Benchmarks turn negative on subdued global cues

The Indian equity markets have made the positive start but, slipped into the red on subdued global cues and weakness in realty space on the domestic front. The US markets unable to give any cue to the other global markets as it were closed overnight while, most of the Asian markets were trading in the negative terrain at this point of time. Back home, selling witnessed in most of the key heavyweights dragged the NSE's Nifty below its crucial 5,650 mark. Moreover, Reliance Industries was trading with a cut of over half a percent in the trade too dampened the sentiments. Moreover, Finance Minister Pranab Mukherjee said the government has not taken any decision yet on revising the economic growth projections for 2011-12 also lowered the investors' sentiment. On the sectoral front, auto and software remained the only gainers while, realty, fast moving consumer goods and power remained the top losers on the BSE sectoral space. The broader indices too were struggling to get some traction while, the market breadth has made a negative start; there were 773 shares on the gaining side against 837 shares on the losing side while 72 shares remained unchanged.

The BSE Sensex opened at 18,837.88; about 23 points higher compared to its previous closing of 18,814.48, and has touched a low of 18,721.56 while high remain its opening.

The index is currently trading at 18,730.96, down by 83.52 points or 0.44%. There were 7 stocks advancing against 23 declines on the index.

The overall market breadth has made a negative start with 45.96% stocks advancing against 49.76% declines. The broader indices too were trading on the cautious note; the BSE Mid cap index was down by 0.19% while, Small cap index was up by 0.07%. 

The only gaining sectoral indices on the BSE were, Auto up by 0.74% and IT up by 0.05%. While, Realty down by 1.27%, FMCG down by 0.70%, Power down by 0.70%, Bankex down by 0.57% and Oil and Gas down by 0.54% were the top losers on the index.

The top gainers on the Sensex were M&M up by 1.23%, Bajaj Auto up by 0.82%, Cipla up by 0.64%, Tata Motors up by 0.61% and Maruti Suzuki was up by 0.26%.

On the flip side, DLF down by 2.05%, BHEL down by 1.94%, Reliance Infra down by 1.68%, RCom down by 1.49% and Hindalco Industries down by 1.13% were the top losers on the index.

Meanwhile, the index of mineral production of mining and quarrying sector in April 2011 was lowered by 14.52% compared to that of the preceding month. However, on the back of stable demand for minerals from the industry, the mineral sector has shown a positive growth of 2.15% during April 2011 as compared to that of the corresponding month of previous year. The statement released by the Ministry of Minerals, said, "The mineral sector has shown a positive growth of 2.15% during April 2011 as compared to that of the corresponding month of previous year".

The total value of mineral production (excluding atomic and minor minerals) in the country during April 2011 was Rs 16317 crore. The contribution of petroleum (crude) was the highest at Rs 5329 crore (33%). Next in the order of importance were coal Rs 3915 crore, iron ore Rs 4275 crore, natural gas (utilized) Rs 1251 crore, lignite Rs 399 crore and limestone Rs 305 crore. These six minerals together contributed about 95% of the total value of mineral production in April 2011.

In terms of production, about 407 lakh tonnes of coal was produced in April. Production of lignite 39 lakh tonnes, natural gas (utilized) 4020 million cu.m., petroleum (crude) 32 lakh tonnes, bauxite 1041 thousand tonnes, chromite 358 thousand tonnes, copper conc. 11 thousand tonnes, gold 253 kg., iron ore 194 lakh tonnes, lead conc. 14 thousand tonnes, manganese ore 231 thousand tonnes, zinc conc. 127 thousand tonnes, apatite and phosphorite 221 thousand tonnes, dolomite 437 thousand tonnes, limestone 222 lakh tonnes, magnesite 23 thousand tones and diamond 9 carat.

In April 2011, the output of iron ore increased by 1.63%. The production of diamond remains at the level of previous month. However, the production of lignite decreased by 0.97%, apatite and phosphorite 0.99%, gold 1.17%, manganese ore 1.34%, limestone 2.03%, petroleum (crude) 3.89%, natural gas (Utilized) 4.03%, dolomite 4.29% Zinc conc. 7.86%, copper conc.8.56%, chromite 8.75%, magnestie 12.87%, bauxite 18.23%, lead conc.18.34% and coal 32.81 percent.

The S&P CNX Nifty opened at 5,659.85; about 9 points higher compared to its previous closing of 5,650.50, and has touched a low of 5,621.50 while, high remained its opening.

The index is currently trading at 5,624.00, down by 26.50 points or 0.47%. There were 13 stocks advancing against 17 declines on the index.

The top gainers of the Nifty were SAIL up by 1.73%, M&M up by 1.10%, HCL Tech up by 1.07%, Tata Motors up by 0.80% and Bajaj Auto up by 0.70%.

BHEL down by 2.05%, DLF down by 2.03%, IDFC down by 1.78%, RCom by 1.64% and Reliance Infra was down by 1.56%, were the major losers on the index.

Most of the Asian equity indices were trading in the red; Shanghai Composite was down 2.85 points or 0.10% to 2,809.96, Hang Seng was down 6.29 points or 0.03% to 22,764.18, Jakarta Composite was down 16.14 points or 0.41% to 3,937.38, Nikkei 225 was down 5.11 points or 0.05% to 9,959.98 and Straits Times was down by 21.92 points or 0.70% to 3,131.52.

On the flip side, KLSE Composite was up 0.45 points or 0.03% to 1,582.80, Seoul Composite was up 10.30 points or 0.48% to 2,155.60 and Taiwan Weighted was up by 9.87 points or 0.11% to 8,784.59 

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