The trade has turned choppy at the Indian equity markets and after making a positive start and surging to the days high in mid morning session, the indices are struggling to stay afloat in the green in the noon session and both the benchmark indices are just above the neutral line. The positive openings of the European markets have boosted the morale of the markets that have dipped into red due to profit taking in the rate sensitive sectors. All the rate sensitive sectors, viz; banking realty and auto are languishing at the bottom of the table on fear of another rate hike by the Reserve Bank of India. However, worried of the sharp slowdown in credit offtake, bankers have asked the RBI to put a halt to its rate hike cycle that started in March last year. Back on street, previous sessions beaten down sector IT and tech along with the leading consumer durables are supporting the markets to some extent, while the broader indices continue to outperform their larger peers.
The BSE Sensex is currently trading at 18,515.54, up by 8.50 points or 0.05% and has touched a high and low of 18,577.77 and 18,481.83 respectively. There were 15 stocks advancing against 15 declines on the index.
The broader indices are outperforming the benchmarks; the BSE Mid cap index gained 0.24% and Small cap rose by 0.49%.
On the BSE sectoral space, CD up by 1.43%, IT up by 0.51%, TECk up by 0.48%, HC up by 0.32% and FMCG up by 0.16% were the top gainers, while Realty down by 0.89% and Auto down by 0.87% were the only losers.
The top gainers on the Sensex were NTPC up by 1.37%, Sterlite Inds., up by 0.92%, TCS up by 0.73%, Infosys up by 0.62% and Tata Power too was up by 0.62%.
On the other hand, Tata Motors down by 3.45%, DLF down by 1.36%, Hero Honda down by 1.10%, Maruti Suzuki down by 0.97% and Reliance Infra down by 0.94% were the major losers on the index.
Meanwhile, India and US signed the bilateral Aviation Safety Agreement (BASA) on July 18, during the visit of US Secretary of State Hillary Clinton to India. The BASA is expected to open huge market for export of aeronautical products manufactured in the US and other regions of the world.
The bilateral agreement will facilitate reciprocal airworthiness certification of civil aeronautical products imported/exported between the two signatory authorities. Indian standards would be comparable to global standards and its aeronautical products would be accepted by the US.
BASA would encourage indigenous aircraft and aeronautical products industry and the US acceptance of Indian products will help their global acceptance. In other words, it would lessen the economic burden imposed on the aviation industry and operators by redundant technical inspections, evaluations and testing.
The BASA agreement which was signed by Nasim Zaidi, Secretary, Civil Aviation and J. Randolph Babbitt, Administrator, Federal Aviation Administration (FAA), will offer huge opportunity to the Indian nascent aircraft manufacturing industry. This agreement between India and US will also encourage investment in the Indian aircraft manufacturing industry, and it is also expected to help fast growing aviation industry in India.
Following this would be the signing of the implementation Procedures for Airworthiness (IPA) which provides for airworthiness technical cooperation between FAA and its counterpart civil aviation authorities. The scope of IPA can be enhanced from time to time. The US has signed BASA with 24 countries.
The S&P CNX Nifty is currently trading at 5,573.25, up by 6.20 points or 0.11% after touching a high and low of 5,586.20 and 5,557.20 respectively. There were 31 stocks advancing against 19 declines on the index.
The top gainers of the Nifty were NTPC up by 1.56%, Sun Pharma up by 1.22%, Sterlite Inds. up by 1.16%, Kotak Bank up by 1.11% and PNB was up by 1.05%.
Tata Motors down by 1.92%, Maruti Suzuki down by 1.17%, Hero Honda down by 1.10%, DLF down by 0.72% and IDFC down by 0.71 were the major losers on the index.
Most of the Asian equity indices were trading in red; Shanghai Composite was down by 0.70%, Hang Seng lost 0.06%, Jakarta Composite declined by 0.46%, KLSE Composite was lower by 0.59%, Nikkei 225 lost 0.85%, Seoul Composite was down by 0.01% and Taiwan Weighted was lower by 0.16%
On the other hand, Straits Times up by 0.14% was the lone gainer.
The European markets have made a good start as France's CAC 40 was trading up by 0.77%, Germany's DAX was up by 0.98% and London's FTSE was higher by 0.48%
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