Benchmarks trade higher in early deals buoyed by firm global cues
Prolonging their previous session's rally, Indian equity benchmarks have made a decent start buoyed by firm global cues with frontline indices inching towards their crucial 6,000 (Nifty) and 19,700 (Sensex) levels. Overnight, the US markets went for a rally after a long weekend, supported by some merger-and-acquisitions news and gains in the European market after economic sentiment index for Germany rose in February. Traders even overlooked the report that homebuilders confidence unexpectedly fell in the month of February. The Asian markets were trading mostly in the green. Weaker yen boosted the earnings outlook of Japanese exporters, taking the markets higher by about a percent.
Back home, major support came in from about two percent rally in index heavy weight Reliance Industries (RIL) after the company announced its joint venture with BP plans to invest more than $5 billion in the next three-five years to boost gas output in the KG D6 block in the Krishna-Godavari basin. Rally in Aviation space too supported the sentiments as stocks like Kingfisher, Spicejet and Jet Airways all edged higher on the back of the ongoing price war. Power stocks too remained on the buyers' radar as the ministry once again discussed the standard bidding documents for case-II Ultra Mega Power Projects with industry players before taking the approval from the Empowered Group of Ministers.
On the sectoral front, oil and gas witnessed the maximum gain in trade followed by realty and public sector undertaking while, consumer durables, auto and healthcare remained the top losers on the BSE sectoral space. The broader indices were going neck-to-neck with benchmarks while, the market breadth on the BSE was positive; there were 1,235 shares on the gaining side against 673 shares on the losing side while 85 shares remain unchanged.
The broader indices were outperforming benchmarks, while the market breadth on the BSE was positive; there were 1,127 shares on the gaining side against 557 shares on the losing side while 71 shares remain unchanged.
The BSE Sensex opened at 19,717.94; about 82 points higher compared to its previous closing of 19,635.72, and has touched a high and a low of 19,742.42 and 19,679.63 respectively.
The index is currently trading at 19,698.12, up by 62.40 points or 0.32%. There were 19 stocks advancing against 11 declines on the index.
The overall market breadth has made a strong start with 64.38% stocks advancing against 31.33% declines. The broader indices were outperforming with benchmarks; the BSE Mid cap and Small cap indices rose 0.32% and 0.57% respectively.
The top gaining sectoral indices on the BSE were, Oil & Gas up by 1.47%, Realty up by 1.07%, PSU up by 0.47%, IT up by 0.46% and TECk up by 0.33% While, Consumer Durables down by 0.35%, Auto down by 0.10% and Health Care down by 0.01% were the only losers on the index.
The top gainers on the Sensex were RIL up by 2.14%, Wipro up by 0.94%, Coal India up by 0.80%, ONGC up by 0.79% and HDFC Bank up by 0.70%.
On the flip side, Maruti Suzuki was down by 1.32%, Bharti Airtel was down by 0.81%, NTPC was down by 0.62%, Cipla was down by 0.58% and Bajaj Auto was down by 0.54% were the top losers on the Sensex.
Meanwhile, the Reserve Bank of India (RBI) is expected to come out with the final guidelines for new bank licences much before the end of the fiscal. RBI deputy governor Anand Sinha said 'we are in the process of issuing the licence guidelines. The consultation process with the finance ministry is over; everything is settled now, and we will be issuing the guidelines. It will be much before the end of this financial year.'
As per Sinha, banks are very important for the financial sector and eligible corporates have to meet all the criteria of licensing draft guidelines to enter the banking space. However, Sinha refused to quantify the possible number of licences, saying that the central bank will be selective in this process. Currently, Indian banking industry consists of 26 public sector banks, 22 private sector banks and over 40 foreign banks.
The S&P CNX Nifty opened at 5,966.30; about 26 points higher as compared to its previous closing of 5,939.70, and has touched a high and a low of 5,971.00 and 5,950.85 respectively.
The index is currently trading at 5,958.65, up by 18.95 points or 0.32%. There were 31 stocks advancing against 19 declines and one remains unchanged on the index.
The top gainers of the Nifty were Reliance Industries up by 1.96%, Ambuja Cements up by 1.71%, BPCL up by 1.45%, DLF up by 1.28% and HCL Tech up by 0.96%.
On the flip side, Maruti down by 1.32%, Cipla down by 0.75%, NTPC down by 0.72%, Bharti Airtel down by 0.72% and JP Associate down by 0.66%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng rose 58.01 points or 0.25% to 23,201.92, Jakarta Composite strengthened 24.58 points or 0.53% to 4,626.64, Nikkei 225 increased 83.23 points or 0.73% to 11,455.57, Straits Times added 6.62 points or 0.20% to 3,302.39, KOSPI Composite surged 33.36 points or 1.68% to 2,019.19 and Taiwan Weighted was up by 53.10 points or 0.67% to 8,013.98.
On the flip side, Shanghai Composite slipped 1.72 points or 0.07% to 2,381.20 and KLSE Composite was down by 3.63 points or 0.22% to 1,611.44.
Source:AceEquity Disclaimer : Accord Fintech Pvt Ltd has taken all the necessary steps and measures in compilation of the Data present in the AceEquity.We have tried our level best to provide data from reliable source. However, Accord Fintech Pvt Ltd does not guarantee the accuracy,adequacy or completeness of any Data in the AceEquity and is not responsible for any errors or omissions or for the results obtained from the use of such Data. Accord Fintech especially states that it has no financial liability whatsoever to the users of AceEquity.Accord or any of its directors/ employees/ representatives does not accept any liability for any direct or consequential loss arising from the use of the Data contained in the AceEquity or any data generated from the AceEquity.
