oil & gas sector too is witnessing profit booking after the sharp upmove in previous session on the back of the recent hike in fuel prices. One of the heavy weight Cairn India is in somber mood after its parent company, Cairn Energy Plc has said it will forego Rs 50 per share non-compete fees to push through the sale of majority stake in Indian subsidiary to Vedanta.
The BSE Sensex is currently trading at 18,342.18, down by 70.23 points or 0.38%. The index has touched a high and low of 18,527.45 and 18,339.13 respectively. There were 12 stocks advancing against 18 declines on the index.
The broader indices too are outperforming the benchmarks in mid morning session; the BSE Mid cap and Small cap indices were up by 0.27% and 0.12% respectively. The market breadth was still holding in green with 48.69% stocks advancing against 45.68% declines.
The top gaining sectoral indices on the BSE were HC up by 0.60%, CD up by 0.14%, Power up by 0.10%, Metal and CG were up by 0.07%, while Realty down by 1.04%, oil & gas down by 1%, IT down by 0.76%, FMCG down by 0.64% and TECk down by 0.39% were the top losers.
The top gainer on the Sensex were Sterlite Inds up by 1.43%, Bajaj Auto up by 0.94%, RCom up by 0.85%, Bharti Airtel up by 0.82% and HDFC was up by 0.72%.
On the other hand, Jaiprakash Associates down by 2.62%, DLF down by 2.19%, Wipro down by 1.91%, ITC down by 1.39% and TCS down by 0.93% were the major losers on the Sensex.
The Foreign Investment Promotion Board (FIBP) is scheduled to meet next week, to consider 55 FDI (Foreign Direct Investment) from Information Technology, Broadcasting and Telecom sector. FIPB being headed by R Gopalan, Secretary Department of Economic Affairs was originally scheduled to meet on 24 June, but the meeting has been postponed to July 6.
The applications for FDI in telecom sector include Vodafone Essar, Cordia International Crop, USA, Essar Holding (India), Mumbai, along with others, while request for FDI in information technology and in broadcasting sector are 8 FDI applications including Dish TV India and Walt Disney Company India.
In the next week's meeting FIPB will also consider the application of Paris based BNP Paribas, the decision on which was delayed in the last meeting, held on May 20. In the last meeting, FIPB has approved 16 FDI applications worth around Rs 923.55 crore, including L&T Finance Holding and Star News Broadcasting Ltd.
Even though, Indian has been liberalizing its FDI policy, the inflow slowed in the first 4 months of 2011.The FDI inflows were reduced by 10% to around Rs 29,189 from Rs 32,535 crore in the same period of last year.
The S&P CNX Nifty is currently trading at 5,508.30, down by 18.30 points or 0.33%. The index has touched a high and low of 5,558.30 and 5,507.70 respectively. There were 16 stocks advancing against 32 declines, while 2 stock remained unchanged on the index.
The top gainers of the Nifty Dr. Reddy's up by 1.94%, Sterlite Inds up by 1.27%, Reliance Capital up by 1.06%, Bharti Airtel up by 0.88% and HDFC was up by 0.78%.
On the other hand, JP Associates down by 2.81%, DLF down by 2.28%, Wipro down by 2.02%, IDFC down by 25 and BPCL down by 1.87% were the top losers.
Asian markets too have lost their momentum and along with Shanghai Composite few others too are now in red. Shanghai Composite was down by 0.55%, Hang Seng was down by 0.03%, Straits Times was down by 0.08% and Taiwan Weighted was down by 0.04%.
On the other hand, Jakarta Composite was up by 0.35%, KLSE Composite was up by 0.21%, Nikkei 225 has gained 0.94% and Seoul Composite was up by 0.57%.
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