The Indian equity markets have recovered from the day's low and are witnessing short coverings in some blue chips. Nifty came off the losses and currently trading in green. The investor's sentiments were hurt by three bomb blasts in Mumbai yesterday and after Moody's placed US on review for downgrade. Meanwhile Primary articles inflation for week ended July 2 has arrived at 11.58% versus 11.56% (WoW), food articles inflation is at 8.31% versus 7.61% while fuel group inflation is at 11.89% versus 12.67% (WoW). On sectoral front select realty, banking, metal, consumer durables and healthcare companies' shares were on buyers' radar, which has limited the downside. Power and auto stocks are also mostly seen struggling for support. While IT, TECk, oil companies stocks are still pulling the market. On the global front most of the Asian markets were trading in red as weak outlook for the U.S. economy and concerns about the financial situation in parts of Europe are weighing on sentiment. Back home, the market breadth was positive; there were 1,416 shares on the gaining side against 962 shares on the losing side while 111 shares remained unchanged.
The BSE Sensex is currently trading at 18,587.24, down by 8.78 points or 0.05%. The index has touched a high and low of 18,587.34 and 18,449.23 respectively. There were just 15 stocks advancing against 15 declines on the index.
The broader indices were trading in positive; the BSE Mid cap and Small cap indices were up by 0.53% and 0.33% respectively.
On the BSE sectoral front, Realty up by 1.59%, Bankex up by 0.84%, Consumer Durables (CD) up by 0.83%, Metal up by 0.58% and Healthcare (HC) up by 0.42% were the top gaining sectoral index, while IT down by 0.89%, TECK down by 0.61%, FMCG down by 0.53%, Oil & Gas down by 0.33% and Auto down by 0.25% were the top losing sectoral index.
DLF up by 1.94%, Hindalaco up by 1.72%, Maruti Suzuki up by 1.65%, ICICI Bank up by 1.32% and Tata Motors up by 1.08% were the top gainers, while Bajaj Auto down by 2.36%, Infosys down by 1.41%, M&M down by 1.13%, Tata Power down by 1.10% and Reliance Communication down by 1.07% were the top losers on the 30 scrip sensitive index-Sensex-on BSE.
Meanwhile, Commerce and Industry Minister Anand Sharma took additional charge as Textiles Minister on July 13, and reviewed key issues related to the functioning of various segments of the textile industry, including cotton, silk and handlooms. After a three-hour long meeting with the senior officials of the ministry, Sharma said textile ministry may not allow additional exports of cotton in the present season due to lack of surplus stock. Earlier in June, the ministry had decided to allow additional exports of 10 bales of cotton during the current season ending September.
'We need to look into what is the exportable surplus; accordingly an appropriate view will be taken because we have to keep a closing balance to meet the industry demands. We are regularly monitoring the situation and a considered view will be taken, newly appointed textile minister said.
Currently, the closing surplus is 17.5 lakh bales (170 KG each). Last year, government has decided a closing stock of 50 lakh bales which was further reduced to 27.5 lakh bales in January. As per the agriculture ministry data, during 2010-11 crop year, India is estimated to have produced a record 339 lakh bales from 242 lakh bales in the last year. However, due to unseasonal rains in Tamil Nadu, Andhra Pradesh and Maharashtra, the Cotton Advisory Board had lowered the cotton output estimates to 312 lakh bales from 329 lakh in April.
Anand Sharma also reviewed ways to help re-open over 1,000 textile units in Tamil Nadu that were closed on court orders for violation of pollution norms. Sharma said, the government proposes to constitute a group which will address the issue particularly with regards to the units in Tirupur, by adding further he said, we have proposed a group so that the work is done in a time-bound manner and the challenges (with regards to court order) there are addressed.
In January this year, the Madras High Court had issued order for closing of dyeing and bleaching units in Tirupur for discharging effluents polluting the Noyyal River.
The S&P CNX Nifty is currently trading at 5,588.00, marginally up by 2.55 points or 0.05%. The index has touched a high and low of 5,588.65 and 5,541.70 respectively. There were 26 stocks advancing against 24 declines on the index.
The top gainers of the Nifty were IDFC up by 3.91%, Ambuja Cement up by 2.56%, Hindalco up by 1.92%, ACC up by 1.79% and DLF up by 1.76%.
Bajaj Auto down by 2.62%, GAIL down by 1.27%, Infosys down by 1.18%, ITC down by 1.13 and RCOM down by 1.12% were the major losers on the index.
Most of the Asian equity indices were trading in the red; Hang Seng declined 0.58%, KLSE Composite dropped 0.11%, Nikkei 225 slid 0.26%, Straits Times descended 0.24%, Seoul Composite plunged 0.44% and Taiwan Weighted was down with a cut of 0.08%.
On the flip side, Shanghai Composite gained 0.13% and Jakarta Composite added 0.18%
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