Prolonging their previous session's rally, Indian equity benchmarks have made a decent start buoyed by firm global cues with frontline indices inching towards their crucial 6,000 (Nifty) and 19,700 (Sensex) levels. Overnight, the US markets went for a rally after a long weekend, supported by some merger-and-acquisitions news and gains in the European market after economic sentiment index for Germany rose in February. Traders even overlooked the report that homebuilders confidence unexpectedly fell in the month of February. The Asian markets were trading mostly in the green. Weaker yen boosted the earnings outlook of Japanese exporters, taking the markets higher by about a percent.
Back home, major support came in from about two percent rally in index heavy weight Reliance Industries (RIL) after the company announced its joint venture with BP plans to invest more than $5 billion in the next three-five years to boost gas output in the KG D6 block in the Krishna-Godavari basin. Rally in Aviation space too supported the sentiments as stocks like Kingfisher, Spicejet and Jet Airways all edged higher on the back of the ongoing price war. Power stocks too remained on the buyers' radar as the ministry once again discussed the standard bidding documents for case-II Ultra Mega Power Projects with industry players before taking the approval from the Empowered Group of Ministers.
On the sectoral front, oil and gas witnessed the maximum gain in trade followed by realty and public sector undertaking while, consumer durables, auto and healthcare remained the top losers on the BSE sectoral space. The broader indices were going neck-to-neck with benchmarks while, the market breadth on the BSE was positive; there were 1,235 shares on the gaining side against 673 shares on the losing side while 85 shares remain unchanged.
The broader indices were outperforming benchmarks, while the market breadth on the BSE was positive; there were 1,127 shares on the gaining side against 557 shares on the losing side while 71 shares remain unchanged.
The BSE Sensex opened at 19,717.94; about 82 points higher compared to its previous closing of 19,635.72, and has touched a high and a low of 19,742.42 and 19,679.63 respectively.
The index is currently trading at 19,698.12, up by 62.40 points or 0.32%. There were 19 stocks advancing against 11 declines on the index.
The overall market breadth has made a strong start with 64.38% stocks advancing against 31.33% declines. The broader indices were outperforming with benchmarks; the BSE Mid cap and Small cap indices rose 0.32% and 0.57% respectively.
The top gaining sectoral indices on the BSE were, Oil & Gas up by 1.47%, Realty up by 1.07%, PSU up by 0.47%, IT up by 0.46% and TECk up by 0.33% While, Consumer Durables down by 0.35%, Auto down by 0.10% and Health Care down by 0.01% were the only losers on the index.
The top gainers on the Sensex were RIL up by 2.14%, Wipro up by 0.94%, Coal India up by 0.80%, ONGC up by 0.79% and HDFC Bank up by 0.70%.
On the flip side, Maruti Suzuki was down by 1.32%, Bharti Airtel was down by 0.81%, NTPC was down by 0.62%, Cipla was down by 0.58% and Bajaj Auto was down by 0.54% were the top losers on the Sensex.
Meanwhile, the Reserve Bank of India (RBI) is expected to come out with the final guidelines for new bank licences much before the end of the fiscal. RBI deputy governor Anand Sinha said 'we are in the process of issuing the licence guidelines. The consultation process with the finance ministry is over; everything is settled now, and we will be issuing the guidelines. It will be much before the end of this financial year.'
As per Sinha, banks are very important for the financial sector and eligible corporates have to meet all the criteria of licensing draft guidelines to enter the banking space. However, Sinha refused to quantify the possible number of licences, saying that the central bank will be selective in this process. Currently, Indian banking industry consists of 26 public sector banks, 22 private sector banks and over 40 foreign banks.
The S&P CNX Nifty opened at 5,966.30; about 26 points higher as compared to its previous closing of 5,939.70, and has touched a high and a low of 5,971.00 and 5,950.85 respectively.
The index is currently trading at 5,958.65, up by 18.95 points or 0.32%. There were 31 stocks advancing against 19 declines and one remains unchanged on the index.
The top gainers of the Nifty were Reliance Industries up by 1.96%, Ambuja Cements up by 1.71%, BPCL up by 1.45%, DLF up by 1.28% and HCL Tech up by 0.96%.
On the flip side, Maruti down by 1.32%, Cipla down by 0.75%, NTPC down by 0.72%, Bharti Airtel down by 0.72% and JP Associate down by 0.66%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Hang Seng rose 58.01 points or 0.25% to 23,201.92, Jakarta Composite strengthened 24.58 points or 0.53% to 4,626.64, Nikkei 225 increased 83.23 points or 0.73% to 11,455.57, Straits Times added 6.62 points or 0.20% to 3,302.39, KOSPI Composite surged 33.36 points or 1.68% to 2,019.19 and Taiwan Weighted was up by 53.10 points or 0.67% to 8,013.98.
On the flip side, Shanghai Composite slipped 1.72 points or 0.07% to 2,381.20 and KLSE Composite was down by 3.63 points or 0.22% to 1,611.44.
Source:AceEquity Disclaimer : Accord Fintech Pvt Ltd has taken all the necessary steps and measures in compilation of the Data present in the AceEquity.We have tried our level best to provide data from reliable source. However, Accord Fintech Pvt Ltd does not guarantee the accuracy,adequacy or completeness of any Data in the AceEquity and is not responsible for any errors or omissions or for the results obtained from the use of such Data. Accord Fintech especially states that it has no financial liability whatsoever to the users of AceEquity.Accord or any of its directors/ employees/ representatives does not accept any liability for any direct or consequential loss arising from the use of the Data contained in the AceEquity or any data generated from the AceEquity.
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