Markets pare some early gains in afternoon session

Indian equity benchmarks, after reaching life time high levels in early deals, pared most of their gains on account of profit booking in infrastructure, realty and power stocks. However, major indices continued to trade in positive territory supported by sharp gains in IT, teck and banking stocks. Domestic sentiment was buoyed on the back of encouraging Q1 earnings by blue-chip companies and covering up of pending short positions by speculators. Further, a firm trend in Asian markets on easing concerns over Ukraine, continual capital inflows by FPIs inflow and appreciation in rupee value against dollar also influenced the investors’ sentiments. Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore in the previous session. IT was the top gaining index on BSE up by around 1.55% and infrastructure index was top losing index trading down by around 0.54%. On scrip specific movement, Shares of Tata Consultancy Services (TCS) were trading up by around 1.50% to Rs 2,569. TCS has become the first company to enter into the Rs 5,00,000 crore-marketcap club fuelled by the surge in its share price after it reported strong earnings during the recently concluded quarter. Further, Riddhi Siddhi Gluco Biols has surged around 7% to Rs 424, also its 52-week high on BSE, after the company said its board has recommended buyback of equity shares at a price of Rs 450 per share through the tender offer. On the other hand, Share price of Sun TV Network has plunged around 10% to Rs 416 on back of heavy volumes on the bourses.

On global front, Asian equity indices were trading in green with Straits Times up by 0.57% and  Jakarta Stock Index up by 0.48%. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 7,700 and 26,000 levels respectively. The market breadth on BSE was negative, out of 2,563 stocks traded, 1,030 stocks advanced, while 1,433 stocks declined on the BSE.

The BSE Sensex is currently trading at 26,076.98 up by 51.18 points or 0.20% after trading in a range of 26,188.64 and 26,059.89. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.20%, while Small cap index down by 0.67%.

The gaining sectoral indices on the BSE were IT up by 1.55%, Teck up by 0.98%, Bankex up by 0.40%, Capital Goods up by 0.35% and Consumer Durables up by 0.20%. On the flip side, Infrastructure down by 0.54%, Realty down by 0.51%, Power down by 0.46%, Metal down by 0.35% and Oil and Gas down by 0.33% were the losing indices on the BSE

The top gainers on the Sensex were Infosys up by 2.21%, Hindalco Inds up by 1.91%, TCS up by 1.50%, Wipro up by 1.39% and M&M up by 1.24%. On the flip side, Tata Power down by 1.49%, Axis Bank down by 1.31%, Tata Steel down by 1.20%, NTPC down by 1.20% and Sun Pharma down by 0.91% were the top losers on the BSE. 

Meanwhile, Ahead of a meeting on WTO Bali agreement, industry body FICCI has stated the pact will sharply lower transaction cost for exporters, thereby boosting their competitiveness. FICCI President Sidharth Birla has asserted that benefits from this WTO pact to Indian industry would be sizeable in the long term and would help improve enterprise in India and industry’s competitiveness in global markets.

Prime Minister Narendra Modi will finalise India's stand on Bali agreements, including ratification of the trade facilitation pact. However, sharp differences have emerged between rich economies like the US and Australia and emerging nations, including India and South Africa, on implementation of the Bali package. India has made it clear that it would not agree to the Trade Facilitation Agreement (TFA) unless there is a tangible and credible evidence of movement on arriving at a permanent solution on safeguards to run food security programmes of developing nations and a package for least developed countries (LDCs).

The developed countries including the US, the EU and Australia have heavily skewed in favour of trade facilitation instead of accepting the Bali package on food security programmes of developing nations. Earlier, at Bali Ministerial last December, India had agreed to the TFA, which binds members to improving border infrastructure for smoother movement of goods. The TFA is aimed at simplifying customs procedure, reducing transactions cost and increasing transparency and is being pushed by the developed countries as they seek to strengthen their sagging economies through an unrestrained global trade by way of a uniform and easy procedures at customs.

The CNX Nifty is currently trading at 7,771.15 up by 3.30 points or 0.04% after trading in a range of 7,809.20 and 7,768.40. There were 22 stocks advancing against 28 declining on the index.

The top gainers of the Nifty were Bank of Baroda up by 2.66%, Infosys up by 2.25%, Hindalco Inds up by 1.95%, TCS up by 1.52% and Wipro up by 1.49%. On the flip side, Ultra Tech down by 2.72%, Ambuja Cement down by 2.40%, Grasim down by 1.68%, Tata Power down by 1.68% and IDFC down by 1.55% were the major losers on the index.

Asian equity indices were trading in green;  Straits Times up by 0.57% to 3,335.03, Jakarta Stock Index up by 0.48% to 5,107.68, Hang Seng up by 0.65% to 23,936.38 and Shanghai Composite up by 0.07% to 2,078.23. While, Nikkei 225 down by 0.11% to 15,326.30