The Indian equity markets have pared all of their losses and is currently trading positive with moderate gains amid volatility with several blue chips giving up some support. It looks as if markets are waiting for RBI move in next week for getting further direction on either side. On sectoral front FMCG, realty, oil and PSU sectors blue chips attracting buyers while power, information technology and capital goods stocks are lacking support. Healthcare, auto and metal stocks have pared most of their early gains. Wipro continues to be the leading loser despite the company posting 1.23% rise in its first quarter net profit. Crompton Greaves was the top loser among the power stocks after the company reported 58% drop in its Q1 net profit. On the global front, Asian markets were mostly trading in green as indications of progress on a U.S. budget-reduction deal boosted investor confidence while encouraging quarterly numbers from Apple Inc and International Business Machines helped Asia's beaten-down tech sector gain for a second day. Back home, the market breadth continues to be positive; there were 1,409 shares on the gaining side against 1,143 shares on the losing side while 130 shares remained unchanged.
The BSE Sensex is currently trading at 18,669.95, up by 16.08 points or 0.09%. The index has touched a high and low of 18,765.60 and 18,628.05 respectively. There were 17 stocks advancing against just 13 declines on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.01% and 0.50% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.91%, Realty up by 0.67%, Oil & Gas up by 0.12%, PSU up by 0.04% and CD up by 0.02%. While, Power down by 0.71%, IT down by 0.55%, TECk down by 0.46%, CG down by 0.38% and HC down by 0.35% were the only losers on the index.
The top gainers on the Sensex were DLF up by 1.88%, ITC up by 1.18%, Reliance Communication up by 1.05%, Reliance Infra up by 0.87% and Maruti Suzuki was up by 0.79%.
On the flip side, Wipro down by 3.53%, Hindalco Industries down by 1.25%, JP Associate down by 1.03%, Hero Honda down by 0.88% and TCS down by 0.71% were the top losers on the Sensex.
Meanwhile, the Ministry of Finance has approved 31 foreign direct investment (FDI) proposals worth Rs 3844.70 crore on July 19, however, the ministry has delayed decision on 18 proposals and it rejected 3 proposals. The cleared FDI proposals were Cox & Kings, Mumbai, Multiples Equity Fund, Mumbai, Hinduja Energy (India), Mumbai and Ashwell Holding Company. The FDI proposals were cleared by the Foreign Investment Promotion Board (FIPB) in its last meeting.
The government's nod to Multiples Equity Fund - Scheme -1, Mumbai to bring in foreign funds worth Rs 1,000 crore is the largest FDI application that has been cleared. The company can now make investments in securities of the Indian companies and distribute income realized on its investment.
The application of Mumbai-based Ashwell Holding Company's proposal to get FDI worth Rs 852.6 crore, by selling equity to foreign entity, was also cleared. Along with this, Cox & King also got approval to carry out the business of leisure travel services, corporate travel services, visa processing services and foreign exchange services. The company proposes to bring in FDI worth Rs 450 crore.
The other major approved FDI proposals are Hinduja Energy (India) worth around Rs 400 crore and French firm Natixis Global Asset Management worth around Rs 300 crore and Paris based company BNP Paribas S.A. worth around Rs 225 crore.
Besides this, government delayed decision on 18 FDI proposals, which includes Dish TV India, Walt Disney Company India, Vodafone Essar and Essar Capital Holdings (India), Mumbai. The rejected applications of FDI are Goldshield Group, Verizon Communications India and ASP Sealing Products.
The S&P CNX Nifty currently trading at 5,616.60 up by 3.05 points or 0.05% and has touched a high and a low of 5,645.40 and 5,602.60 respectively. There were 26 stocks advancing against 24 declines on the index.
The top gainers of the Nifty were DLF up by 1.98%, Siemens up by 1.28%, ITC up by 1.20%, Ambuja Cement up by 0.90% and Reliance Capital up by 0.80%.
On the flip side, Wipro down by 3.52%, Hindalco down by 1.46%, JP Associate down by 1.03%, HCL Tech down by 0.97% and TCS down by 0.80%, were the major losers on the index.
All the Asian equity indices barring Shanghai Composite were trading in the green; Hang Seng gained 0.17%, Jakarta Composite rose 0.09%, KLSE Composite added 0.46%, Nikkei 225 surged 1.12%, Straits Times gathered 0.61%, Seoul Composite surged 1.15% and Taiwan Weighted spurted by 2.13%.
On the flip side, Shanghai Composite was down by 0.53%
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