Domestic markets are not reciprocating to the positive sentiments of the other global markets and after a positive start in the morning have slipped into the red. Though the trade was expected to be choppy but the local indices are not showing any kind of fervor after the continued surge in the US markets and the bounce back in the Asian peers, currently trading at the lows of the trade so far. Some gains are being witnessed in the defensive sectors like healthcare and FMCG, while the auto sector too is witnessing some buying after the severe drubbing in last session. On the other hand consumer durables, metal and banking are reeling under pressure ahead of the weekly food inflation data.
The BSE Sensex is currently trading at 16,211.48 down by 73.50 points or 0.45%. The index has touched a high and low of 16,373.84 and 16,210.64 respectively. There were 9 stocks advancing against 21 declines on the index.
The broader indices are witnessing deeper cut and BSE Mid cap index was down by 0.89%, while Small cap index was down by 0.46%.
The two gaining sectoral indices on the BSE were, HC up by 0.56% and FMCG up by 0.22%. While, Metal down by 1.61%, CD down by 1.29%, IT down by 1.06%, Bankex down by 1.05% and TECk down by 1.02% were the top losers on the index.
The top gainers on the Sensex were Sun Pharma up by 2.69%, Bajaj Auto up by 1.62%, ONGC up by 1.59%, Tata Power up by 1.24% and Tata motors was up by 0.98%.
On the flip side, Jindal Steel down by 2.95%, JP associates down 2.57%, Tata Steel down by 2.56%, ICICI Bank down by 1.48% and Hindalco Industries down by 1.20% were the top losers on the Sensex.
Meanwhile, Reserve Bank governor D Subbarao has favoured bifurcation of the posts of chairman and managing director in state-run banks, saying the experience of such a split in the private sector has been satisfactory.
The RBI had set up a committee under the chairmanship of A S Ganguly in 2004-05 to study the issue of bifurcation of the posts of chairman and managing director of banks, which had recommended such a bifurcation. Following this, the Reserve Bank implemented the Ganguly group recommendations in all the private sector banks in 2007 and such a bifurcation was implemented in private sector banks in 2007.
Stating that the central bank is in discussions with the government to split the posts of the chairmen and managing directors of state-run banks, the governor said, 'Given our own positive experience, as well as the global endorsement for this position ... we will discuss this issue with the government.' Subbarao has further stated that bifurcation of leadership of the board from the day-to-day running of the business will bring about more focus and vision, as well as give the necessary thrust to the functioning of the top management of the bank.
The central bank is also in the process of finalising the guidelines relating to compensation of whole-time directors/CEOs/risk takers and control staff. The guidelines are scheduled to be implemented from 2012-13. Banks have already been advised to start preparatory work in this regard.
The S&P CNX Nifty is currently trading at 4,865.00, lower by 23.90 points or 0.49%. The index has touched a high and low of 4,915.85 and 4,854.05 respectively. There were 13 stocks advancing against 37 declines on the index.
The top gainers of the Nifty were Sun Pharma up by 2.42%, ONGC up by 1.86%, Tata Motors up by 1.82%, Bajaj Auto up by 1.68% and Tata Power up by 1.13%.
On the flip side, HCL Technology down by 3.87%, Jindal Steel down by 3.22%, Tata Steel down by 2.16%, Axis Bank down by 2.12% and JP Associates down by 2.01% were the major losers on the index.
The Asian markets are trading mixed; Shanghai Composite was up 1.99%, Hang Seng was up by 1.55%, and Jakarta Composite was up by 0.22%, Nikkei 225 was up by 1.90%, Straits Times was up by 1.19% and Seoul Composite was up by 0.62%.
On the other hand Taiwan Weighted was down by 1.11%.and KLSE Composite was marginally down by 0.01%.
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