Positive trade in Asian bourses and bailout package of $15 billion for US automakers, supported the domestic market. In addition to this, the government is expected to pump additional spending over the next four months of the current fiscal ended March 2009 to bring back the confidence of the investors into the market. However, the global economic slowdown has impacted the Indian manufacturing sector, which has cut output and this trend is expected to continue, according to FICCI.
On the sectoral front, traders on-loaded positions across the sectors. Real estate stocks extended gains after the government announced a stimulus plan to enhance the sector, including a refinance facility for National Housing Bank and priority sector status for housing loan up to Rs.20,00,000. Further, the government is also expected to support infrastructure projects worth Rs.100,000 crore through faster clearances of public-private partnership projects, and ensure their easier financing by way of a tax break on fund raising by the India Infrastructure Finance Company.
Metal and iron ore exports stocks advanced on government abolition of export duty on iron ore fines. The government abolished 8% exports duty on export of fines and also reduced the current 15% ad valorem export duty on lumps to 5%. The move comes as a major relief for the producers, since 86% of iron ore export consists of fines.
Cement stocks were in demand on hopes of price cut that will boost demand. Moreover, major cement manufacturers, announced price cuts by up to Rs.7 per 50 kilogram bag on the back of government''s move on Sunday, 7 December 2008, to reduce excise duty by 4% across the board, as a part of a fiscal stimulus package for the economy. Nevertheless, the cement companies have, however, not passed on the entire benefit of excise duty cut due to hike in railway freight by about 8%.
Telecom stocks were in demand on reports that the finance ministry has reportedly allowed state-owned India Infrastructure Finance Company to lend money to telecom firms to bid for licences for the third generation (3G) spectrum auction early next year 2009.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,279 stocks traded so far, 1,386 shares advanced while 799 shares declined. Nearly 94 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 377.51 points at 9,540.14 and NSE Nifty is up by 116.59 points at 2,900.60.
The BSE Mid Cap is trading higher by 39.25 points at 2,924.29 and Small cap is trading up by 34.76 points at 3,377.96.
Gainers from the BSE Sensex Pack are DLF higher by (12.43%) at Rs.248.30 along with Grasim Industries Ltd by (9.16%) at Rs.1,055.00, Sterlite In by (7.96%) at Rs.269.95, RCom by (7.68%) at Rs.222.95, Tata Steel by (6.68%) at Rs.209.10, Jaiprakash Associates by (5.75%) at Rs.72.60, Wipro Ltd by (5.56) at Rs.251.55 and TCS Ltd by (4.71%) at Rs.547.00 among others.
The BSE Realty index is higher by 161.53 points or (9.07%) at 1,942.90. Stocks trading higher are Housing Dev up by (13.15%) at Rs.101.10 along with DLF by (12.43%) at Rs.248.30, Indiabulls Realty by (9.24%) at Rs.114.65, Ansal Infra by (7.37%) at Rs.28.40, Unitech Ltd by (6.70%) at Rs.35.05 and Penland Ltd by (6.56%) at Rs.20.30.
The BSE Metal index is higher by 319.52 points or (6.68%) at 5,100.74. Stocks trading higher are Steel Authority Of India up by (11.70%) at Rs.76.85, NALCO by (8.39%) at Rs.199.00, Sterlite In by (7.96%) at Rs.269.95 and JSW Steel by (7.71%) at Rs.238.75.
The BSE Oil&Gas index is higher by 298.05 points or (5.40%) at 5,819.64. Stocks trading up are Aban Offsho by (6.56%) at Rs.687.00 along with Reliance Industries by (6.45%) at Rs.1,192.20, Gail India by (6.35%) at Rs.217.70 and Cairn India by (5.36%) at Rs.150.25.
On the sectoral front, traders on-loaded positions across the sectors. Real estate stocks extended gains after the government announced a stimulus plan to enhance the sector, including a refinance facility for National Housing Bank and priority sector status for housing loan up to Rs.20,00,000. Further, the government is also expected to support infrastructure projects worth Rs.100,000 crore through faster clearances of public-private partnership projects, and ensure their easier financing by way of a tax break on fund raising by the India Infrastructure Finance Company.
Metal and iron ore exports stocks advanced on government abolition of export duty on iron ore fines. The government abolished 8% exports duty on export of fines and also reduced the current 15% ad valorem export duty on lumps to 5%. The move comes as a major relief for the producers, since 86% of iron ore export consists of fines.
Cement stocks were in demand on hopes of price cut that will boost demand. Moreover, major cement manufacturers, announced price cuts by up to Rs.7 per 50 kilogram bag on the back of government''s move on Sunday, 7 December 2008, to reduce excise duty by 4% across the board, as a part of a fiscal stimulus package for the economy. Nevertheless, the cement companies have, however, not passed on the entire benefit of excise duty cut due to hike in railway freight by about 8%.
Telecom stocks were in demand on reports that the finance ministry has reportedly allowed state-owned India Infrastructure Finance Company to lend money to telecom firms to bid for licences for the third generation (3G) spectrum auction early next year 2009.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,279 stocks traded so far, 1,386 shares advanced while 799 shares declined. Nearly 94 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 377.51 points at 9,540.14 and NSE Nifty is up by 116.59 points at 2,900.60.
The BSE Mid Cap is trading higher by 39.25 points at 2,924.29 and Small cap is trading up by 34.76 points at 3,377.96.
Gainers from the BSE Sensex Pack are DLF higher by (12.43%) at Rs.248.30 along with Grasim Industries Ltd by (9.16%) at Rs.1,055.00, Sterlite In by (7.96%) at Rs.269.95, RCom by (7.68%) at Rs.222.95, Tata Steel by (6.68%) at Rs.209.10, Jaiprakash Associates by (5.75%) at Rs.72.60, Wipro Ltd by (5.56) at Rs.251.55 and TCS Ltd by (4.71%) at Rs.547.00 among others.
The BSE Realty index is higher by 161.53 points or (9.07%) at 1,942.90. Stocks trading higher are Housing Dev up by (13.15%) at Rs.101.10 along with DLF by (12.43%) at Rs.248.30, Indiabulls Realty by (9.24%) at Rs.114.65, Ansal Infra by (7.37%) at Rs.28.40, Unitech Ltd by (6.70%) at Rs.35.05 and Penland Ltd by (6.56%) at Rs.20.30.
The BSE Metal index is higher by 319.52 points or (6.68%) at 5,100.74. Stocks trading higher are Steel Authority Of India up by (11.70%) at Rs.76.85, NALCO by (8.39%) at Rs.199.00, Sterlite In by (7.96%) at Rs.269.95 and JSW Steel by (7.71%) at Rs.238.75.
The BSE Oil&Gas index is higher by 298.05 points or (5.40%) at 5,819.64. Stocks trading up are Aban Offsho by (6.56%) at Rs.687.00 along with Reliance Industries by (6.45%) at Rs.1,192.20, Gail India by (6.35%) at Rs.217.70 and Cairn India by (5.36%) at Rs.150.25.
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